ASB Consultores LLC Buys 299 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

ASB Consultores LLC boosted its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 8.8% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 3,684 shares of the semiconductor company’s stock after buying an additional 299 shares during the period. ASB Consultores LLC’s holdings in Marvell Technology were worth $258,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Bruce G. Allen Investments LLC lifted its holdings 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 acquiring an additional 141 shares during the last quarter. Salomon & Ludwin LLC purchased a new stake in Marvell Technology in the 1st quarter worth about $31,000. Optimum Investment Advisors bought a new stake in Marvell Technology in the first quarter worth about $35,000. Mark Sheptoff Financial Planning LLC purchased a new position in shares of Marvell Technology during the first quarter valued at approximately $35,000. Finally, Bogart Wealth LLC grew its stake 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 buying an additional 592 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

MRVL has been the subject of a number of research analyst reports. Piper Sandler reissued an “overweight” rating and set a $100.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Oppenheimer reiterated an “outperform” rating and set a $90.00 target price (up from $80.00) on shares of Marvell Technology in a research report on Friday, May 31st. Rosenblatt Securities upped their price target on shares of Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, August 30th. B. Riley lifted their price objective on shares of Marvell Technology from $95.00 to $100.00 and gave the company a “buy” rating in a report on Friday, May 31st. Finally, Stifel Nicolaus reissued 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. Two research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Marvell Technology presently has an average rating of “Moderate Buy” and a consensus price target of $91.62.

Insider Buying and Selling

In other news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $66.75, for a total value of $100,125.00. Following the transaction, the chief financial officer now directly owns 113,253 shares of the company’s stock, valued at $7,559,637.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Marvell Technology news, CEO Matthew J. Murphy sold 6,000 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $73.29, for a total value of $439,740.00. Following the sale, the chief executive officer now directly owns 208,915 shares of the company’s stock, valued at $15,311,380.35. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $66.75, for a total value of $100,125.00. Following the transaction, the chief financial officer now owns 113,253 shares of the company’s stock, valued at approximately $7,559,637.75. The disclosure for this sale can be found here. Insiders sold 160,000 shares of company stock worth $11,878,785 in the last 90 days. Insiders own 0.33% of the company’s stock.

Marvell Technology Price Performance

Shares of NASDAQ MRVL opened at $73.87 on Friday. Marvell Technology, Inc. has a fifty-two week low of $46.07 and a fifty-two week high of $85.76. The company has a market cap of $63.94 billion, a PE ratio of -65.37, a P/E/G ratio of 3.29 and a beta of 1.46. 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 has a 50-day simple moving average of $68.20 and a two-hundred day simple moving average of $69.78.

Marvell Technology (NASDAQ:MRVL) last released 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 negative net margin of 18.30% and a positive return on equity of 4.31%. The company had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.25 billion. During the same period last year, the business earned $0.18 EPS. Marvell Technology’s revenue for the quarter was down 5.1% on a year-over-year basis. As a group, equities analysts expect that Marvell Technology, Inc. will post 0.77 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, October 11th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.32%. The ex-dividend date is Friday, October 11th. 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.