Hennion & Walsh Asset Management Inc. Raises Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Hennion & Walsh Asset Management Inc. raised its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 7.1% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,377 shares of the semiconductor company’s stock after purchasing an additional 816 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in Marvell Technology were worth $893,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Brighton Jones LLC raised its holdings in Marvell Technology by 4.8% in the 3rd quarter. Brighton Jones LLC now owns 9,565 shares of the semiconductor company’s stock valued at $690,000 after buying an additional 436 shares during the period. International Assets Investment Management LLC raised its stake in shares of Marvell Technology by 7,142.2% in the 3rd quarter. International Assets Investment Management LLC now owns 239,934 shares of the semiconductor company’s stock valued at $17,304,000 after acquiring an additional 236,621 shares during the period. Greenleaf Trust lifted its holdings in shares of Marvell Technology by 2.5% in the 3rd quarter. Greenleaf Trust now owns 7,715 shares of the semiconductor company’s stock worth $556,000 after acquiring an additional 185 shares during the last quarter. Bank Pictet & Cie Europe AG boosted its position in shares of Marvell Technology by 4.6% during the 3rd quarter. Bank Pictet & Cie Europe AG now owns 66,250 shares of the semiconductor company’s stock worth $4,778,000 after purchasing an additional 2,915 shares during the period. Finally, Lecap Asset Management Ltd. acquired a new stake in Marvell Technology in the 3rd quarter valued at approximately $345,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on MRVL. Benchmark upped 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. TD Cowen upgraded Marvell Technology to a “strong-buy” rating in a report on Monday, September 16th. Evercore ISI boosted their price target on shares of Marvell Technology from $91.00 to $98.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. StockNews.com lowered shares of Marvell Technology from a “hold” rating to a “sell” rating in a research note on Friday, October 18th. Finally, Morgan Stanley upped their target price on shares of Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $91.62.

Insider Activity

In related news, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $80.77, for a total transaction of $484,620.00. Following the transaction, the executive vice president now owns 109,244 shares in the company, valued at $8,823,637.88. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total transaction of $100,125.00. Following the completion of the sale, the chief financial officer now owns 113,253 shares in the company, valued at $7,559,637.75. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction on Monday, October 21st. The shares were sold at an average price of $80.77, for a total transaction 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 ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 261,000 shares of company stock valued at $20,330,835. Insiders own 0.33% of the company’s stock.

Marvell Technology Price Performance

Shares of NASDAQ MRVL opened at $81.61 on Monday. The stock’s 50-day simple moving average is $73.67 and its 200-day simple moving average is $70.54. The firm has a market capitalization of $72.32 billion, a PE ratio of -73.52, a price-to-earnings-growth ratio of 3.62 and a beta of 1.45. Marvell Technology, Inc. has a fifty-two week low of $46.07 and a fifty-two week 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.

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, hitting the consensus estimate of $0.30. The business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The company’s revenue was down 5.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.18 EPS. As a group, equities research analysts forecast that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 11th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.29%. The ex-dividend date of this dividend is Friday, October 11th. Marvell Technology’s payout ratio is -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.