UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 158,806 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lessened its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 2.1% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,264,773 shares of the semiconductor company’s stock after selling 158,806 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.82% of Marvell Technology worth $523,935,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MRVL. Ameriprise Financial Inc. increased its holdings in shares of Marvell Technology by 24.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock worth $812,509,000 after purchasing an additional 2,254,610 shares in the last quarter. Swedbank AB increased its holdings in shares of 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 in the last quarter. Van ECK Associates Corp increased its holdings in shares of 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 in the last quarter. D1 Capital Partners L.P. bought a new stake in shares of Marvell Technology in the 2nd quarter worth $108,204,000. Finally, Assenagon Asset Management S.A. increased its holdings in shares of Marvell Technology by 934.2% in the 2nd quarter. Assenagon Asset Management S.A. now owns 1,512,839 shares of the semiconductor company’s stock worth $105,747,000 after purchasing an additional 1,366,553 shares in the last quarter. Institutional investors own 83.51% of the company’s stock.

Insider Activity at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $89.14, for a total transaction of $133,710.00. Following the sale, the chief financial officer now directly owns 114,211 shares in the company, valued at $10,180,768.54. This represents a 1.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Ford Tamer sold 92,000 shares of the company’s stock in a transaction that occurred 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 sale, the director now owns 351,193 shares in the company, valued at approximately $26,044,472.88. This trade represents a 20.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 267,000 shares of company stock valued at $20,899,260. Insiders own 0.33% of the company’s stock.

Marvell Technology Price Performance

NASDAQ:MRVL opened at $90.10 on Friday. The business’s 50-day moving average is $81.82 and its 200 day moving average is $74.05. Marvell Technology, Inc. has a 12 month low of $50.35 and a 12 month high of $95.55. 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 announced its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, meeting analysts’ consensus estimates of $0.30. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The company had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.25 billion. During the same period in the prior year, the company earned $0.18 earnings per share. The firm’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 fiscal year.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Friday, October 11th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.27%. The ex-dividend date was Friday, October 11th. Marvell Technology’s payout ratio is presently -21.62%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on MRVL. Needham & Company LLC reaffirmed a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. StockNews.com raised Marvell Technology from a “sell” rating to a “hold” rating in a report on Friday, November 22nd. Roth Mkm reaffirmed a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Rosenblatt Securities lifted their price objective on Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Finally, Oppenheimer lifted their price objective on Marvell Technology from $90.00 to $110.00 and gave the stock an “outperform” rating in a report on Tuesday. Three analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $95.39.

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.