Commerce Bank Sells 1,820 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Commerce Bank lessened its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 5.6% in the 3rd quarter, HoldingsChannel reports. The fund owned 30,690 shares of the semiconductor company’s stock after selling 1,820 shares during the period. Commerce Bank’s holdings in Marvell Technology were worth $2,213,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. CreativeOne Wealth LLC purchased a new position in Marvell Technology in the first quarter worth $393,000. Axxcess Wealth Management LLC acquired a new stake in shares of Marvell Technology in the 1st quarter worth $204,000. BOKF NA grew its stake in Marvell Technology by 294.9% during the 1st quarter. BOKF NA now owns 36,594 shares of the semiconductor company’s stock worth $2,679,000 after buying an additional 27,327 shares during the last quarter. Caxton Associates LP purchased a new stake in Marvell Technology in the first quarter valued at about $4,958,000. Finally, Bayesian Capital Management LP acquired a new stake in Marvell Technology in the first quarter worth about $922,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on MRVL shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $85.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Roth Mkm reaffirmed a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a report on Friday, August 30th. The Goldman Sachs Group boosted their price objective 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. Morgan Stanley raised their target price on Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. Finally, Loop Capital assumed coverage on Marvell Technology in a research note on Monday, November 11th. They set a “hold” rating and a $95.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Marvell Technology has a consensus rating of “Moderate Buy” and a consensus target price of $91.77.

Insider Activity at Marvell Technology

In related news, Director Ford Tamer sold 92,000 shares of the stock in a transaction on Thursday, September 12th. The stock was 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 directly owns 351,193 shares of the company’s stock, valued at approximately $26,044,472.88. This represents a 20.76 % decrease in their position. The transaction 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 sale, the insider now directly owns 694,487 shares in the company, valued at approximately $55,906,203.50. This trade represents a 17.76 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 267,000 shares of company stock valued at $20,899,260. 0.33% of the stock is owned by corporate insiders.

Marvell Technology Stock Performance

NASDAQ MRVL opened at $92.51 on Friday. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. Marvell Technology, Inc. has a twelve month low of $50.35 and a twelve month high of $95.09. The stock has a 50-day moving average of $80.67 and a 200 day moving average of $73.51. The stock has a market capitalization of $81.98 billion, a price-to-earnings ratio of -83.34, a PEG ratio of 4.04 and a beta of 1.44.

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

Marvell Technology Dividend Announcement

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

Marvell Technology 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.