Park Avenue Securities LLC Boosts Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Park Avenue Securities LLC grew its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 8.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 48,073 shares of the semiconductor company’s stock after buying an additional 3,789 shares during the quarter. Park Avenue Securities LLC’s holdings in Marvell Technology were worth $3,467,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in MRVL. The Manufacturers Life Insurance Company raised its position in shares of Marvell Technology by 14.6% during the 4th quarter. The Manufacturers Life Insurance Company now owns 404,917 shares of the semiconductor company’s stock worth $24,431,000 after purchasing an additional 51,648 shares during the last quarter. Cetera Advisor Networks LLC raised its holdings in shares of Marvell Technology by 12.1% in the fourth quarter. Cetera Advisor Networks LLC now owns 106,024 shares of the semiconductor company’s stock worth $6,394,000 after acquiring an additional 11,442 shares during the last quarter. Envestnet Asset Management Inc. lifted its position in shares of Marvell Technology by 22.7% in the fourth quarter. Envestnet Asset Management Inc. now owns 1,392,140 shares of the semiconductor company’s stock valued at $83,960,000 after acquiring an additional 257,353 shares in the last quarter. Schroder Investment Management Group boosted its stake in shares of Marvell Technology by 161.7% during the fourth quarter. Schroder Investment Management Group now owns 236,144 shares of the semiconductor company’s stock valued at $14,242,000 after acquiring an additional 145,896 shares during the last quarter. Finally, Natixis Investment Managers International increased its position in Marvell Technology by 46.2% during the 4th quarter. Natixis Investment Managers International now owns 20,495 shares of the semiconductor company’s stock worth $1,236,000 after purchasing an additional 6,475 shares in the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

Insider Buying and Selling

In other news, EVP Mark Casper sold 2,500 shares of Marvell Technology stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $70.83, for a total value of $177,075.00. Following the completion of the transaction, the executive vice president now owns 22,494 shares in the company, valued at approximately $1,593,250.02. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Mark Casper sold 2,500 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $70.83, for a total transaction of $177,075.00. Following the completion of the sale, the executive vice president now owns 22,494 shares of the company’s stock, valued at $1,593,250.02. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Muhammad Raghib Hussain sold 50,000 shares of the firm’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $75.00, for a total transaction of $3,750,000.00. Following the completion of the transaction, the insider now directly owns 838,571 shares in the company, valued at $62,892,825. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 160,000 shares of company stock worth $11,880,685. Corporate insiders own 0.33% of the company’s stock.

Marvell Technology Stock Up 1.6 %

Shares of Marvell Technology stock opened at $73.41 on Friday. Marvell Technology, Inc. has a 1-year low of $46.07 and a 1-year high of $85.76. The company has a market capitalization of $63.54 billion, a PE ratio of -64.96, a P/E/G ratio of 3.12 and a beta of 1.45. 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 business has a 50-day moving average of $68.91 and a 200-day moving average of $69.71.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share 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 firm had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.25 billion. During the same quarter last year, the firm earned $0.18 EPS. Marvell Technology’s quarterly revenue was down 5.1% on a year-over-year basis. As a group, equities analysts forecast that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently declared 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 0.33%. Marvell Technology’s payout ratio is -21.24%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on MRVL. Piper Sandler reaffirmed an “overweight” rating and set a $100.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Bank of America raised their target price on shares of Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Evercore ISI boosted their price target on Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a report on Friday, August 30th. Rosenblatt Securities raised their price objective on Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Finally, The Goldman Sachs Group upped their target price on Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a research note on Friday, August 30th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company 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.