Pitcairn Co. Has $3.78 Million Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Pitcairn Co. reduced its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 8.8% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 52,357 shares of the semiconductor company’s stock after selling 5,079 shares during the quarter. Pitcairn Co.’s holdings in Marvell Technology were worth $3,776,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Whale Rock Capital Management LLC bought a new position in shares of Marvell Technology in the first quarter valued at approximately $181,559,000. Ameriprise Financial Inc. raised its stake in shares of Marvell Technology by 24.1% in the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after acquiring an additional 2,254,610 shares during the last quarter. Swedbank AB raised its position in Marvell Technology by 653.5% in the 2nd quarter. Swedbank AB now owns 2,334,015 shares of the semiconductor company’s stock worth $163,148,000 after purchasing an additional 2,024,269 shares during the last quarter. Janus Henderson Group PLC raised its position in Marvell Technology by 13.4% in the 1st quarter. Janus Henderson Group PLC now owns 13,478,472 shares of the semiconductor company’s stock worth $955,400,000 after purchasing an additional 1,591,874 shares during the last quarter. Finally, Van ECK Associates Corp raised its position in Marvell Technology by 26.6% in the 3rd quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock worth $538,868,000 after purchasing an additional 1,570,050 shares during the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, 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 transaction of $133,710.00. Following the completion of the transaction, the chief financial officer now directly owns 114,211 shares in the company, valued at $10,180,768.54. This trade represents a 1.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $80.77, for a total transaction of $484,620.00. Following the transaction, the executive vice president now owns 109,244 shares in the company, valued at approximately $8,823,637.88. This trade represents a 5.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 267,000 shares of company stock valued at $20,899,260. Insiders own 0.33% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Morgan Stanley boosted their price objective on shares of Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. Evercore ISI upped their target price on shares of Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. Piper Sandler reiterated an “overweight” rating and set a $100.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. Roth Mkm reiterated a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. Finally, Barclays upped their target price on shares of Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a research 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’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $91.77.

Marvell Technology Stock Down 0.5 %

Shares of MRVL stock opened at $92.51 on Friday. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. Marvell Technology, Inc. has a 52-week low of $50.35 and a 52-week high of $95.09. The firm’s 50-day moving average is $80.31 and its 200-day moving average is $73.36.

Marvell Technology (NASDAQ:MRVL) last announced its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.30. The firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The business’s revenue was down 5.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.18 EPS. As a group, equities research analysts forecast that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Announces Dividend

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 dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.26%. The ex-dividend date of this dividend was Friday, October 11th. Marvell Technology’s 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.