Marvell Technology, Inc. (NASDAQ:MRVL) Shares Purchased by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc lifted its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 3.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 133,387 shares of the semiconductor company’s stock after acquiring an additional 4,364 shares during the period. Pinnacle Financial Partners Inc’s holdings in Marvell Technology were worth $9,620,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in MRVL. Concurrent Investment Advisors LLC purchased a new position in Marvell Technology in the 1st quarter worth approximately $308,000. Russell Investments Group Ltd. grew its holdings in Marvell Technology by 75.2% during the 1st quarter. Russell Investments Group Ltd. now owns 238,030 shares of the semiconductor company’s stock valued at $16,982,000 after purchasing an additional 102,185 shares in the last quarter. Avantax Advisory Services Inc. increased its stake in Marvell Technology by 35.2% during the 1st quarter. Avantax Advisory Services Inc. now owns 42,671 shares of the semiconductor company’s stock worth $3,025,000 after buying an additional 11,121 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Marvell Technology by 20.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 529,127 shares of the semiconductor company’s stock valued at $37,505,000 after buying an additional 88,918 shares during the last quarter. Finally, Kingsview Wealth Management LLC acquired a new stake in shares of Marvell Technology during the first quarter valued at about $847,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Insider Activity at Marvell Technology

In related news, EVP Chris Koopmans sold 6,000 shares of the stock in a transaction on 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 owns 109,244 shares in the company, valued at $8,823,637.88. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Marvell Technology news, EVP Mark Casper sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $70.83, for a total transaction of $177,075.00. Following the completion of the sale, the executive vice president now directly owns 22,494 shares in the company, valued at approximately $1,593,250.02. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $80.77, for a total value of $484,620.00. Following 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 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 259,500 shares of company stock valued at $20,230,710 over the last ninety days. Insiders own 0.33% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Evercore ISI raised their price objective on Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Piper Sandler reissued an “overweight” rating and set a $100.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Loop Capital assumed coverage on shares of Marvell Technology in a research note on Monday. They issued a “hold” rating and a $95.00 target price on the stock. Stifel Nicolaus reiterated a “buy” rating and issued a $95.00 price target (up from $90.00) on shares of Marvell Technology in a research note on Friday, August 30th. Finally, TD Cowen upgraded Marvell Technology to a “strong-buy” rating in a research note on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $91.77.

Marvell Technology Stock Down 2.9 %

Shares of Marvell Technology stock opened at $90.07 on Thursday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. Marvell Technology, Inc. has a 1-year low of $50.35 and a 1-year high of $95.09. The business’s fifty day moving average price is $78.04 and its two-hundred day moving average price is $72.43. The company has a market capitalization of $79.82 billion, a P/E ratio of -81.14, a PEG ratio of 4.03 and a beta of 1.44.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, hitting the consensus estimate of $0.30. The business had revenue of $1.27 billion during 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 company’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.18 earnings per share. As a group, research analysts forecast that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.27%. The ex-dividend date was Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -21.62%.

Marvell Technology 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.