Miracle Mile Advisors LLC Has $1.78 Million Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Miracle Mile Advisors LLC raised its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 2.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 24,626 shares of the semiconductor company’s stock after acquiring an additional 600 shares during the period. Miracle Mile Advisors LLC’s holdings in Marvell Technology were worth $1,776,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Bruce G. Allen Investments LLC increased its position in shares of Marvell Technology by 56.4% during the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 141 shares in the last quarter. Salomon & Ludwin LLC acquired a new stake in shares of Marvell Technology during the first quarter worth approximately $31,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Marvell Technology in the second quarter valued at approximately $32,000. Quarry LP acquired a new position in shares of Marvell Technology in the 2nd quarter worth approximately $32,000. Finally, Optimum Investment Advisors bought a new stake in Marvell Technology during the 1st quarter worth approximately $35,000. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Marvell Technology Trading Up 0.4 %

NASDAQ MRVL opened at $73.72 on Tuesday. The firm has a market cap of $63.81 billion, a P/E ratio of -65.24, a P/E/G ratio of 3.12 and a beta of 1.45. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. The stock’s 50-day moving average is $69.09 and its 200-day moving average is $69.79. Marvell Technology, Inc. has a one year low of $46.07 and a one year 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. The company 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%. Marvell Technology’s revenue was down 5.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.18 earnings per share. Sell-side analysts anticipate that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently announced 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 dividend on an annualized basis and a yield of 0.33%. The ex-dividend date is Friday, October 11th. Marvell Technology’s dividend payout ratio is presently -21.24%.

Wall Street Analyst Weigh In

MRVL has been the topic of a number of recent analyst reports. Rosenblatt Securities boosted their price objective on Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. TD Cowen upgraded Marvell Technology to a “strong-buy” rating in a report on Monday, September 16th. Bank of America increased their target price on Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, August 30th. StockNews.com cut Marvell Technology from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Finally, The Goldman Sachs Group raised their price target on Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $91.62.

Insider Activity at Marvell Technology

In related news, EVP Chris Koopmans sold 5,000 shares of Marvell Technology stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $73.88, for a total value of $369,400.00. Following the sale, the executive vice president now owns 110,318 shares of the company’s stock, valued at approximately $8,150,293.84. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Chris Koopmans sold 5,000 shares of Marvell Technology stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $73.88, for a total value of $369,400.00. Following the sale, the executive vice president now owns 110,318 shares of the company’s stock, valued at approximately $8,150,293.84. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Mark Casper sold 2,500 shares of Marvell Technology stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $70.83, for a total value of $177,075.00. Following the completion of the sale, the executive vice president now directly owns 22,494 shares in the company, valued at approximately $1,593,250.02. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 110,000 shares of company stock valued at $8,130,685. 0.33% of the stock is owned by insiders.

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.