Quantum Private Wealth LLC Trims Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Quantum Private Wealth LLC lessened its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 1.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 33,476 shares of the semiconductor company’s stock after selling 355 shares during the quarter. Marvell Technology accounts for 0.8% of Quantum Private Wealth LLC’s portfolio, making the stock its 21st largest position. Quantum Private Wealth LLC’s holdings in Marvell Technology were worth $2,414,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in the stock. Graypoint LLC boosted its stake in Marvell Technology by 7.1% in the 3rd quarter. Graypoint LLC now owns 3,124 shares of the semiconductor company’s stock worth $225,000 after purchasing an additional 206 shares in the last quarter. Concurrent Investment Advisors LLC increased its position in Marvell Technology by 16.6% during the third quarter. Concurrent Investment Advisors LLC now owns 4,888 shares of the semiconductor company’s stock worth $353,000 after purchasing an additional 696 shares during the last quarter. ASB Consultores LLC increased its position in Marvell Technology by 3.8% during the third quarter. ASB Consultores LLC now owns 3,824 shares of the semiconductor company’s stock worth $276,000 after purchasing an additional 140 shares during the last quarter. Impax Asset Management Group plc boosted its stake in Marvell Technology by 7.6% during the third quarter. Impax Asset Management Group plc now owns 574,996 shares of the semiconductor company’s stock worth $41,469,000 after buying an additional 40,796 shares during the period. Finally, Hazlett Burt & Watson Inc. boosted its stake in Marvell Technology by 63.9% during the third quarter. Hazlett Burt & Watson Inc. now owns 2,761 shares of the semiconductor company’s stock worth $201,000 after buying an additional 1,076 shares during the period. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Rosenblatt Securities raised their target price on shares of Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a report on Friday, August 30th. Bank of America upped their price objective on shares of Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Piper Sandler reiterated an “overweight” rating and set a $100.00 target price on shares of Marvell Technology in a report on Friday, August 30th. TD Cowen upgraded Marvell Technology to a “strong-buy” rating in a research note on Monday, September 16th. Finally, 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. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $91.62.

Insider Activity

In other news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction 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 transaction, the chief financial officer now owns 113,253 shares in the company, valued at approximately $7,559,637.75. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $80.77, for a total transaction of $484,620.00. Following the sale, the executive vice president now owns 109,244 shares in the company, valued at $8,823,637.88. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction 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 in the company, valued at $7,559,637.75. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 261,000 shares of company stock worth $20,330,835. Insiders own 0.33% of the company’s stock.

Marvell Technology Price Performance

Marvell Technology stock opened at $94.67 on Friday. The stock’s fifty day moving average price is $76.53 and its two-hundred day moving average price is $71.65. Marvell Technology, Inc. has a one year low of $50.35 and a one year high of $94.96. 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 firm has a market cap of $83.90 billion, a PE ratio of -84.63, a price-to-earnings-growth ratio of 3.67 and a beta of 1.44.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, meeting 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 company had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same quarter last year, the company posted $0.18 EPS. The company’s revenue for the quarter was down 5.1% compared to the same quarter last year. As a group, research analysts expect that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were paid a $0.06 dividend. The ex-dividend date was Friday, October 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.25%. 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.