Cerity Partners LLC Raises Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Cerity Partners LLC boosted its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 84.3% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 61,016 shares of the semiconductor company’s stock after buying 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 reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MRVL. Great Valley Advisor Group Inc. raised its stake in shares of Marvell Technology by 2.5% in the 3rd quarter. Great Valley Advisor Group Inc. now owns 6,480 shares of the semiconductor company’s stock valued at $467,000 after acquiring an additional 156 shares during the period. Icon Wealth Advisors LLC raised its position in Marvell Technology by 393.1% in the third quarter. Icon Wealth Advisors LLC now owns 12,174 shares of the semiconductor company’s stock valued at $878,000 after purchasing an additional 9,705 shares during the period. Raymond James Trust N.A. lifted its stake in shares of Marvell Technology by 14.4% during the third quarter. Raymond James Trust N.A. now owns 21,248 shares of the semiconductor company’s stock worth $1,532,000 after purchasing an additional 2,670 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Marvell Technology by 2.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,261,887 shares of the semiconductor company’s stock worth $235,247,000 after buying an additional 66,654 shares during the period. Finally, Tradewinds LLC. grew its stake in shares of Marvell Technology by 19.4% in the third quarter. Tradewinds LLC. now owns 13,949 shares of the semiconductor company’s stock valued at $1,006,000 after buying an additional 2,264 shares in the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction on Friday, November 15th. The stock was sold at an average price of $89.14, for a total transaction of $534,840.00. Following the transaction, the executive vice president now directly owns 103,244 shares in the company, valued at approximately $9,203,170.16. This trade represents a 5.49 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $73.87, for a total value of $110,805.00. Following the completion of the sale, the chief financial officer now owns 111,753 shares of the company’s stock, valued at approximately $8,255,194.11. This trade represents a 1.32 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 267,000 shares of company stock worth $20,899,260. 0.33% of the stock is owned by corporate insiders.

Marvell Technology Stock Performance

Shares of MRVL stock opened at $90.10 on Friday. The business has a 50 day simple moving average of $81.82 and a 200 day simple moving average of $74.05. 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 firm has a market capitalization of $79.85 billion, a price-to-earnings ratio of -81.17, a price-to-earnings-growth ratio of 4.01 and a beta of 1.44. Marvell Technology, Inc. has a 12-month low of $50.35 and a 12-month high of $95.55.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, meeting analysts’ consensus estimates of $0.30. The company had revenue of $1.27 billion for the quarter, compared to analyst estimates 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 quarterly revenue was down 5.1% compared to the same quarter last year. During the same period last year, the company earned $0.18 earnings per share. On average, equities research analysts anticipate that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Announces Dividend

The business also recently announced 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. The ex-dividend date was Friday, October 11th. This represents a $0.24 annualized dividend and a yield of 0.27%. Marvell Technology’s payout ratio is -21.62%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MRVL. Wells Fargo & Company upped their price target on Marvell Technology from $90.00 to $110.00 and gave the stock an “overweight” rating in a report on Tuesday. Piper Sandler reaffirmed an “overweight” rating and set a $100.00 price target on shares of Marvell Technology in a report on Friday, August 30th. Loop Capital began coverage on shares of Marvell Technology in a report on Monday, November 11th. They issued a “hold” rating and a $95.00 price objective on the stock. Barclays lifted their target price on Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a research report on Friday, August 30th. Finally, Susquehanna increased their price target on Marvell Technology from $95.00 to $110.00 and gave the company a “positive” rating in a report on Wednesday. Three analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Marvell Technology presently has an average rating of “Moderate Buy” and an average price target of $95.39.

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.