Fmr LLC Purchases 207,791 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Fmr LLC raised its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 0.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 130,080,764 shares of the semiconductor company’s stock after purchasing an additional 207,791 shares during the quarter. Marvell Technology accounts for approximately 0.6% of Fmr LLC’s holdings, making the stock its 22nd largest holding. Fmr LLC owned 0.15% of Marvell Technology worth $9,381,425,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Strategic Investment Solutions Inc. IL bought a new position in Marvell Technology in the second quarter valued at $32,000. Quarry LP acquired a new position in shares of Marvell Technology during the 2nd quarter worth about $32,000. Whittier Trust Co. increased its position in shares of Marvell Technology by 74.5% in the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after acquiring an additional 210 shares during the last quarter. Briaud Financial Planning Inc acquired a new stake in shares of Marvell Technology in the third quarter valued at about $43,000. Finally, Exchange Traded Concepts LLC raised its holdings in Marvell Technology by 125.4% during the third quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company’s stock worth $44,000 after acquiring an additional 336 shares in the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Piper Sandler reaffirmed an “overweight” rating and set a $100.00 price target on shares of Marvell Technology in a research report on Friday, August 30th. Morgan Stanley boosted their target price on shares of Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. Oppenheimer increased their price target on shares of Marvell Technology from $90.00 to $110.00 and gave the company an “outperform” rating in a research note on Tuesday. Barclays upped their target price on shares of Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, August 30th. Finally, Benchmark lifted their price target on Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Three analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Marvell Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $93.43.

Marvell Technology Price Performance

Shares of Marvell Technology stock opened at $92.24 on Tuesday. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $81.74 billion, a price-to-earnings ratio of -83.10, a price-to-earnings-growth ratio of 4.02 and a beta of 1.44. Marvell Technology, Inc. has a twelve month low of $50.35 and a twelve month high of $95.09. The company has a 50-day simple moving average of $80.67 and a two-hundred day simple moving average of $73.59.

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

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.26%. The ex-dividend date was Friday, October 11th. Marvell Technology’s payout ratio is presently -21.62%.

Insider Buying and Selling at Marvell Technology

In related news, Director Ford Tamer sold 92,000 shares of the 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 transaction, the director now owns 351,193 shares of the company’s stock, valued at $26,044,472.88. This represents a 20.76 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Muhammad Raghib Hussain sold 150,000 shares of the stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total value of $12,075,000.00. Following the completion of the transaction, the insider now owns 694,487 shares of the company’s stock, valued at $55,906,203.50. The trade was a 17.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 267,000 shares of company stock valued at $20,899,260. 0.33% of the stock is currently owned by corporate insiders.

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.