Linscomb Wealth Inc. Purchases Shares of 28,506 Marvell Technology, Inc. (NASDAQ:MRVL)

Linscomb Wealth Inc. purchased a new stake in Marvell Technology, Inc. (NASDAQ:MRVL) during the third quarter, according to the company in its most recent filing with the SEC. The firm purchased 28,506 shares of the semiconductor company’s stock, valued at approximately $2,056,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Lazard Asset Management LLC boosted its position in Marvell Technology by 47,934.4% in the 1st quarter. Lazard Asset Management LLC now owns 4,001,745 shares of the semiconductor company’s stock valued at $283,643,000 after buying an additional 3,993,414 shares during the last quarter. Whale Rock Capital Management LLC acquired a new stake in Marvell Technology during the first quarter worth about $181,559,000. Ameriprise Financial Inc. increased its stake in shares of 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 during the period. Swedbank AB increased its stake in shares of Marvell Technology by 653.5% in the second quarter. Swedbank AB now owns 2,334,015 shares of the semiconductor company’s stock valued at $163,148,000 after purchasing an additional 2,024,269 shares during the period. Finally, Janus Henderson Group PLC increased its stake 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 valued at $955,400,000 after purchasing an additional 1,591,874 shares during the period. 83.51% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Marvell Technology

In other Marvell Technology news, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $80.77, for a total transaction of $484,620.00. Following the completion of the transaction, the executive vice president now owns 109,244 shares of the company’s stock, valued at $8,823,637.88. The trade was a 5.21 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total value of $120,750.00. Following the transaction, the chief financial officer now directly owns 110,253 shares of the company’s stock, valued at $8,875,366.50. The trade was a 1.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 259,500 shares of company stock worth $20,230,710 in the last ninety days. Company insiders own 0.33% of the company’s stock.

Marvell Technology Stock Performance

Shares of MRVL stock opened at $87.83 on Friday. The company has a market cap of $77.83 billion, a price-to-earnings ratio of -79.13, a price-to-earnings-growth ratio of 3.91 and a beta of 1.44. Marvell Technology, Inc. has a 52 week low of $50.35 and a 52 week high of $95.09. 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 firm has a 50 day moving average of $78.89 and a 200-day moving average of $72.69.

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

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.27%. The ex-dividend date of this dividend was Friday, October 11th. Marvell Technology’s payout ratio is -21.62%.

Analyst Ratings Changes

Several research analysts have recently issued reports on MRVL shares. Stifel Nicolaus reiterated a “buy” rating and issued a $95.00 price objective (up from $90.00) on shares of Marvell Technology in a report 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. Roth Mkm restated a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a report on Friday, August 30th. StockNews.com cut shares of Marvell Technology from a “hold” rating to a “sell” rating in a report on Friday, October 18th. Finally, Rosenblatt Securities raised their target price on shares of Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, August 30th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $91.77.

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.