Summit Trail Advisors LLC Has $406,000 Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Summit Trail Advisors LLC grew its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 7.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,805 shares of the semiconductor company’s stock after purchasing an additional 397 shares during the period. Summit Trail Advisors LLC’s holdings in Marvell Technology were worth $406,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Diversified Trust Co purchased a new stake in Marvell Technology in the 2nd quarter worth approximately $932,000. Orion Portfolio Solutions LLC raised its holdings in shares of Marvell Technology by 47.1% during the first quarter. Orion Portfolio Solutions LLC now owns 32,191 shares of the semiconductor company’s stock worth $2,282,000 after acquiring an additional 10,306 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Marvell Technology by 20.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 529,127 shares of the semiconductor company’s stock valued at $37,505,000 after purchasing an additional 88,918 shares during the last quarter. Westwood Holdings Group Inc. purchased a new position in Marvell Technology in the first quarter valued at about $6,985,000. Finally, US Bancorp DE increased its position in Marvell Technology by 8.6% in the 4th quarter. US Bancorp DE now owns 185,347 shares of the semiconductor company’s stock worth $11,178,000 after purchasing an additional 14,651 shares during the last quarter. 83.51% of the stock is owned by hedge funds and other institutional investors.

Marvell Technology Trading Down 2.8 %

Shares of MRVL stock opened at $71.81 on Tuesday. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. Marvell Technology, Inc. has a 1 year low of $46.07 and a 1 year high of $85.76. The firm’s fifty day simple moving average is $68.16 and its 200 day simple moving average is $69.54. The firm has a market capitalization of $62.16 billion, a P/E ratio of -63.55, a price-to-earnings-growth ratio of 3.29 and a beta of 1.46.

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

Marvell Technology Dividend Announcement

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 issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. The ex-dividend date is Friday, October 11th. Marvell Technology’s payout ratio is presently -21.24%.

Insider Activity

In related news, Director Ford Tamer sold 92,000 shares of the firm’s stock in a transaction on 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 transaction, the director now directly owns 351,193 shares of the company’s stock, valued at $26,044,472.88. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Marvell Technology news, Director Ford Tamer sold 92,000 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the completion of the transaction, the director now owns 351,193 shares in the company, valued at $26,044,472.88. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $73.88, for a total value of $110,820.00. Following the sale, the chief financial officer now directly owns 109,318 shares in the company, valued at $8,076,413.84. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 160,000 shares of company stock worth $11,878,785. Company insiders own 0.33% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on MRVL. Morgan Stanley boosted their price target on Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. Bank of America increased 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. Needham & Company LLC restated a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a report on Friday, August 30th. B. Riley upped their price objective on shares of Marvell Technology from $95.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, May 31st. Finally, Evercore ISI raised their target price on Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a report on Friday, August 30th. Two analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $91.62.

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.