Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Cambiar Investors LLC

Cambiar Investors LLC decreased its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 14.5% during the third quarter, Holdings Channel.com reports. The firm owned 490,194 shares of the semiconductor company’s stock after selling 83,177 shares during the period. Cambiar Investors LLC’s holdings in Marvell Technology were worth $35,353,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Marvell Technology by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 72,810,448 shares of the semiconductor company’s stock worth $5,160,805,000 after purchasing an additional 468,086 shares during the period. Janus Henderson Group PLC raised its stake in shares of Marvell Technology by 13.4% during the 1st quarter. Janus Henderson Group PLC now owns 13,478,472 shares of the semiconductor company’s stock worth $955,400,000 after buying an additional 1,591,874 shares during the period. Ameriprise Financial Inc. lifted its position in shares of Marvell Technology by 24.1% during 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 in the last quarter. Van ECK Associates Corp grew its stake in Marvell Technology by 17.6% in the 2nd quarter. Van ECK Associates Corp now owns 5,901,773 shares of the semiconductor company’s stock valued at $412,533,000 after acquiring an additional 884,380 shares during the period. Finally, Clearbridge Investments LLC increased its holdings in Marvell Technology by 3.0% in the 2nd quarter. Clearbridge Investments LLC now owns 5,189,682 shares of the semiconductor company’s stock worth $362,759,000 after acquiring an additional 150,109 shares in the last quarter. 83.51% of the stock is owned by hedge funds and other institutional investors.

Marvell Technology Stock Up 5.8 %

Shares of NASDAQ MRVL opened at $84.77 on Friday. The company has a market capitalization of $75.12 billion, a P/E ratio of -76.37, a P/E/G ratio of 3.60 and a beta of 1.45. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. The company has a 50 day simple moving average of $74.68 and a 200-day simple moving average of $70.88. Marvell Technology, Inc. has a 1 year low of $48.44 and a 1 year high of $87.28.

Marvell Technology (NASDAQ:MRVL) last posted its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, hitting the consensus estimate 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 analysts’ expectations of $1.25 billion. During the same quarter last year, the firm earned $0.18 earnings per share. The firm’s quarterly revenue was down 5.1% compared to the same quarter last year. On average, equities research analysts predict that Marvell Technology, Inc. will post 0.78 earnings per share for the current year.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Friday, October 11th were issued a $0.06 dividend. The ex-dividend date of this dividend was Friday, October 11th. This represents a $0.24 annualized dividend and a yield of 0.28%. Marvell Technology’s dividend payout ratio (DPR) is currently -21.62%.

Insider Activity at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction dated 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 transaction, the chief financial officer now owns 113,253 shares of the company’s stock, valued at $7,559,637.75. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, 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 approximately $26,044,472.88. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $66.75, for a total value of $100,125.00. Following the transaction, the chief financial officer now owns 113,253 shares of the company’s stock, valued at $7,559,637.75. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 261,000 shares of company stock worth $20,330,835. Company insiders own 0.33% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on MRVL shares. Benchmark increased their price objective on shares of Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a 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 report on Friday, August 30th. KeyCorp boosted their price objective on Marvell Technology from $90.00 to $95.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 9th. Piper Sandler restated an “overweight” rating and issued a $100.00 target price on shares of Marvell Technology in a research 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 research report on Friday, August 30th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Marvell Technology currently has a consensus rating of “Moderate Buy” and an average target price of $91.62.

About Marvell Technology

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.