Net Worth Advisory Group Makes New Investment in Marvell Technology, Inc. (NASDAQ:MRVL)

Net Worth Advisory Group acquired a new stake in Marvell Technology, Inc. (NASDAQ:MRVL) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 5,266 shares of the semiconductor company’s stock, valued at approximately $380,000.

Other institutional investors have also modified their holdings of the company. Lazard Asset Management LLC increased its holdings in shares of Marvell Technology by 47,934.4% in the 1st quarter. Lazard Asset Management LLC now owns 4,001,745 shares of the semiconductor company’s stock valued at $283,643,000 after acquiring an additional 3,993,414 shares during the last quarter. Whale Rock Capital Management LLC acquired a new stake in shares of Marvell Technology during the first quarter worth $181,559,000. Ameriprise Financial Inc. grew its position in Marvell Technology by 24.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after buying an additional 2,254,610 shares during the last quarter. Swedbank AB raised its position in Marvell Technology by 653.5% during the 2nd quarter. Swedbank AB now owns 2,334,015 shares of the semiconductor company’s stock worth $163,148,000 after buying an additional 2,024,269 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its stake in shares of 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 acquiring an additional 1,591,874 shares during the period. 83.51% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $66.75, for a total transaction of $100,125.00. Following the transaction, the chief financial officer now directly owns 113,253 shares in the company, valued at $7,559,637.75. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total transaction of $100,125.00. Following the completion of the sale, the chief financial officer now directly owns 113,253 shares of the company’s stock, valued at approximately $7,559,637.75. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Muhammad Raghib Hussain sold 150,000 shares of Marvell Technology stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the sale, the insider now owns 694,487 shares in the company, valued at $55,906,203.50. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 255,000 shares of company stock worth $19,846,215. Corporate insiders own 0.33% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on MRVL. Stifel Nicolaus reiterated a “buy” rating and set a $95.00 price target (up from $90.00) on shares of Marvell Technology in a research note on Friday, August 30th. Rosenblatt Securities boosted their target price on shares of Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Morgan Stanley lifted their price objective on Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. Roth Mkm restated a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $85.00 price target on shares of Marvell Technology in a report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $91.62.

Marvell Technology Price Performance

NASDAQ MRVL opened at $79.85 on Friday. Marvell Technology, Inc. has a 1 year low of $46.07 and a 1 year high of $85.76. The business’s fifty day moving average is $71.99 and its two-hundred day moving average is $70.21. The stock has a market capitalization of $69.12 billion, a P/E ratio of -70.66, a P/E/G ratio of 3.17 and a beta of 1.45. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79.

Marvell Technology (NASDAQ:MRVL) last announced 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 business had revenue of $1.27 billion during the quarter, compared to the consensus estimate 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 was down 5.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.18 earnings per share. On average, research analysts forecast that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, October 11th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.30%. The ex-dividend date of this dividend is Friday, October 11th. Marvell Technology’s payout ratio is presently -21.24%.

Marvell Technology 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.