PNC Financial Services Group Inc. grew its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL – Free Report) by 1.5% during the third quarter, according to its most recent filing with the SEC. The firm owned 71,783 shares of the semiconductor company’s stock after acquiring an additional 1,062 shares during the period. PNC Financial Services Group Inc.’s holdings in Marvell Technology were worth $5,177,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in MRVL. CreativeOne Wealth LLC bought a new position in Marvell Technology in the first quarter worth $393,000. Axxcess Wealth Management LLC bought a new position in shares of Marvell Technology in the 1st quarter worth about $204,000. BOKF NA lifted its position in 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 acquiring an additional 27,327 shares during the period. Caxton Associates LP bought a new stake in Marvell Technology during the first quarter worth about $4,958,000. Finally, Bayesian Capital Management LP purchased a new stake in Marvell Technology in the first quarter worth about $922,000. Institutional investors own 83.51% of the company’s stock.
Marvell Technology Trading Down 0.5 %
Marvell Technology stock opened at $92.51 on Friday. Marvell Technology, Inc. has a 52-week low of $50.35 and a 52-week high of $95.09. The company has a market cap of $81.98 billion, a P/E ratio of -83.34, a P/E/G ratio of 4.04 and a beta of 1.44. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. The business has a 50-day simple moving average of $80.67 and a two-hundred day simple moving average of $73.51.
Marvell Technology Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Friday, October 11th were issued 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 dividend payout ratio is currently -21.62%.
Analyst Upgrades and Downgrades
A number of analysts have recently commented on MRVL shares. Loop Capital assumed coverage on Marvell Technology in a research report on Monday, November 11th. They issued a “hold” rating and a $95.00 price target on the stock. Rosenblatt Securities boosted their target price on Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Barclays raised their price target on Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, August 30th. TD Cowen upgraded shares of Marvell Technology to a “strong-buy” rating in a research note on Monday, September 16th. Finally, Needham & Company LLC restated a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. Three research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Marvell Technology has an average rating of “Moderate Buy” and a consensus price target of $91.77.
View Our Latest Analysis on MRVL
Insider Buying and Selling
In other news, EVP Mark Casper sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $70.83, for a total value of $177,075.00. Following the transaction, the executive vice president now owns 22,494 shares of the company’s stock, valued at $1,593,250.02. This trade represents a 10.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $89.14, for a total value of $133,710.00. Following the transaction, the chief financial officer now directly owns 114,211 shares in the company, valued at approximately $10,180,768.54. The trade was a 1.30 % decrease in their ownership of the stock. 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 company 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.
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