Marvell Technology, Inc. (NASDAQ:MRVL) Shares Purchased by New Century Financial Group LLC

New Century Financial Group LLC raised its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 3.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,428 shares of the semiconductor company’s stock after purchasing an additional 156 shares during the period. New Century Financial Group LLC’s holdings in Marvell Technology were worth $391,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Meridiem Investment Management Ltd. purchased a new position in Marvell Technology in the third quarter worth approximately $180,000. Raymond James & Associates lifted its position in shares of Marvell Technology by 3.5% during the 3rd quarter. Raymond James & Associates now owns 1,093,429 shares of the semiconductor company’s stock worth $78,858,000 after purchasing an additional 36,899 shares during the last quarter. Blue Trust Inc. grew its stake in shares of Marvell Technology by 19.6% during the third quarter. Blue Trust Inc. now owns 7,102 shares of the semiconductor company’s stock worth $496,000 after purchasing an additional 1,164 shares in the last quarter. Moss Adams Wealth Advisors LLC purchased a new position in Marvell Technology in the third quarter valued at $266,000. Finally, Net Worth Advisory Group acquired a new stake in Marvell Technology in the third quarter valued at $380,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Insiders Place Their Bets

In other Marvell Technology news, insider Muhammad Raghib Hussain sold 150,000 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the sale, the insider now directly owns 694,487 shares in the company, valued at approximately $55,906,203.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Muhammad Raghib Hussain sold 150,000 shares of Marvell Technology stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the completion of the sale, the insider now directly owns 694,487 shares in the company, valued at approximately $55,906,203.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s 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 completion of the sale, the chief financial officer now owns 113,253 shares in the company, valued at approximately $7,559,637.75. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 255,000 shares of company stock worth $19,846,215. 0.33% of the stock is owned by corporate insiders.

Marvell Technology Stock Down 0.1 %

Shares of Marvell Technology stock opened at $79.85 on Monday. Marvell Technology, Inc. has a one year low of $46.07 and a one year high of $85.76. The company has a market cap of $69.12 billion, a P/E ratio of -70.66, a PEG ratio of 3.17 and a beta of 1.45. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. The firm has a fifty day moving average of $71.99 and a two-hundred day moving average of $70.19.

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

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, October 11th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.30%. The ex-dividend date is Friday, October 11th. Marvell Technology’s dividend payout ratio is presently -21.24%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on MRVL shares. Needham & Company LLC reaffirmed a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. StockNews.com lowered shares of Marvell Technology from a “hold” rating to a “sell” rating in a research note on Friday. Stifel Nicolaus reissued a “buy” rating and set a $95.00 price objective (up previously from $90.00) on shares of Marvell Technology in a report on Friday, August 30th. The Goldman Sachs Group upped their target price on shares of Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a report on Friday, August 30th. Finally, Morgan Stanley lifted their price target on shares of Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $91.62.

About Marvell Technology

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.