Atlanta Consulting Group Advisors LLC Takes Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Atlanta Consulting Group Advisors LLC acquired a new stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) during the third quarter, HoldingsChannel reports. The institutional investor acquired 3,769 shares of the semiconductor company’s stock, valued at approximately $272,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Marvell Technology during the second quarter worth about $32,000. Quarry LP acquired a new stake in Marvell Technology during the second quarter worth approximately $32,000. Whittier Trust Co. grew its stake in Marvell Technology by 74.5% in the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock worth $35,000 after acquiring an additional 210 shares during the period. Exchange Traded Concepts LLC raised its holdings in Marvell Technology by 125.4% in the 3rd quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company’s stock valued at $44,000 after acquiring an additional 336 shares during the last quarter. Finally, Unique Wealth Strategies LLC purchased a new position in shares of Marvell Technology during the 2nd quarter worth $45,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Marvell Technology Trading Down 3.2 %

MRVL opened at $87.83 on Monday. The firm has a market capitalization of $77.83 billion, a P/E ratio of -79.13, a P/E/G ratio of 3.82 and a beta of 1.44. The firm’s 50 day moving average is $78.89 and its 200-day moving average is $72.80. 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 52-week low of $50.35 and a 52-week high of $95.09.

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. The firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The firm’s revenue was down 5.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.18 EPS. Analysts expect that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently disclosed 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 was Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.27%. Marvell Technology’s dividend payout ratio (DPR) is presently -21.62%.

Analyst Ratings Changes

MRVL has been the subject of a number of recent analyst reports. Citigroup reaffirmed a “buy” rating and issued a $91.00 price objective on shares of Marvell Technology in a research report on Monday, October 14th. Needham & Company LLC reiterated a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Rosenblatt Securities boosted their target price on shares of Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a report on Friday, August 30th. The Goldman Sachs Group increased their price target on shares of Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Finally, Morgan Stanley boosted their price objective on shares of Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Marvell Technology presently has a consensus rating of “Moderate Buy” and an average price target of $91.77.

Insiders Place Their Bets

In related news, Director Ford Tamer sold 92,000 shares of the business’s 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 completion of the sale, the director now directly owns 351,193 shares of the company’s stock, valued at $26,044,472.88. The trade was a 20.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through 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 transaction, the insider now directly owns 694,487 shares in the company, valued at approximately $55,906,203.50. This represents a 17.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 259,500 shares of company stock worth $20,230,710 in the last three months. 0.33% of the stock is owned by insiders.

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.