TrinityPoint Wealth LLC Cuts Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

TrinityPoint Wealth LLC lessened its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 0.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 61,757 shares of the semiconductor company’s stock after selling 296 shares during the quarter. TrinityPoint Wealth LLC’s holdings in Marvell Technology were worth $4,454,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Atlanta Consulting Group Advisors LLC purchased a new position in Marvell Technology in the 3rd quarter worth about $272,000. Schear Investment Advisers LLC grew its position in Marvell Technology by 3.0% in the 3rd quarter. Schear Investment Advisers LLC now owns 26,532 shares of the semiconductor company’s stock worth $1,913,000 after purchasing an additional 776 shares during the period. Vaughan Nelson Investment Management L.P. raised its stake in Marvell Technology by 10.7% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 775,450 shares of the semiconductor company’s stock valued at $55,925,000 after buying an additional 75,211 shares during the last quarter. Natixis Advisors LLC lifted its holdings in shares of Marvell Technology by 55.4% during the 3rd quarter. Natixis Advisors LLC now owns 1,068,155 shares of the semiconductor company’s stock valued at $77,035,000 after buying an additional 380,876 shares during the period. Finally, Linscomb Wealth Inc. purchased a new position in shares of Marvell Technology in the 3rd quarter worth $2,056,000. Institutional investors own 83.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on MRVL shares. Citigroup reiterated a “buy” rating and set a $91.00 price objective on shares of Marvell Technology in a research report on Monday, October 14th. Piper Sandler reissued an “overweight” rating and set a $100.00 price target on shares of Marvell Technology in a report on Friday, August 30th. Barclays raised their target price on shares of Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, August 30th. Roth Mkm reiterated a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a research report on Friday, August 30th. Finally, The Goldman Sachs Group raised their price objective on shares of Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a research report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Marvell Technology currently has a consensus rating of “Moderate Buy” and an average target price of $91.77.

Insider Buying and Selling

In related news, CFO Willem A. Meintjes sold 1,500 shares of the firm’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 $120,750.00. Following the completion of the sale, the chief financial officer now directly owns 110,253 shares of the company’s stock, valued at approximately $8,875,366.50. This trade represents a 1.34 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction on 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 owns 109,244 shares of the company’s stock, valued at approximately $8,823,637.88. The trade was a 5.21 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 259,500 shares of company stock valued at $20,230,710. Company insiders own 0.33% of the company’s stock.

Marvell Technology Trading Down 3.2 %

Shares of NASDAQ MRVL opened at $87.83 on Monday. Marvell Technology, Inc. has a 1-year low of $50.35 and a 1-year high of $95.09. 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 business’s 50 day moving average is $78.89 and its two-hundred day moving average is $72.80. The stock has a market capitalization of $77.83 billion, a P/E ratio of -79.13, a PEG ratio of 3.82 and a beta of 1.44.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting the consensus estimate of $0.30. The company had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. Marvell Technology’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.18 EPS. As a group, research analysts expect that Marvell Technology, Inc. will post 0.78 EPS for the current 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. The ex-dividend date of this dividend was Friday, October 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.27%. Marvell Technology’s dividend payout ratio (DPR) is presently -21.62%.

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.