Argent Trust Co Has $472,000 Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Argent Trust Co raised its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 4.2% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,753 shares of the semiconductor company’s stock after acquiring an additional 275 shares during the period. Argent Trust Co’s holdings in Marvell Technology were worth $472,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in Marvell Technology by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 72,810,448 shares of the semiconductor company’s stock valued at $5,160,805,000 after buying an additional 468,086 shares during the period. Capital Research Global Investors raised its position in Marvell Technology by 0.5% in the fourth quarter. Capital Research Global Investors now owns 35,791,266 shares of the semiconductor company’s stock worth $2,158,601,000 after purchasing an additional 185,479 shares in the last quarter. Matrix Capital Management Company LP raised its holdings in shares of Marvell Technology by 14.3% in the 4th quarter. Matrix Capital Management Company LP now owns 15,055,500 shares of the semiconductor company’s stock worth $907,997,000 after buying an additional 1,888,676 shares in the last quarter. Janus Henderson Group PLC lifted its position in shares of Marvell Technology by 13.4% during the 1st quarter. Janus Henderson Group PLC now owns 13,478,472 shares of the semiconductor company’s stock worth $955,400,000 after buying an additional 1,591,874 shares during the period. Finally, Van ECK Associates Corp boosted its stake in Marvell Technology by 17.6% in the 2nd quarter. Van ECK Associates Corp now owns 5,901,773 shares of the semiconductor company’s stock valued at $412,533,000 after buying an additional 884,380 shares in the last quarter. Institutional investors own 83.51% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on MRVL. StockNews.com upgraded shares of Marvell Technology from a “sell” rating to a “hold” rating in a research report on Wednesday. TD Cowen raised Marvell Technology to a “strong-buy” rating in a report on Monday. Roth Mkm reissued a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. KeyCorp increased their price objective on shares of Marvell Technology from $90.00 to $95.00 and gave the stock an “overweight” rating in a report on Tuesday, July 9th. Finally, Piper Sandler reissued an “overweight” rating and set a $100.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Two research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Marvell Technology presently has a consensus rating of “Moderate Buy” and an average price target of $91.62.

Marvell Technology Stock Up 4.7 %

Shares of NASDAQ:MRVL opened at $74.88 on Friday. The company has a 50 day moving average price of $68.19 and a two-hundred day moving average price of $69.81. 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 company has a market capitalization of $64.82 billion, a PE ratio of -66.27, a PEG ratio of 3.29 and a beta of 1.46. Marvell Technology, Inc. has a 52 week low of $46.07 and a 52 week high of $85.76.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting analysts’ consensus estimates of $0.30. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The company had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same quarter last year, the firm posted $0.18 earnings per share. Marvell Technology’s revenue was down 5.1% compared to the same quarter last year. Analysts forecast that Marvell Technology, Inc. will post 0.77 earnings per share for the current year.

Marvell Technology Announces Dividend

The business 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. The ex-dividend date is Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.32%. Marvell Technology’s payout ratio is -21.24%.

Insider Activity at Marvell Technology

In other Marvell Technology news, Director Ford Tamer sold 92,000 shares of the stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the completion of the transaction, the director now owns 351,193 shares in the company, valued at approximately $26,044,472.88. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total value of $100,125.00. Following the sale, the chief financial officer now directly owns 113,253 shares in the company, valued at approximately $7,559,637.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ford Tamer sold 92,000 shares of the stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the transaction, the director now owns 351,193 shares of the company’s stock, valued at $26,044,472.88. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 160,000 shares of company stock valued at $11,878,785. 0.33% of the stock is owned by corporate insiders.

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.