Marvell Technology, Inc. (NASDAQ:MRVL) Shares Purchased by Summit Trail Advisors LLC

Summit Trail Advisors LLC raised its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 6.4% in the third quarter, HoldingsChannel.com reports. The fund owned 6,178 shares of the semiconductor company’s stock after buying an additional 373 shares during the quarter. Summit Trail Advisors LLC’s holdings in Marvell Technology were worth $446,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Ameriprise Financial Inc. boosted its position in Marvell Technology by 24.1% during the 2nd 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 during the period. Van ECK Associates Corp lifted its stake in Marvell Technology by 26.6% in the third quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock valued at $538,868,000 after buying an additional 1,570,050 shares during the last quarter. Clearbridge Investments LLC boosted its holdings in shares of Marvell Technology by 3.0% during the second quarter. Clearbridge Investments LLC now owns 5,189,682 shares of the semiconductor company’s stock valued at $362,759,000 after acquiring an additional 150,109 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Marvell Technology by 0.7% during the second quarter. Dimensional Fund Advisors LP now owns 3,844,719 shares of the semiconductor company’s stock worth $268,711,000 after acquiring an additional 25,983 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Marvell Technology by 2.1% during 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 acquiring an additional 66,654 shares during the last quarter. 83.51% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Wells Fargo & Company boosted their target price on shares of Marvell Technology from $90.00 to $110.00 and gave the company an “overweight” rating in a research note on Tuesday. Roth Mkm reissued a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Citigroup restated a “buy” rating and issued a $91.00 target price on shares of Marvell Technology in a research report on Monday, October 14th. Loop Capital began coverage on Marvell Technology in a research report on Monday, November 11th. They set a “hold” rating and a $95.00 price target for the company. Finally, Rosenblatt Securities raised their price target on Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a report on Friday, August 30th. Three investment analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $93.43.

Insiders Place Their Bets

In related news, Director Ford Tamer sold 92,000 shares of the company’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the transaction, the director now directly owns 351,193 shares of the company’s stock, valued at approximately $26,044,472.88. The trade was a 20.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Muhammad Raghib Hussain sold 150,000 shares of the firm’s stock in a transaction dated 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 sale, the insider now owns 694,487 shares of the company’s stock, valued at $55,906,203.50. The trade was a 17.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, 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 Trading Up 1.0 %

Shares of NASDAQ:MRVL opened at $93.14 on Wednesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. The stock has a market capitalization of $82.54 billion, a price-to-earnings ratio of -83.91, a PEG ratio of 4.02 and a beta of 1.44. Marvell Technology, Inc. has a 1-year low of $50.35 and a 1-year high of $95.55. The company has a 50 day moving average price of $81.05 and a 200 day moving average price of $73.76.

Marvell Technology (NASDAQ:MRVL) last released 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 business 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%. The company’s revenue was down 5.1% compared to the same quarter last year. During the same period last year, the company posted $0.18 EPS. On average, research analysts anticipate that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, October 11th. This represents a $0.24 annualized dividend and a yield of 0.26%. Marvell Technology’s payout ratio is presently -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.