Smith Salley Wealth Management Takes $12.05 Million Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Smith Salley Wealth Management purchased a new stake in Marvell Technology, Inc. (NASDAQ:MRVL) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 167,140 shares of the semiconductor company’s stock, valued at approximately $12,054,000.

Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. increased its stake in Marvell Technology by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 72,810,448 shares of the semiconductor company’s stock worth $5,160,805,000 after acquiring an additional 468,086 shares during the period. Janus Henderson Group PLC increased its position in shares of Marvell Technology by 13.4% in the first quarter. Janus Henderson Group PLC now owns 13,478,472 shares of the semiconductor company’s stock worth $955,400,000 after purchasing an additional 1,591,874 shares during the period. Ameriprise Financial Inc. raised its stake in Marvell Technology by 24.1% in the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after purchasing an additional 2,254,610 shares in the last quarter. Van ECK Associates Corp lifted its position in Marvell Technology by 17.6% during the second quarter. Van ECK Associates Corp now owns 5,901,773 shares of the semiconductor company’s stock worth $412,533,000 after purchasing an additional 884,380 shares during the period. Finally, Clearbridge Investments LLC increased its holdings in Marvell Technology by 3.0% in the 2nd quarter. Clearbridge Investments LLC now owns 5,189,682 shares of the semiconductor company’s stock valued at $362,759,000 after buying an additional 150,109 shares during the period. 83.51% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $66.75, for a total transaction of $100,125.00. Following the transaction, the chief financial officer now directly owns 113,253 shares in the company, valued at approximately $7,559,637.75. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Marvell Technology news, insider Muhammad Raghib Hussain sold 150,000 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total value of $12,075,000.00. Following the transaction, the insider now 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total value of $100,125.00. Following the completion of the sale, the chief financial officer now directly owns 113,253 shares of the company’s stock, valued at $7,559,637.75. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 261,000 shares of company stock worth $20,330,835. 0.33% of the stock is owned by corporate insiders.

Marvell Technology Price Performance

Marvell Technology stock opened at $81.61 on Friday. The firm has a market cap of $72.32 billion, a P/E ratio of -73.52, a P/E/G ratio of 3.62 and a beta of 1.45. The stock’s 50 day moving average is $73.67 and its 200 day moving average is $70.55. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. Marvell Technology, Inc. has a one year low of $46.07 and a one year high of $85.76.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, hitting the consensus estimate of $0.30. The company had revenue of $1.27 billion during the quarter, compared to analysts’ expectations 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 revenue for the quarter was down 5.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.18 earnings per share. As a group, research analysts expect that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Announces Dividend

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

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $85.00 price target on shares of Marvell Technology in a research report on Friday, August 30th. Morgan Stanley raised their target price on Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. The Goldman Sachs Group boosted their price target on Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Bank of America lifted their target price on Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Finally, KeyCorp increased their target price on shares of Marvell Technology from $90.00 to $95.00 and gave the stock an “overweight” rating in a report on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, one has given a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Marvell Technology currently has a consensus rating of “Moderate Buy” and an average price target of $91.62.

Marvell Technology Company 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.