Marvell Technology, Inc. (NASDAQ:MRVL) Shares Acquired by Cerity Partners LLC

Cerity Partners LLC increased its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 84.3% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 61,016 shares of the semiconductor company’s stock after purchasing an additional 27,902 shares during the period. Cerity Partners LLC’s holdings in Marvell Technology were worth $4,401,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in MRVL. Quarry LP acquired a new stake in shares of Marvell Technology in the second quarter valued at approximately $32,000. Strategic Investment Solutions Inc. IL acquired a new stake in Marvell Technology during the 2nd quarter worth $32,000. Whittier Trust Co. grew its position in Marvell Technology by 74.5% during the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock worth $35,000 after purchasing an additional 210 shares during the last quarter. Briaud Financial Planning Inc acquired a new position in Marvell Technology in the third quarter valued at $43,000. Finally, Exchange Traded Concepts LLC raised its holdings in shares of Marvell Technology by 125.4% in the third quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company’s stock valued at $44,000 after buying an additional 336 shares during the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $89.14, for a total value of $534,840.00. Following the sale, the executive vice president now directly owns 103,244 shares of the company’s stock, valued at approximately $9,203,170.16. This trade represents a 5.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $73.87, for a total transaction of $110,805.00. Following the transaction, the chief financial officer now directly owns 111,753 shares of the company’s stock, valued at $8,255,194.11. This trade represents a 1.32 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 267,000 shares of company stock valued at $20,899,260 over the last quarter. Company insiders own 0.33% of the company’s stock.

Analyst Upgrades and Downgrades

MRVL has been the topic of several recent research reports. Rosenblatt Securities boosted their price target on Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, August 30th. StockNews.com raised Marvell Technology from a “sell” rating to a “hold” rating in a report on Friday, November 22nd. The Goldman Sachs Group lifted their price objective on shares of Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Piper Sandler restated an “overweight” rating and set a $100.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Finally, Bank of America lifted their target price on shares of Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a report on Friday, August 30th. Three investment analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Marvell Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $95.39.

Marvell Technology Trading Down 3.3 %

Marvell Technology stock opened at $90.10 on Friday. The stock has a 50-day moving average price of $81.82 and a 200 day moving average price of $74.05. Marvell Technology, Inc. has a 52 week low of $50.35 and a 52 week high of $95.55. The stock has a market cap of $79.85 billion, a PE ratio of -81.17, a P/E/G ratio of 4.01 and a beta of 1.44. 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 (NASDAQ:MRVL) last posted 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 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 previous year, the business posted $0.18 earnings per share. The company’s revenue was down 5.1% on a year-over-year basis. Equities research analysts predict that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

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 dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.27%. The ex-dividend date was Friday, October 11th. Marvell Technology’s dividend payout ratio is presently -21.62%.

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.