Marvell Technology, Inc. (NASDAQ:MRVL) Stake Lessened by Caprock Group LLC

Caprock Group LLC trimmed its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 9.6% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 8,128 shares of the semiconductor company’s stock after selling 865 shares during the period. Caprock Group LLC’s holdings in Marvell Technology were worth $586,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the business. CreativeOne Wealth LLC purchased a new stake in shares of Marvell Technology in the first quarter worth approximately $393,000. Axxcess Wealth Management LLC purchased a new stake in Marvell Technology in the 1st quarter worth approximately $204,000. BOKF NA boosted its stake in shares of Marvell Technology by 294.9% during the 1st quarter. BOKF NA now owns 36,594 shares of the semiconductor company’s stock valued at $2,679,000 after buying an additional 27,327 shares during the period. Tree Line Advisors Hong Kong Ltd. purchased a new position in shares of Marvell Technology during the 1st quarter valued at $31,896,000. Finally, Transcendent Capital Group LLC purchased a new stake in shares of Marvell Technology during the first quarter worth $123,000. 83.51% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $73.87, for a total transaction of $110,805.00. Following the completion of the sale, the chief financial officer now owns 111,753 shares in the company, valued at approximately $8,255,194.11. The trade was a 1.32 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Matthew J. Murphy sold 6,000 shares of the firm’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $73.29, for a total value of $439,740.00. Following the completion of the transaction, the chief executive officer now owns 208,915 shares in the company, valued at $15,311,380.35. This represents a 2.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 267,000 shares of company stock valued at $20,899,260. 0.33% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have commented on MRVL. Stifel Nicolaus restated a “buy” rating and issued a $95.00 target price (up previously from $90.00) on shares of Marvell Technology in a research note on Friday, August 30th. TD Cowen raised shares of Marvell Technology to a “strong-buy” rating in a research report on Monday, September 16th. Benchmark lifted their target price on shares of Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Citigroup restated a “buy” rating and set a $91.00 price target on shares of Marvell Technology in a research note on Monday, October 14th. Finally, Rosenblatt Securities upped their price objective on shares of Marvell Technology from $100.00 to $120.00 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 have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Marvell Technology currently has a consensus rating of “Moderate Buy” and an average target price of $91.77.

Marvell Technology Trading Down 0.5 %

Shares of NASDAQ MRVL opened at $92.51 on Friday. Marvell Technology, Inc. has a 1-year low of $50.35 and a 1-year high of $95.09. The company has a 50-day moving average of $80.31 and a two-hundred day moving average of $73.36. The company has a market cap of $81.98 billion, a PE ratio of -83.34, a P/E/G ratio of 3.88 and a beta of 1.44. 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 (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, hitting the consensus estimate of $0.30. The firm had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. Marvell Technology’s revenue was down 5.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.18 EPS. As a group, equities analysts expect that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

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

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.