Avior Wealth Management LLC Raises Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Avior Wealth Management LLC grew its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 26.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,363 shares of the semiconductor company’s stock after buying an additional 283 shares during the quarter. Avior Wealth Management LLC’s holdings in Marvell Technology were worth $98,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in MRVL. PNC Financial Services Group Inc. boosted its stake in Marvell Technology by 1.5% during the 3rd quarter. PNC Financial Services Group Inc. now owns 71,783 shares of the semiconductor company’s stock valued at $5,177,000 after purchasing an additional 1,062 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in shares of Marvell Technology during the third quarter valued at $6,466,000. Banque Cantonale Vaudoise increased its holdings in Marvell Technology by 2.9% in the 3rd quarter. Banque Cantonale Vaudoise now owns 42,186 shares of the semiconductor company’s stock worth $3,043,000 after buying an additional 1,184 shares in the last quarter. Fifth Third Wealth Advisors LLC raised its position in Marvell Technology by 36.5% in the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 7,314 shares of the semiconductor company’s stock worth $527,000 after buying an additional 1,954 shares during the last quarter. Finally, Whalen Wealth Management Inc. lifted its stake in Marvell Technology by 21.6% during the 3rd quarter. Whalen Wealth Management Inc. now owns 11,826 shares of the semiconductor company’s stock valued at $853,000 after acquiring an additional 2,097 shares during the period. Institutional investors own 83.51% of the company’s stock.

Wall Street Analysts Forecast Growth

MRVL has been the subject of several research reports. 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 reiterated a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. Benchmark raised their price target on Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Piper Sandler reiterated an “overweight” rating and set a $100.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Finally, TD Cowen raised Marvell Technology to a “strong-buy” rating in a report on Monday, September 16th. Three equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $91.77.

Insider Buying and Selling at Marvell Technology

In related news, Director Ford Tamer sold 92,000 shares of the company’s stock in a transaction on 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 sale, the director now owns 351,193 shares of the company’s stock, valued at $26,044,472.88. This represents a 20.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 completion of the transaction, the insider now directly owns 694,487 shares of the company’s stock, valued at $55,906,203.50. The trade was a 17.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 267,000 shares of company stock valued at $20,899,260 in the last 90 days. Insiders own 0.33% of the company’s stock.

Marvell Technology Price Performance

Shares of Marvell Technology stock opened at $92.51 on Friday. The stock’s 50-day simple moving average is $80.67 and its 200-day simple moving average is $73.51. The company has a market capitalization of $81.98 billion, a price-to-earnings ratio of -83.34, a PEG ratio of 4.04 and a beta of 1.44. Marvell Technology, Inc. has a 52 week low of $50.35 and a 52 week high of $95.09. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (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 period last year, the firm posted $0.18 EPS. The company’s revenue was down 5.1% on a year-over-year basis. As a group, analysts expect that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The business 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 annualized dividend and a yield of 0.26%. The ex-dividend date was Friday, October 11th. Marvell Technology’s payout ratio is currently -21.62%.

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.