PNC Financial Services Group Inc. Has $5.18 Million Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

PNC Financial Services Group Inc. increased its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 1.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 71,783 shares of the semiconductor company’s stock after acquiring an additional 1,062 shares during the period. PNC Financial Services Group Inc.’s holdings in Marvell Technology were worth $5,177,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in MRVL. Crumly & Associates Inc. lifted its holdings in shares of Marvell Technology by 1.5% in the third quarter. Crumly & Associates Inc. now owns 8,223 shares of the semiconductor company’s stock valued at $593,000 after purchasing an additional 121 shares in the last quarter. United Capital Management of KS Inc. boosted its holdings in Marvell Technology by 0.4% during the 3rd quarter. United Capital Management of KS Inc. now owns 34,251 shares of the semiconductor company’s stock worth $2,470,000 after acquiring an additional 131 shares during the last quarter. Tlwm grew its stake in shares of Marvell Technology by 1.6% in the 2nd quarter. Tlwm now owns 8,598 shares of the semiconductor company’s stock worth $601,000 after acquiring an additional 136 shares in the last quarter. ASB Consultores LLC raised its holdings in shares of Marvell Technology by 3.8% in the third quarter. ASB Consultores LLC now owns 3,824 shares of the semiconductor company’s stock valued at $276,000 after purchasing an additional 140 shares during the last quarter. Finally, Bridges Investment Management Inc. raised its holdings in shares of Marvell Technology by 4.1% in the third quarter. Bridges Investment Management Inc. now owns 3,806 shares of the semiconductor company’s stock valued at $274,000 after purchasing an additional 151 shares during the last quarter. Institutional investors own 83.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. StockNews.com raised shares of Marvell Technology from a “sell” rating to a “hold” rating in a research report on Friday. Piper Sandler reaffirmed an “overweight” rating and set a $100.00 price target on shares of Marvell Technology in a research report on Friday, August 30th. Benchmark boosted their price objective on Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Stifel Nicolaus reaffirmed a “buy” rating and set a $95.00 target price (up from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a report on Friday, August 30th. Three research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $91.77.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, CEO Matthew J. Murphy acquired 13,000 shares of the company’s stock in a transaction on Monday, October 14th. The stock was acquired at an average price of $77.63 per share, for a total transaction of $1,009,190.00. Following the acquisition, the chief executive officer now owns 221,915 shares in the company, valued at $17,227,261.45. This represents a 6.22 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $80.77, for a total value of $484,620.00. Following the transaction, the executive vice president now directly owns 109,244 shares in the company, valued at $8,823,637.88. This trade represents a 5.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 267,000 shares of company stock valued at $20,899,260 in the last quarter. Company insiders own 0.33% of the company’s stock.

Marvell Technology Price Performance

Shares of NASDAQ:MRVL opened at $92.51 on Friday. The company’s fifty day moving average is $80.67 and its 200 day moving average is $73.51. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. Marvell Technology, Inc. has a 52 week low of $50.35 and a 52 week high of $95.09. 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.

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 analysts’ consensus estimates of $0.30. The company had revenue of $1.27 billion during 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%. Marvell Technology’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.18 EPS. Research analysts anticipate that Marvell Technology, Inc. will post 0.78 earnings per share for the current year.

Marvell Technology Dividend Announcement

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

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.