Cinctive Capital Management LP Invests $7.78 Million in Marvell Technology, Inc. (NASDAQ:MRVL)

Cinctive Capital Management LP purchased a new stake in Marvell Technology, Inc. (NASDAQ:MRVL) in the 3rd quarter, Holdings Channel.com reports. The firm purchased 107,909 shares of the semiconductor company’s stock, valued at approximately $7,782,000.

A number of other institutional investors have also modified their holdings of the business. True Wealth Design LLC lifted its holdings in Marvell Technology by 1,481.8% in the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock worth $25,000 after acquiring an additional 326 shares during the last quarter. Quarry LP acquired a new stake in shares of Marvell Technology during the 2nd quarter worth approximately $32,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Marvell Technology in the 2nd quarter worth approximately $32,000. Whittier Trust Co. boosted its position in Marvell Technology by 74.5% during the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after purchasing an additional 210 shares during the period. Finally, Briaud Financial Planning Inc bought a new position in Marvell Technology during the 3rd quarter worth $43,000. Institutional investors own 83.51% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Barclays raised their target price on Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, August 30th. TD Cowen raised shares of Marvell Technology to a “strong-buy” rating in a research note on Monday, September 16th. Stifel Nicolaus restated a “buy” rating and issued a $95.00 price target (up previously from $90.00) on shares of Marvell Technology in a research note on Friday, August 30th. Piper Sandler reaffirmed an “overweight” rating and set a $100.00 price target on shares of Marvell Technology in a report on Friday, August 30th. Finally, Roth Mkm reissued a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Three research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $96.43.

Insiders Place Their Bets

In related news, EVP Mark Casper sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $70.83, for a total value of $177,075.00. Following the completion of the sale, the executive vice president now owns 22,494 shares in the company, valued at approximately $1,593,250.02. This represents a 10.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ford Tamer sold 92,000 shares of Marvell Technology stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the transaction, the director now owns 351,193 shares in the company, valued at approximately $26,044,472.88. The trade was a 20.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 267,000 shares of company stock worth $20,899,260 over the last ninety days. 0.33% of the stock is currently owned by company insiders.

Marvell Technology Price Performance

Shares of NASDAQ:MRVL opened at $92.69 on Monday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. The company has a market capitalization of $82.14 billion, a PE ratio of -83.50, a price-to-earnings-growth ratio of 4.03 and a beta of 1.44. The stock has a fifty day moving average of $82.50 and a 200-day moving average of $74.40. Marvell Technology, Inc. has a one year low of $50.35 and a one year high of $95.55.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.30. The business had revenue of $1.27 billion during 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%. Marvell Technology’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same quarter last year, the company posted $0.18 EPS. As a group, equities analysts anticipate that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders 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 0.26%. The ex-dividend date was Friday, October 11th. Marvell Technology’s dividend payout ratio is presently -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.