Xcel Wealth Management LLC Trims Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Xcel Wealth Management LLC lessened its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 20.8% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,800 shares of the semiconductor company’s stock after selling 1,000 shares during the period. Xcel Wealth Management LLC’s holdings in Marvell Technology were worth $274,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MRVL. American International Group Inc. increased its position in shares of Marvell Technology by 1.5% during the 4th quarter. American International Group Inc. now owns 66,986 shares of the semiconductor company’s stock worth $4,040,000 after purchasing an additional 993 shares during the last quarter. NBC Securities Inc. increased its position in shares of Marvell Technology by 124.8% during the 1st quarter. NBC Securities Inc. now owns 1,938 shares of the semiconductor company’s stock worth $137,000 after purchasing an additional 1,076 shares during the last quarter. Salem Investment Counselors Inc. increased its position in shares of Marvell Technology by 20.4% during the 1st quarter. Salem Investment Counselors Inc. now owns 2,197 shares of the semiconductor company’s stock worth $156,000 after purchasing an additional 373 shares during the last quarter. Ballentine Partners LLC increased its position in shares of Marvell Technology by 13.7% during the 1st quarter. Ballentine Partners LLC now owns 5,457 shares of the semiconductor company’s stock worth $387,000 after purchasing an additional 657 shares during the last quarter. Finally, AdvisorNet Financial Inc increased its position in shares of Marvell Technology by 4.9% during the 1st quarter. AdvisorNet Financial Inc now owns 3,695 shares of the semiconductor company’s stock worth $262,000 after purchasing an additional 171 shares during the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was 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 owns 113,253 shares in the company, valued at approximately $7,559,637.75. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Muhammad Raghib Hussain sold 150,000 shares of the company’s stock in a transaction that occurred 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 sale, the insider now 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $66.75, for a total value 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 position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 255,000 shares of company stock worth $19,846,215. 0.33% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms have weighed in on MRVL. Stifel Nicolaus reaffirmed a “buy” rating and issued a $95.00 target price (up from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th. Benchmark lifted 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. Citigroup reaffirmed a “buy” rating and issued a $91.00 target price on shares of Marvell Technology in a research report on Monday, October 14th. Evercore ISI lifted their target price on Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. Finally, KeyCorp lifted their target price on Marvell Technology from $90.00 to $95.00 and gave the company an “overweight” rating in a research report on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Marvell Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $91.62.

Marvell Technology Stock Up 1.5 %

MRVL stock traded up $1.19 during trading on Tuesday, hitting $83.02. 3,626,524 shares of the company’s stock were exchanged, compared to its average volume of 12,319,056. The business has a 50-day moving average price of $72.42 and a two-hundred day moving average price of $70.26. The stock has a market capitalization of $71.86 billion, a price-to-earnings ratio of -72.48, a PEG ratio of 3.17 and a beta of 1.45. Marvell Technology, Inc. has a 52-week low of $46.07 and a 52-week high of $85.76. 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 (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.30. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The company had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.25 billion. During the same quarter in the previous year, the business earned $0.18 earnings per share. The firm’s revenue for the quarter was down 5.1% on a year-over-year basis. As a group, equities research analysts expect that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 11th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.29%. The ex-dividend date of this dividend is Friday, October 11th. Marvell Technology’s dividend payout ratio is currently -21.24%.

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.