Intrepid Financial Planning Group LLC Reduces Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Intrepid Financial Planning Group LLC lessened its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 1.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 26,800 shares of the semiconductor company’s stock after selling 500 shares during the period. Intrepid Financial Planning Group LLC’s holdings in Marvell Technology were worth $1,873,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Bruce G. Allen Investments LLC lifted its position in shares of Marvell Technology by 56.4% in the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 141 shares during the period. Salomon & Ludwin LLC purchased a new position in shares of Marvell Technology during the 1st quarter worth approximately $31,000. Optimum Investment Advisors bought a new position in shares of Marvell Technology in the 1st quarter worth approximately $35,000. Mark Sheptoff Financial Planning LLC purchased a new position in shares of Marvell Technology in the 1st quarter valued at approximately $35,000. Finally, Bogart Wealth LLC boosted its position in shares of Marvell Technology by 1,480.0% during the first quarter. Bogart Wealth LLC now owns 632 shares of the semiconductor company’s stock valued at $45,000 after purchasing an additional 592 shares in the last quarter. Institutional investors own 83.51% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Barclays raised their price objective on Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, August 30th. KeyCorp boosted their price target on Marvell Technology from $90.00 to $95.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 9th. Oppenheimer reaffirmed an “outperform” rating and set a $90.00 price objective (up previously from $80.00) on shares of Marvell Technology in a research report on Friday, May 31st. Bank of America upped their price target on shares of Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Finally, StockNews.com upgraded shares of Marvell Technology from a “sell” rating to a “hold” rating in a report on Wednesday. Two equities research analysts have rated the stock with 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.com, the company has an average rating of “Moderate Buy” and an average price target of $91.62.

Insider Activity

In other news, Director Daniel Durn bought 1,425 shares of the company’s stock in a transaction that occurred on Monday, June 24th. The stock was bought at an average price of $70.21 per share, with a total value of $100,049.25. Following the acquisition, the director now owns 1,923 shares of the company’s stock, valued at approximately $135,013.83. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Marvell Technology news, Director Daniel Durn purchased 1,425 shares of the company’s stock in a transaction on Monday, June 24th. The stock was acquired at an average cost of $70.21 per share, for a total transaction of $100,049.25. Following the purchase, the director now directly owns 1,923 shares of the company’s stock, valued at approximately $135,013.83. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Mark Casper sold 2,500 shares of Marvell Technology stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $70.07, for a total transaction of $175,175.00. Following the sale, the executive vice president now owns 20,450 shares in the company, valued at approximately $1,432,931.50. The disclosure for this sale can be found here. Insiders have sold 160,000 shares of company stock worth $11,878,785 in the last three months. Company insiders own 0.33% of the company’s stock.

Marvell Technology Price Performance

NASDAQ MRVL opened at $71.55 on Thursday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. The business’s fifty day moving average is $68.14 and its 200 day moving average is $69.78. The company has a market capitalization of $61.93 billion, a PE ratio of -63.32, a price-to-earnings-growth ratio of 3.29 and a beta of 1.46. Marvell Technology, Inc. has a fifty-two week low of $46.07 and a fifty-two week high of $85.76.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, meeting 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 company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same period in the previous year, the company posted $0.18 EPS. The firm’s revenue was down 5.1% on a year-over-year basis. Sell-side analysts predict that Marvell Technology, Inc. will post 0.77 earnings per share for the current year.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 11th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, October 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.34%. Marvell Technology’s payout ratio is -21.24%.

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.