Highland Capital Management LLC Sells 4,250 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Highland Capital Management LLC cut its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 5.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 76,770 shares of the semiconductor company’s stock after selling 4,250 shares during the period. Highland Capital Management LLC’s holdings in Marvell Technology were worth $5,537,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Salomon & Ludwin LLC bought a new position in shares of Marvell Technology during the 1st quarter valued at approximately $31,000. Strategic Investment Solutions Inc. IL purchased a new stake in Marvell Technology during the second quarter valued at $32,000. Quarry LP purchased a new stake in Marvell Technology during the second quarter valued at $32,000. Mark Sheptoff Financial Planning LLC purchased a new position in shares of Marvell Technology in the 1st quarter worth $35,000. Finally, Whittier Trust Co. grew its stake in shares of Marvell Technology by 74.5% in the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock worth $35,000 after buying an additional 210 shares in the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Marvell Technology Price Performance

MRVL opened at $81.61 on Friday. The company has a market capitalization of $72.32 billion, a price-to-earnings ratio of -73.52, a PEG ratio of 3.62 and a beta of 1.45. 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, Inc. has a 12-month low of $46.07 and a 12-month high of $85.76. The business’s fifty day simple moving average is $73.67 and its 200-day simple moving average is $70.57.

Marvell Technology (NASDAQ:MRVL) last issued its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The company had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.25 billion. During the same period in the prior year, the business earned $0.18 EPS. The firm’s quarterly revenue was down 5.1% on a year-over-year basis. On average, equities research analysts anticipate that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 11th will be given 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 (DPR) is presently -21.62%.

Insider Activity

In related news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $66.75, for a total transaction of $100,125.00. Following the sale, the chief financial officer now owns 113,253 shares of the company’s stock, valued at $7,559,637.75. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CFO Willem A. Meintjes sold 1,500 shares of the business’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 transaction of $100,125.00. Following the completion of the transaction, the chief financial officer now owns 113,253 shares in the company, valued at $7,559,637.75. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Muhammad Raghib Hussain sold 150,000 shares of Marvell Technology stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the completion of the transaction, the insider now directly owns 694,487 shares in the company, valued at $55,906,203.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 261,000 shares of company stock worth $20,330,835. 0.33% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

MRVL has been the subject of a number of analyst reports. Evercore ISI increased their price target on shares of Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a report on Friday, August 30th. Bank of America raised their price objective on Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Benchmark boosted their target price on Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a research report on Friday, August 30th. TD Cowen upgraded Marvell Technology to a “strong-buy” rating in a research report on Monday, September 16th. Finally, Rosenblatt Securities lifted their price objective on shares of Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Marvell Technology currently has an average rating of “Moderate Buy” and an average target price of $91.62.

About Marvell Technology

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.