Summit Trail Advisors LLC Increases Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Summit Trail Advisors LLC increased its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 6.4% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 6,178 shares of the semiconductor company’s stock after acquiring 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 SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cerity Partners LLC lifted its stake in shares of Marvell Technology by 84.3% during the 3rd quarter. Cerity Partners LLC now owns 61,016 shares of the semiconductor company’s stock worth $4,401,000 after purchasing an additional 27,902 shares during the period. Great Valley Advisor Group Inc. increased its stake in Marvell Technology by 2.5% in the third quarter. Great Valley Advisor Group Inc. now owns 6,480 shares of the semiconductor company’s stock valued at $467,000 after purchasing an additional 156 shares during the last quarter. Icon Wealth Advisors LLC lifted its position in Marvell Technology by 393.1% during the third quarter. Icon Wealth Advisors LLC now owns 12,174 shares of the semiconductor company’s stock worth $878,000 after buying an additional 9,705 shares during the period. Raymond James Trust N.A. boosted its stake in Marvell Technology by 14.4% in the 3rd quarter. Raymond James Trust N.A. now owns 21,248 shares of the semiconductor company’s stock worth $1,532,000 after buying an additional 2,670 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Marvell Technology by 2.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,261,887 shares of the semiconductor company’s stock worth $235,247,000 after buying an additional 66,654 shares during the last quarter. 83.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MRVL has been the topic of several recent analyst reports. Needham & Company LLC reiterated a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Bank of America lifted their price target on shares of Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a report on Friday, August 30th. Citigroup reissued a “buy” rating and set a $91.00 price objective on shares of Marvell Technology in a research note on Monday, October 14th. Evercore ISI increased their target price on Marvell Technology from $91.00 to $98.00 and gave the stock an “outperform” rating in a research report on Friday, August 30th. Finally, The Goldman Sachs Group lifted their target price on Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a report on Friday, August 30th. Three research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $93.43.

Marvell Technology Stock Performance

Shares of MRVL stock opened at $93.14 on Wednesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. The company’s fifty day moving average price is $81.05 and its two-hundred day moving average price is $73.76. The firm has a market capitalization of $82.54 billion, a P/E ratio of -83.91, a P/E/G ratio of 4.02 and a beta of 1.44. Marvell Technology, Inc. has a 12 month low of $50.35 and a 12 month high of $95.55.

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

Marvell Technology Dividend Announcement

The business also recently declared 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. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.26%. The ex-dividend date of this dividend was Friday, October 11th. Marvell Technology’s payout ratio is currently -21.62%.

Insider Buying and Selling

In related 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 value of $484,620.00. Following the completion of the transaction, the executive vice president now directly owns 109,244 shares in the company, valued at approximately $8,823,637.88. This trade represents a 5.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $73.87, for a total value of $110,805.00. Following the completion of the sale, the chief financial officer now directly owns 111,753 shares of the company’s stock, valued at approximately $8,255,194.11. This represents a 1.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 267,000 shares of company stock worth $20,899,260. Insiders own 0.33% of the company’s stock.

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.