Oppenheimer Asset Management Inc. Has $6.38 Million Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Oppenheimer Asset Management Inc. lowered its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 9.3% during the third quarter, Holdings Channel.com reports. The firm owned 88,425 shares of the semiconductor company’s stock after selling 9,095 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Marvell Technology were worth $6,377,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in MRVL. Strategic Investment Solutions Inc. IL acquired a new position in Marvell Technology during the 2nd quarter worth about $32,000. Quarry LP bought a new position in shares of Marvell Technology in the second quarter worth about $32,000. Mark Sheptoff Financial Planning LLC acquired a new position in shares of Marvell Technology during the first quarter worth approximately $35,000. Whittier Trust Co. grew its stake in shares of 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. Finally, Exchange Traded Concepts LLC increased its holdings in shares of Marvell Technology by 125.4% in the third quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company’s stock valued at $44,000 after purchasing an additional 336 shares in the last quarter. Institutional investors own 83.51% of the company’s stock.

Marvell Technology Stock Up 0.7 %

Shares of MRVL stock opened at $90.70 on Friday. The company has a market capitalization of $80.38 billion, a price-to-earnings ratio of -81.71, a P/E/G ratio of 4.03 and a beta of 1.44. Marvell Technology, Inc. has a 12-month low of $50.35 and a 12-month high of $95.09. The firm has a fifty day moving average of $78.45 and a 200-day moving average of $72.56. 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 (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.30. The firm had revenue of $1.27 billion for 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%. The company’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same quarter last year, the business posted $0.18 EPS. As a group, equities research analysts predict that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

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

Insider Transactions at Marvell Technology

In related news, Director Ford Tamer sold 92,000 shares of Marvell Technology stock in a transaction dated 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 of the company’s stock, valued at approximately $26,044,472.88. The trade was a 20.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $73.87, for a total value of $110,805.00. Following the transaction, the chief financial officer now directly owns 111,753 shares of the company’s stock, valued at $8,255,194.11. This trade represents a 1.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 259,500 shares of company stock valued at $20,230,710 in the last ninety days. 0.33% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on MRVL. Stifel Nicolaus reiterated a “buy” rating and issued a $95.00 price objective (up from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th. Bank of America lifted their price objective on Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Morgan Stanley upped their target price on shares of Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. Loop Capital initiated coverage on shares of Marvell Technology in a research report on Monday. They set a “hold” rating and a $95.00 price target for the company. Finally, TD Cowen upgraded shares of Marvell Technology to a “strong-buy” rating in a report on Monday, September 16th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $91.77.

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.