Independent Advisor Alliance Reduces Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Independent Advisor Alliance lessened its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 29.6% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 16,198 shares of the semiconductor company’s stock after selling 6,821 shares during the period. Independent Advisor Alliance’s holdings in Marvell Technology were worth $1,168,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Strategic Investment Solutions Inc. IL acquired a new position in Marvell Technology in the 2nd quarter valued at about $32,000. Quarry LP purchased a new stake in shares of Marvell Technology during the 2nd quarter valued at approximately $32,000. Whittier Trust Co. lifted its holdings in Marvell Technology by 74.5% in the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after acquiring an additional 210 shares during the last quarter. Briaud Financial Planning Inc purchased a new position in Marvell Technology in the third quarter worth approximately $43,000. Finally, Exchange Traded Concepts LLC increased its stake in Marvell Technology by 125.4% during the third quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company’s stock worth $44,000 after acquiring an additional 336 shares during the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

Insider Activity

In related news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $73.87, for a total value of $110,805.00. Following the transaction, the chief financial officer now owns 111,753 shares in the company, valued at $8,255,194.11. The trade was a 1.32 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 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 sale, the insider now directly owns 694,487 shares of the company’s stock, valued at $55,906,203.50. The trade was a 17.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 267,000 shares of company stock valued at $20,899,260. 0.33% of the stock is currently owned by company insiders.

Marvell Technology Price Performance

Shares of NASDAQ:MRVL opened at $93.14 on Wednesday. Marvell Technology, Inc. has a 12 month low of $50.35 and a 12 month high of $95.55. The firm has a market capitalization of $82.54 billion, a P/E ratio of -83.91, a P/E/G ratio of 4.02 and a beta of 1.44. 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’s fifty day moving average price is $81.05 and its 200 day moving average price is $73.76.

Marvell Technology (NASDAQ:MRVL) last posted its earnings results 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 positive return on equity of 4.31% and a negative net margin of 18.30%. The business had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.25 billion. During the same quarter in the previous year, the firm earned $0.18 earnings per share. The business’s revenue was down 5.1% compared to the same quarter last year. As a group, sell-side 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 disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.26%. The ex-dividend date of this dividend was Friday, October 11th. Marvell Technology’s dividend payout ratio is currently -21.62%.

Analysts Set New Price Targets

A number of research analysts have commented on MRVL shares. Rosenblatt Securities upped their target price on shares of Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Oppenheimer raised their price target on Marvell Technology from $90.00 to $110.00 and gave the stock an “outperform” rating in a research report on Tuesday. The Goldman Sachs Group raised their target price on Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a report on Friday, August 30th. Barclays boosted their price target on shares of Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, August 30th. Finally, StockNews.com raised Marvell Technology from a “sell” rating to a “hold” rating in a research note on Friday, November 22nd. Three equities research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $93.43.

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.