B. Riley Wealth Advisors Inc. Sells 17,538 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

B. Riley Wealth Advisors Inc. cut its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 48.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 18,662 shares of the semiconductor company’s stock after selling 17,538 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in Marvell Technology were worth $1,347,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in MRVL. Hennion & Walsh Asset Management Inc. increased its holdings in shares of Marvell Technology by 41.8% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 11,561 shares of the semiconductor company’s stock worth $808,000 after buying an additional 3,410 shares in the last quarter. Dakota Wealth Management increased its holdings in Marvell Technology by 1.9% in the 2nd quarter. Dakota Wealth Management now owns 12,303 shares of the semiconductor company’s stock worth $860,000 after purchasing an additional 229 shares in the last quarter. Onyx Bridge Wealth Group LLC raised its position in Marvell Technology by 8.5% in the second quarter. Onyx Bridge Wealth Group LLC now owns 4,392 shares of the semiconductor company’s stock valued at $307,000 after purchasing an additional 344 shares during the last quarter. Fifth Third Bancorp boosted its stake in shares of Marvell Technology by 8.3% during the second quarter. Fifth Third Bancorp now owns 619,191 shares of the semiconductor company’s stock valued at $43,281,000 after purchasing an additional 47,279 shares in the last quarter. Finally, Atria Wealth Solutions Inc. grew its holdings in shares of Marvell Technology by 11.8% during the second quarter. Atria Wealth Solutions Inc. now owns 43,734 shares of the semiconductor company’s stock worth $3,057,000 after purchasing an additional 4,604 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Marvell Technology Price Performance

Shares of NASDAQ:MRVL opened at $124.78 on Tuesday. Marvell Technology, Inc. has a twelve month low of $53.19 and a twelve month high of $126.15. The stock’s 50 day moving average is $91.00 and its 200-day moving average is $77.15. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $107.97 billion, a price-to-earnings ratio of -73.40, a PEG ratio of 3.72 and a beta of 1.46.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Friday, January 10th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.19%. Marvell Technology’s payout ratio is -14.12%.

Insider Buying and Selling at Marvell Technology

In related news, CEO Matthew J. Murphy purchased 13,000 shares of the stock in a transaction that occurred on Monday, October 14th. The stock was acquired at an average cost of $77.63 per share, with a total value of $1,009,190.00. Following the transaction, the chief executive officer now owns 221,915 shares of the company’s stock, valued at $17,227,261.45. This represents a 6.22 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Muhammad Raghib Hussain sold 150,000 shares of Marvell Technology stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the transaction, the insider now directly owns 694,487 shares in the company, valued at $55,906,203.50. This represents a 17.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 167,500 shares of company stock valued at $13,525,995. Corporate insiders own 0.33% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on MRVL. B. Riley raised their price objective on shares of Marvell Technology from $105.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Barclays lifted their price target on shares of Marvell Technology from $85.00 to $115.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Piper Sandler restated an “overweight” rating and issued a $120.00 price objective (up from $100.00) on shares of Marvell Technology in a report on Wednesday, December 4th. Needham & Company LLC lifted their target price on Marvell Technology from $95.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Finally, Citigroup increased their price target on Marvell Technology from $91.00 to $112.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Marvell Technology presently has an average rating of “Moderate Buy” and a consensus price target of $119.04.

Marvell Technology Company Profile

Marvell Technology, Inc, together with its subsidiaries, provides data infrastructure semiconductor solutions, spanning the data center core to network edge. The company develops and scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality.