Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Avestar Capital LLC

Avestar Capital LLC cut its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 1.7% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 13,559 shares of the semiconductor company’s stock after selling 233 shares during the quarter. Avestar Capital LLC’s holdings in Marvell Technology were worth $978,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of MRVL. Strategic Investment Solutions Inc. IL purchased a new position in Marvell Technology during the second quarter worth about $32,000. Quarry LP purchased a new stake in Marvell Technology in the second quarter valued at approximately $32,000. Whittier Trust Co. increased its position in Marvell Technology by 74.5% during the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock worth $35,000 after purchasing an additional 210 shares during the last quarter. Briaud Financial Planning Inc purchased a new stake in shares of Marvell Technology during the 3rd quarter valued at $43,000. Finally, Exchange Traded Concepts LLC increased its holdings in shares of Marvell Technology by 125.4% during the 3rd quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company’s stock worth $44,000 after buying an additional 336 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Marvell Technology Price Performance

Shares of NASDAQ MRVL opened at $93.14 on Wednesday. Marvell Technology, Inc. has a 1-year low of $50.35 and a 1-year 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 business’s fifty day moving average price is $81.05 and its two-hundred day moving average price is $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 analysts’ consensus estimates of $0.30. The business had revenue of $1.27 billion for 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%. The company’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.18 EPS. On average, analysts anticipate that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Announces Dividend

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

Analyst Ratings Changes

MRVL has been the topic of a number of research reports. Rosenblatt Securities raised their price objective on Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, August 30th. The Goldman Sachs Group boosted their price objective on shares of Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Needham & Company LLC restated a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Barclays boosted their price objective on Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, August 30th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $95.00 target price (up previously from $90.00) on shares of Marvell Technology in a research note on Friday, August 30th. Three research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $93.43.

Insider Buying and Selling

In other news, CEO Matthew J. Murphy sold 6,000 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $73.29, for a total value of $439,740.00. Following the completion of the transaction, the chief executive officer now owns 208,915 shares of the company’s stock, valued at approximately $15,311,380.35. This represents a 2.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $89.14, for a total value of $133,710.00. Following the transaction, the chief financial officer now directly owns 114,211 shares in the company, valued at $10,180,768.54. This trade represents a 1.30 % 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 three months. 0.33% of the stock is currently owned by corporate insiders.

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.