Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by NorthRock Partners LLC

NorthRock Partners LLC decreased its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 46.6% in the third quarter, HoldingsChannel reports. The firm owned 5,945 shares of the semiconductor company’s stock after selling 5,194 shares during the quarter. NorthRock Partners LLC’s holdings in Marvell Technology were worth $429,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. ASB Consultores LLC lifted its holdings in shares of Marvell Technology by 3.8% during the third quarter. ASB Consultores LLC now owns 3,824 shares of the semiconductor company’s stock worth $276,000 after purchasing an additional 140 shares during the period. Impax Asset Management Group plc raised its position in Marvell Technology by 7.6% during the third quarter. Impax Asset Management Group plc now owns 574,996 shares of the semiconductor company’s stock valued at $41,469,000 after acquiring an additional 40,796 shares in the last quarter. Hazlett Burt & Watson Inc. raised its position in Marvell Technology by 63.9% during the third quarter. Hazlett Burt & Watson Inc. now owns 2,761 shares of the semiconductor company’s stock valued at $201,000 after acquiring an additional 1,076 shares in the last quarter. PDS Planning Inc purchased a new position in Marvell Technology during the third quarter valued at approximately $202,000. Finally, QRG Capital Management Inc. raised its position in Marvell Technology by 9.2% during the third quarter. QRG Capital Management Inc. now owns 34,779 shares of the semiconductor company’s stock valued at $2,508,000 after acquiring an additional 2,940 shares in the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

Marvell Technology Stock Performance

NASDAQ MRVL opened at $87.19 on Wednesday. The stock’s fifty day moving average is $75.60 and its two-hundred day moving average is $71.36. The firm has a market capitalization of $77.27 billion, a P/E ratio of -78.55, a price-to-earnings-growth ratio of 3.68 and a beta of 1.44. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. Marvell Technology, Inc. has a fifty-two week low of $50.35 and a fifty-two week high of $87.99.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share 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%. The firm’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.18 earnings per share. On average, research analysts anticipate that Marvell Technology, Inc. will post 0.78 earnings per share for the current year.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.28%. The ex-dividend date was Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -21.62%.

Insider Activity

In other news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $66.75, for a total value of $100,125.00. Following the transaction, the chief financial officer now owns 113,253 shares of the company’s stock, valued at $7,559,637.75. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $66.75, for a total value of $100,125.00. Following the sale, the chief financial officer now owns 113,253 shares in the company, valued at approximately $7,559,637.75. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ford Tamer sold 92,000 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $74.16, for a total value of $6,822,720.00. Following the completion of the sale, the director now owns 351,193 shares in the company, valued at $26,044,472.88. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 261,000 shares of company stock valued at $20,330,835 in the last quarter. Insiders own 0.33% of the company’s stock.

Analysts Set New Price Targets

MRVL has been the subject of several recent research reports. Bank of America lifted their price target on Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Barclays lifted their price target on Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, August 30th. Stifel Nicolaus reiterated a “buy” rating and set a $95.00 price target (up from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th. Rosenblatt Securities boosted their price objective on Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Finally, Benchmark boosted their price objective on Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a research report on Friday, August 30th. One analyst has rated the stock with a sell rating, one has issued a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $91.62.

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.