QRG Capital Management Inc. Boosts Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

QRG Capital Management Inc. increased its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 9.2% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 34,779 shares of the semiconductor company’s stock after buying an additional 2,940 shares during the quarter. QRG Capital Management Inc.’s holdings in Marvell Technology were worth $2,508,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL acquired a new position in shares of Marvell Technology during the 2nd quarter valued at about $32,000. Quarry LP purchased a new position in Marvell Technology during the second quarter worth about $32,000. Mark Sheptoff Financial Planning LLC acquired a new position in Marvell Technology in the 1st quarter valued at about $35,000. Whittier Trust Co. grew its stake in shares of Marvell Technology by 74.5% in the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after buying an additional 210 shares during the period. Finally, Exchange Traded Concepts LLC increased its holdings in shares of Marvell Technology by 125.4% during the 3rd quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company’s stock worth $44,000 after buying an additional 336 shares during the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Piper Sandler reiterated an “overweight” rating and issued a $100.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Stifel Nicolaus reiterated a “buy” rating and set a $95.00 price target (up from $90.00) on shares of Marvell Technology in a report on Friday, August 30th. Rosenblatt Securities boosted their price objective on shares of Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a report on Friday, August 30th. Needham & Company LLC reaffirmed a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. Finally, Bank of America boosted their price target on shares of Marvell Technology from $85.00 to $90.00 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 assigned a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $91.62.

Marvell Technology Stock Performance

Shares of MRVL opened at $90.63 on Thursday. The stock has a 50-day simple moving average of $76.04 and a 200-day simple moving average of $71.49. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. Marvell Technology, Inc. has a 1 year low of $50.35 and a 1 year high of $91.71. The stock has a market capitalization of $80.32 billion, a PE ratio of -81.65, a PEG ratio of 3.67 and a beta of 1.44.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting the consensus estimate 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 quarter in the previous year, the business posted $0.18 EPS. The firm’s revenue was down 5.1% on a year-over-year basis. On average, analysts predict that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.26%. The ex-dividend date was Friday, October 11th. Marvell Technology’s dividend payout ratio is presently -21.62%.

Insiders Place Their Bets

In other news, EVP Chris Koopmans sold 6,000 shares of the stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $80.77, for a total value of $484,620.00. Following the transaction, the executive vice president now owns 109,244 shares in the company, valued at approximately $8,823,637.88. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, EVP Chris Koopmans sold 6,000 shares of the company’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $80.77, for a total value of $484,620.00. Following the completion of the transaction, the executive vice president now owns 109,244 shares in the company, valued at approximately $8,823,637.88. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Muhammad Raghib Hussain sold 150,000 shares of Marvell Technology stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the sale, the insider now owns 694,487 shares in the company, valued at $55,906,203.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 261,000 shares of company stock valued at $20,330,835 in the last ninety days. Insiders own 0.33% of the company’s stock.

Marvell Technology 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.