Pinnacle Associates Ltd. Lowers Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Pinnacle Associates Ltd. decreased its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 3.1% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 149,722 shares of the semiconductor company’s stock after selling 4,733 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Marvell Technology were worth $10,798,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of MRVL. Salomon & Ludwin LLC purchased a new position in Marvell Technology during the first quarter worth approximately $31,000. Strategic Investment Solutions Inc. IL purchased a new position in Marvell Technology during the second quarter worth approximately $32,000. Quarry LP purchased a new position in Marvell Technology during the second quarter worth approximately $32,000. Mark Sheptoff Financial Planning LLC purchased a new position in Marvell Technology during the first quarter worth approximately $35,000. Finally, Whittier Trust Co. boosted its position in Marvell Technology by 74.5% during the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock worth $35,000 after purchasing an additional 210 shares in the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Insider Activity at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $66.75, for a total value of $100,125.00. Following the transaction, the chief financial officer now owns 113,253 shares in the company, valued at $7,559,637.75. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $66.75, for a total value of $100,125.00. Following the sale, the chief financial officer now owns 113,253 shares of the company’s stock, valued at approximately $7,559,637.75. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ford Tamer sold 92,000 shares of Marvell Technology stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $74.16, for a total value of $6,822,720.00. Following the completion of the sale, the director now directly owns 351,193 shares in the company, valued at $26,044,472.88. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 261,000 shares of company stock worth $20,330,835 in the last quarter. Company insiders own 0.33% of the company’s stock.

Analyst Upgrades and Downgrades

MRVL has been the topic of a number of recent analyst reports. Evercore ISI increased their price target on Marvell Technology from $91.00 to $98.00 and gave the stock an “outperform” rating in a research report on Friday, August 30th. StockNews.com cut Marvell Technology from a “hold” rating to a “sell” rating in a report on Friday, October 18th. Needham & Company LLC reissued a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Rosenblatt Securities increased their price target on Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a report on Friday, August 30th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $100.00 price target on shares of Marvell Technology in a report on Friday, August 30th. One analyst has rated the stock with a sell rating, one has given a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $91.62.

Marvell Technology Stock Performance

Shares of MRVL stock opened at $82.80 on Thursday. The stock has a market capitalization of $73.38 billion, a PE ratio of -74.59, a price-to-earnings-growth ratio of 3.55 and a beta of 1.45. Marvell Technology, Inc. has a 52-week low of $46.07 and a 52-week high of $85.76. The stock’s 50-day moving average price is $74.22 and its 200 day moving average price is $70.73. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.30. The firm had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The firm’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.18 EPS. As a group, equities research analysts forecast that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, October 11th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.29%. The ex-dividend date of this dividend is Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -21.62%.

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.