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

Avestar Capital LLC cut its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 1.7% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 13,559 shares of the semiconductor company’s stock after selling 233 shares during the period. Avestar Capital LLC’s holdings in Marvell Technology were worth $978,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. B. Riley Wealth Advisors Inc. grew its stake in Marvell Technology by 10.2% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 36,174 shares of the semiconductor company’s stock valued at $2,564,000 after acquiring an additional 3,341 shares during the period. Tidal Investments LLC raised its position in shares of Marvell Technology by 25.9% during the 1st quarter. Tidal Investments LLC now owns 91,213 shares of the semiconductor company’s stock worth $6,465,000 after purchasing an additional 18,752 shares during the last quarter. iA Global Asset Management Inc. boosted its holdings in Marvell Technology by 4.7% in the 1st quarter. iA Global Asset Management Inc. now owns 81,230 shares of the semiconductor company’s stock worth $5,758,000 after buying an additional 3,632 shares during the last quarter. Plato Investment Management Ltd increased its stake in Marvell Technology by 853.3% during the 1st quarter. Plato Investment Management Ltd now owns 15,329 shares of the semiconductor company’s stock worth $1,087,000 after buying an additional 13,721 shares in the last quarter. Finally, Wahed Invest LLC lifted its position in shares of Marvell Technology by 12.5% in the first quarter. Wahed Invest LLC now owns 16,418 shares of the semiconductor company’s stock valued at $1,164,000 after acquiring an additional 1,825 shares in the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Insider Buying and Selling

In related news, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $89.14, for a total value of $534,840.00. Following the completion of the sale, the executive vice president now owns 103,244 shares in the company, valued at $9,203,170.16. This trade represents a 5.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Ford Tamer sold 92,000 shares of the company’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the transaction, the director now owns 351,193 shares in the company, valued at $26,044,472.88. The trade was a 20.76 % 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 over the last ninety days. Corporate insiders own 0.33% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on MRVL. Oppenheimer increased their price objective on Marvell Technology from $90.00 to $110.00 and gave the company an “outperform” rating in a research note on Tuesday. Barclays boosted their target price on Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, August 30th. Rosenblatt Securities increased their price target on Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a report on Friday, August 30th. The Goldman Sachs Group raised their target price on Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Finally, Morgan Stanley lifted their target price on shares of Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. Three equities research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $93.43.

Marvell Technology Trading Up 1.0 %

NASDAQ:MRVL opened at $93.14 on Wednesday. Marvell Technology, Inc. has a 52-week low of $50.35 and a 52-week high of $95.55. The stock’s 50 day moving average price is $81.05 and its 200 day moving average price is $73.76. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79.

Marvell Technology (NASDAQ:MRVL) last announced its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, meeting analysts’ consensus estimates of $0.30. The business had revenue of $1.27 billion during 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 business’s revenue was down 5.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.18 earnings per share. On average, sell-side analysts predict that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

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

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.