Ballentine Partners LLC Decreases Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Ballentine Partners LLC reduced its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 2.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,031 shares of the semiconductor company’s stock after selling 177 shares during the quarter. Ballentine Partners LLC’s holdings in Marvell Technology were worth $435,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. Salomon & Ludwin LLC purchased a new stake in shares of Marvell Technology during the 1st quarter valued at about $31,000. Quarry LP purchased a new stake in Marvell Technology in the second quarter worth approximately $32,000. Strategic Investment Solutions Inc. IL bought a new stake in Marvell Technology in the 2nd quarter worth approximately $32,000. Whittier Trust Co. raised its position in Marvell Technology by 74.5% in the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock worth $35,000 after acquiring an additional 210 shares during the period. Finally, Mark Sheptoff Financial Planning LLC purchased a new position in shares of Marvell Technology during the 1st quarter worth $35,000. 83.51% of the stock is owned by hedge funds and other institutional investors.

Marvell Technology Trading Down 0.4 %

Shares of NASDAQ MRVL opened at $81.61 on Monday. Marvell Technology, Inc. has a 1-year low of $46.07 and a 1-year high of $85.76. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. The business’s 50 day moving average is $73.67 and its two-hundred day moving average is $70.54. The stock has a market capitalization of $72.32 billion, a P/E ratio of -73.52, a PEG ratio of 3.62 and a beta of 1.45.

Marvell Technology (NASDAQ:MRVL) last released its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting the consensus estimate of $0.30. The firm had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The company’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.18 EPS. As a group, research analysts expect that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, October 11th will be issued a dividend of $0.06 per share. The ex-dividend date is Friday, October 11th. This represents a $0.24 annualized dividend and a yield of 0.29%. Marvell Technology’s payout ratio is -21.62%.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. TD Cowen raised Marvell Technology to a “strong-buy” rating in a report on Monday, September 16th. Piper Sandler reaffirmed an “overweight” rating and set a $100.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Roth Mkm reissued a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Bank of America lifted their price target 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. Finally, Morgan Stanley increased their price objective 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 research analyst has rated the stock with a sell rating, one has issued a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $91.62.

Insider Buying and Selling

In other news, insider Muhammad Raghib Hussain sold 150,000 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now owns 694,487 shares of the company’s stock, valued at approximately $55,906,203.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Muhammad Raghib Hussain sold 150,000 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total value of $12,075,000.00. Following the transaction, the insider now directly owns 694,487 shares in the company, valued at approximately $55,906,203.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Mark Casper sold 2,500 shares of Marvell Technology stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $70.83, for a total transaction of $177,075.00. Following the sale, the executive vice president now owns 22,494 shares of the company’s stock, valued at $1,593,250.02. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 261,000 shares of company stock valued at $20,330,835 in the last ninety days. 0.33% of the stock is owned by company insiders.

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.