Marvell Technology, Inc. (NASDAQ:MRVL) Stock Position Lowered by Loomis Sayles & Co. L P

Loomis Sayles & Co. L P reduced its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 29.1% during the third quarter, Holdings Channel.com reports. The fund owned 696 shares of the semiconductor company’s stock after selling 285 shares during the quarter. Loomis Sayles & Co. L P’s holdings in Marvell Technology were worth $50,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MRVL. Swedbank AB acquired a new position in shares of Marvell Technology in the 1st quarter worth approximately $21,955,000. Atria Investments Inc grew its position in Marvell Technology by 36.0% in the first quarter. Atria Investments Inc now owns 30,917 shares of the semiconductor company’s stock worth $2,191,000 after buying an additional 8,189 shares during the last quarter. Cetera Investment Advisers increased its holdings in shares of Marvell Technology by 357.3% in the first quarter. Cetera Investment Advisers now owns 175,518 shares of the semiconductor company’s stock valued at $12,441,000 after buying an additional 137,138 shares in the last quarter. Cetera Advisors LLC lifted its position in shares of Marvell Technology by 123.0% during the 1st quarter. Cetera Advisors LLC now owns 38,811 shares of the semiconductor company’s stock valued at $2,751,000 after acquiring an additional 21,410 shares during the last quarter. Finally, Westwood Holdings Group Inc. bought a new stake in shares of Marvell Technology during the 1st quarter worth $6,985,000. 83.51% of the stock is currently owned by institutional investors.

Insider Transactions at Marvell Technology

In related news, insider Muhammad Raghib Hussain sold 150,000 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were 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. The trade was a 17.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Chris Koopmans sold 6,000 shares of the stock in a transaction on Friday, November 15th. The shares were sold at an average price of $89.14, for a total transaction of $534,840.00. Following the completion of 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 disclosure for this sale can be found here. Over the last ninety days, insiders have sold 267,000 shares of company stock worth $20,899,260. Company insiders own 0.33% of the company’s stock.

Marvell Technology Stock Down 3.3 %

Shares of Marvell Technology stock opened at $90.10 on Friday. Marvell Technology, Inc. has a 12-month low of $50.35 and a 12-month high of $95.55. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. The stock has a 50 day moving average price of $81.82 and a two-hundred day moving average price of $74.05. The stock has a market capitalization of $79.85 billion, a P/E ratio of -81.17, a PEG ratio of 4.01 and a beta of 1.44.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) 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%. Marvell Technology’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.18 EPS. Equities analysts expect that Marvell Technology, Inc. will post 0.78 earnings per share for the current year.

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.27%. The ex-dividend date was Friday, October 11th. Marvell Technology’s dividend payout ratio is currently -21.62%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on MRVL. Evercore ISI upped their target price on Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a report on Friday, August 30th. Bank of America upped their price objective on shares of Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Piper Sandler reiterated an “overweight” rating and issued a $100.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Wells Fargo & Company boosted their price target on shares of Marvell Technology from $90.00 to $110.00 and gave the company an “overweight” rating in a report on Tuesday. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. Three analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $95.39.

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.