Commerce Bank Sells 1,820 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Commerce Bank lowered its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 5.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,690 shares of the semiconductor company’s stock after selling 1,820 shares during the period. Commerce Bank’s holdings in Marvell Technology were worth $2,213,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. CreativeOne Wealth LLC purchased a new stake in Marvell Technology in the 1st quarter worth $393,000. Axxcess Wealth Management LLC bought a new stake in shares of Marvell Technology in the first quarter worth about $204,000. BOKF NA lifted its position in shares of Marvell Technology by 294.9% in the first quarter. BOKF NA now owns 36,594 shares of the semiconductor company’s stock worth $2,679,000 after buying an additional 27,327 shares in the last quarter. Caxton Associates LP purchased a new stake in shares of Marvell Technology in the first quarter worth about $4,958,000. Finally, Bayesian Capital Management LP bought a new position in Marvell Technology during the first quarter valued at approximately $922,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on MRVL. Needham & Company LLC reaffirmed a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. Benchmark boosted their price target on shares of Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Piper Sandler reiterated an “overweight” rating and set a $100.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Morgan Stanley boosted their target price on shares of Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. Finally, Loop Capital assumed coverage on shares of Marvell Technology in a research report on Monday, November 11th. They set a “hold” rating and a $95.00 target price on the stock. Three analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Marvell Technology has an average rating of “Moderate Buy” and a consensus target price of $91.77.

Marvell Technology Trading Down 0.5 %

NASDAQ MRVL opened at $92.51 on Friday. Marvell Technology, Inc. has a 12 month low of $50.35 and a 12 month high of $95.09. The company’s 50-day moving average price is $80.67 and its 200-day moving average price is $73.51. The stock has a market cap of $81.98 billion, a PE ratio of -83.34, a PEG ratio of 4.04 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 issued its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting 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 for the quarter, compared to the consensus estimate of $1.25 billion. During the same period in the prior year, the firm earned $0.18 EPS. The company’s revenue for the quarter was down 5.1% compared to the same quarter last year. Equities research analysts forecast that Marvell Technology, Inc. will post 0.78 earnings per share for the current year.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.26%. The ex-dividend date was Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -21.62%.

Insiders Place Their Bets

In other news, Director Ford Tamer sold 92,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $74.16, for a total value of $6,822,720.00. Following the completion of the sale, the director now owns 351,193 shares in the company, valued at approximately $26,044,472.88. The trade was a 20.76 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 completion of the sale, the chief financial officer now directly owns 111,753 shares of the company’s stock, valued at $8,255,194.11. The trade was a 1.32 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 267,000 shares of company stock worth $20,899,260. 0.33% of the stock is currently owned by company insiders.

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.