Tradition Wealth Management LLC Sells 321 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Tradition Wealth Management LLC lessened its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 5.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,167 shares of the semiconductor company’s stock after selling 321 shares during the quarter. Tradition Wealth Management LLC’s holdings in Marvell Technology were worth $373,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Quarry LP bought a new stake in Marvell Technology during the 2nd quarter worth about $32,000. Strategic Investment Solutions Inc. IL bought a new stake in Marvell Technology during the second quarter worth about $32,000. Whittier Trust Co. boosted its position in Marvell Technology by 74.5% during the third 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 last quarter. Briaud Financial Planning Inc bought a new position in Marvell Technology in the third quarter valued at approximately $43,000. Finally, Exchange Traded Concepts LLC increased its position in shares of Marvell Technology by 125.4% during the 3rd quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company’s stock worth $44,000 after purchasing an additional 336 shares during the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

Insider Buying and Selling at Marvell Technology

In other news, insider Muhammad Raghib Hussain sold 150,000 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the completion of the transaction, the insider now directly owns 694,487 shares in the company, valued at approximately $55,906,203.50. This represents a 17.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ford Tamer sold 92,000 shares of the business’s stock in a transaction on Thursday, September 12th. The stock was 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 $26,044,472.88. This represents a 20.76 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 267,000 shares of company stock valued at $20,899,260. 0.33% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

MRVL has been the subject of several analyst reports. TD Cowen raised shares of Marvell Technology to a “strong-buy” rating in a research note on Monday, September 16th. Benchmark boosted their price objective on shares of Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. The Goldman Sachs Group lifted their price target on Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Citigroup restated a “buy” rating and issued a $91.00 price objective on shares of Marvell Technology in a research note on Monday, October 14th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $100.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Three research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $95.39.

Marvell Technology Stock Up 2.9 %

Shares of NASDAQ MRVL opened at $92.69 on Monday. Marvell Technology, Inc. has a 52 week low of $50.35 and a 52 week high of $95.55. The stock’s fifty day moving average is $82.50 and its 200 day moving average is $74.37. 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 stock has a market capitalization of $82.14 billion, a P/E ratio of -83.50, a PEG ratio of 4.03 and a beta of 1.44.

Marvell Technology (NASDAQ:MRVL) last issued its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, meeting the consensus estimate of $0.30. The company had revenue of $1.27 billion during the quarter, compared to analysts’ expectations 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 for the quarter was down 5.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.18 EPS. Sell-side analysts forecast that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The firm also recently announced 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 annualized dividend and a yield of 0.26%. The ex-dividend date of this dividend was Friday, October 11th. Marvell Technology’s 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.