Geneva Capital Management LLC Lowers Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Geneva Capital Management LLC lessened its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 8.0% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 33,120 shares of the semiconductor company’s stock after selling 2,869 shares during the period. Geneva Capital Management LLC’s holdings in Marvell Technology were worth $2,389,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Atomi Financial Group Inc. grew its position in shares of Marvell Technology by 8.1% during the first quarter. Atomi Financial Group Inc. now owns 4,380 shares of the semiconductor company’s stock worth $310,000 after purchasing an additional 328 shares in the last quarter. Concurrent Investment Advisors LLC bought a new stake in shares of Marvell Technology during the first quarter valued at approximately $308,000. Headlands Technologies LLC purchased a new position in shares of Marvell Technology in the first quarter worth $237,000. QRG Capital Management Inc. boosted its position in shares of Marvell Technology by 13.2% during the first quarter. QRG Capital Management Inc. now owns 28,837 shares of the semiconductor company’s stock worth $2,044,000 after acquiring an additional 3,368 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its position in shares of Marvell Technology by 75.2% during the first quarter. Russell Investments Group Ltd. now owns 238,030 shares of the semiconductor company’s stock worth $16,982,000 after acquiring an additional 102,185 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Insider Activity at Marvell Technology

In related news, insider Muhammad Raghib Hussain sold 150,000 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total value of $12,075,000.00. Following the completion of the sale, the insider now directly owns 694,487 shares of the company’s stock, valued at $55,906,203.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other 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 completion of the transaction, the chief financial officer now directly owns 113,253 shares of the company’s stock, valued at approximately $7,559,637.75. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Muhammad Raghib Hussain sold 150,000 shares of Marvell Technology stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total value of $12,075,000.00. Following the completion of the transaction, the insider now owns 694,487 shares in the company, valued at $55,906,203.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 261,000 shares of company stock worth $20,330,835 over the last three months. 0.33% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on MRVL. Citigroup reiterated a “buy” rating and issued a $91.00 price target on shares of Marvell Technology in a research note on Monday, October 14th. Needham & Company LLC reiterated a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. Piper Sandler restated an “overweight” rating and set a $100.00 price target on shares of Marvell Technology in a report on Friday, August 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $85.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Finally, Evercore ISI increased their target price on Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. One research analyst has rated the stock with a sell rating, two have given a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Marvell Technology currently has an average rating of “Moderate Buy” and a consensus target price of $91.77.

Marvell Technology Trading Up 0.6 %

Shares of MRVL opened at $92.78 on Wednesday. The firm has a market capitalization of $82.22 billion, a price-to-earnings ratio of -83.59, a PEG ratio of 4.01 and a beta of 1.44. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. 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 $77.65 and a 200 day moving average of $72.31.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting the consensus estimate of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The firm had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the previous year, the firm posted $0.18 earnings per share. The company’s revenue was down 5.1% on a year-over-year basis. On average, research analysts expect that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Dividend Announcement

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

Marvell Technology Company 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.