Marvell Technology, Inc. (NASDAQ:MRVL) Stake Boosted by Foresight Capital Management Advisors Inc.

Foresight Capital Management Advisors Inc. boosted its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 6.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,293 shares of the semiconductor company’s stock after acquiring an additional 203 shares during the quarter. Foresight Capital Management Advisors Inc.’s holdings in Marvell Technology were worth $237,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Davidson Kempner Capital Management LP boosted its position in Marvell Technology by 26.5% during the 2nd quarter. Davidson Kempner Capital Management LP now owns 250,000 shares of the semiconductor company’s stock worth $17,482,000 after acquiring an additional 52,365 shares during the period. Diversified Trust Co bought a new stake in Marvell Technology in the second quarter valued at $932,000. Orion Portfolio Solutions LLC boosted its stake in Marvell Technology by 47.1% in the first quarter. Orion Portfolio Solutions LLC now owns 32,191 shares of the semiconductor company’s stock worth $2,282,000 after purchasing an additional 10,306 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in Marvell Technology by 24.1% in the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock worth $812,509,000 after purchasing an additional 2,254,610 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Marvell Technology by 20.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 529,127 shares of the semiconductor company’s stock worth $37,505,000 after purchasing an additional 88,918 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $73.88, for a total transaction of $110,820.00. Following the completion of the sale, the chief financial officer now directly owns 109,318 shares of the company’s stock, valued at approximately $8,076,413.84. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $73.88, for a total transaction of $110,820.00. Following the transaction, the chief financial officer now owns 109,318 shares in the company, valued at $8,076,413.84. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Matthew J. Murphy sold 6,000 shares of the firm’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $73.29, for a total value of $439,740.00. Following the transaction, the chief executive officer now owns 208,915 shares in the company, valued at approximately $15,311,380.35. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 110,000 shares of company stock valued at $8,130,685. Insiders own 0.33% of the company’s stock.

Marvell Technology Stock Up 0.4 %

NASDAQ MRVL traded up $0.31 during trading hours on Monday, hitting $73.72. 8,220,255 shares of the company traded hands, compared to its average volume of 12,410,069. The business’s 50-day moving average is $69.09 and its 200-day moving average is $69.79. Marvell Technology, Inc. has a twelve month low of $46.07 and a twelve month high of $85.76. 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 stock has a market capitalization of $63.81 billion, a price-to-earnings ratio of -65.24, a P/E/G ratio of 3.12 and a beta of 1.45.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, meeting the consensus estimate 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 analysts’ expectations of $1.25 billion. During the same period in the prior year, the firm posted $0.18 earnings per share. The business’s quarterly revenue was down 5.1% compared to the same quarter last year. Sell-side analysts anticipate that Marvell Technology, Inc. will post 0.78 earnings per share for the current year.

Marvell Technology Announces Dividend

The firm 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 $0.06 dividend. The ex-dividend date of this dividend is Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.33%. Marvell Technology’s payout ratio is -21.24%.

Analysts Set New Price Targets

A number of research firms have commented on MRVL. TD Cowen raised Marvell Technology to a “strong-buy” rating in a research note on Monday, September 16th. Needham & Company LLC reaffirmed a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. KeyCorp upped their price target on Marvell Technology from $90.00 to $95.00 and gave the company an “overweight” rating in a research note on Tuesday, July 9th. Morgan Stanley increased their target price 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. Finally, Piper Sandler reissued an “overweight” rating and issued a $100.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. One analyst has rated the stock with a sell rating, one has given a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $91.62.

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.