Bridges Investment Management Inc. Purchases 151 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Bridges Investment Management Inc. raised its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 4.1% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,806 shares of the semiconductor company’s stock after purchasing an additional 151 shares during the quarter. Bridges Investment Management Inc.’s holdings in Marvell Technology were worth $274,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in MRVL. Davidson Kempner Capital Management LP grew its position in Marvell Technology by 26.5% during the second 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 $932,000. Orion Portfolio Solutions LLC increased its stake in shares of Marvell Technology by 47.1% in the 1st quarter. Orion Portfolio Solutions LLC now owns 32,191 shares of the semiconductor company’s stock worth $2,282,000 after purchasing an additional 10,306 shares in the last quarter. WD Rutherford LLC raised its holdings in Marvell Technology by 182.5% in the 3rd quarter. WD Rutherford LLC now owns 18,266 shares of the semiconductor company’s stock worth $1,317,000 after purchasing an additional 11,801 shares during the period. Finally, Silicon Valley Capital Partners lifted its position in Marvell Technology by 254.6% during the third quarter. Silicon Valley Capital Partners now owns 32,978 shares of the semiconductor company’s stock valued at $2,378,000 after purchasing an additional 23,678 shares in the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Insider Activity

In other news, insider Muhammad Raghib Hussain sold 150,000 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now owns 694,487 shares of the company’s stock, valued at approximately $55,906,203.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Marvell Technology news, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction that occurred 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 transaction, the executive vice president now owns 109,244 shares in the company, valued at $8,823,637.88. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Muhammad Raghib Hussain sold 150,000 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was 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 approximately $55,906,203.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 261,000 shares of company stock valued at $20,330,835 in the last ninety days. Insiders own 0.33% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on MRVL. Roth Mkm restated a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a research report on Friday, August 30th. StockNews.com downgraded shares of Marvell Technology from a “hold” rating to a “sell” rating in a report on Friday, October 18th. Evercore ISI upped their price target on shares of Marvell Technology from $91.00 to $98.00 and gave the stock an “outperform” rating in a research report on Friday, August 30th. Benchmark raised their price objective on shares of Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Finally, Citigroup reaffirmed a “buy” rating and issued a $91.00 target price on shares of Marvell Technology in a report on Monday, October 14th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $91.62.

Marvell Technology Trading Down 0.1 %

MRVL stock opened at $93.80 on Friday. The firm has a fifty day moving average price of $76.88 and a 200 day moving average price of $71.92. Marvell Technology, Inc. has a fifty-two week low of $50.35 and a fifty-two week high of $95.09. The firm has a market cap of $83.13 billion, a PE ratio of -84.50, a price-to-earnings-growth ratio of 3.94 and a beta of 1.44. 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 issued its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting analysts’ consensus estimates of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The business had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.25 billion. During the same period last year, the company posted $0.18 EPS. The business’s revenue was down 5.1% on a year-over-year basis. Sell-side analysts anticipate that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were given 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%.

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.