Jackson Square Capital LLC Sells 41,679 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Jackson Square Capital LLC reduced its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 91.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,808 shares of the semiconductor company’s stock after selling 41,679 shares during the quarter. Jackson Square Capital LLC’s holdings in Marvell Technology were worth $275,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Davidson Kempner Capital Management LP increased its holdings in Marvell Technology by 26.5% in the 2nd quarter. Davidson Kempner Capital Management LP now owns 250,000 shares of the semiconductor company’s stock valued at $17,482,000 after buying an additional 52,365 shares during the period. Diversified Trust Co bought a new stake in shares of Marvell Technology during the 2nd quarter valued at approximately $932,000. Orion Portfolio Solutions LLC grew its holdings in shares of Marvell Technology by 47.1% during the 1st quarter. Orion Portfolio Solutions LLC now owns 32,191 shares of the semiconductor company’s stock valued at $2,282,000 after purchasing an additional 10,306 shares during the last quarter. WD Rutherford LLC grew its holdings in shares of Marvell Technology by 182.5% during the 3rd quarter. WD Rutherford LLC now owns 18,266 shares of the semiconductor company’s stock valued at $1,317,000 after purchasing an additional 11,801 shares during the last quarter. Finally, abrdn plc grew its holdings in shares of Marvell Technology by 1.3% during the 3rd quarter. abrdn plc now owns 1,530,125 shares of the semiconductor company’s stock valued at $109,037,000 after purchasing an additional 19,794 shares during the last quarter. 83.51% of the stock is owned by institutional investors.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $80.77, for a total transaction of $484,620.00. Following the completion of the sale, the executive vice president now owns 109,244 shares in the company, valued at approximately $8,823,637.88. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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 value of $12,075,000.00. Following the completion of 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Chris Koopmans sold 6,000 shares of the company’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $80.77, for a total transaction of $484,620.00. Following the completion of the sale, the executive vice president now owns 109,244 shares of the company’s stock, valued at approximately $8,823,637.88. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 261,000 shares of company stock worth $20,330,835. 0.33% of the stock is owned by corporate insiders.

Marvell Technology Stock Up 3.9 %

Marvell Technology stock opened at $90.63 on Thursday. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. Marvell Technology, Inc. has a 12-month low of $50.35 and a 12-month high of $91.71. The firm’s fifty day moving average is $76.04 and its 200 day moving average is $71.49. The company has a market capitalization of $80.32 billion, a PE ratio of -81.65, a PEG ratio of 3.67 and a beta of 1.44.

Marvell Technology (NASDAQ:MRVL) last released its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.30. The company had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. Marvell Technology’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.18 EPS. As a group, sell-side analysts predict that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend was Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.26%. Marvell Technology’s dividend payout ratio (DPR) is presently -21.62%.

Wall Street Analysts Forecast Growth

MRVL has been the topic of several research reports. Barclays lifted their price target on shares of Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, August 30th. Piper Sandler reissued an “overweight” rating and set a $100.00 target price on shares of Marvell Technology in a report on Friday, August 30th. StockNews.com lowered shares of Marvell Technology from a “hold” rating to a “sell” rating in a report on Friday, October 18th. Benchmark boosted their target price on shares of Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $85.00 target price 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 assigned a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Marvell Technology has a consensus rating of “Moderate Buy” and an average target price of $91.62.

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.