Xcel Wealth Management LLC Sells 1,000 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Xcel Wealth Management LLC cut its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 20.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,800 shares of the semiconductor company’s stock after selling 1,000 shares during the period. Xcel Wealth Management LLC’s holdings in Marvell Technology were worth $274,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Lazard Asset Management LLC lifted its stake in Marvell Technology by 47,934.4% in the first quarter. Lazard Asset Management LLC now owns 4,001,745 shares of the semiconductor company’s stock worth $283,643,000 after acquiring an additional 3,993,414 shares during the period. Whale Rock Capital Management LLC purchased a new stake in Marvell Technology in the first quarter worth about $181,559,000. Ameriprise Financial Inc. lifted its stake in Marvell Technology by 24.1% in the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock worth $812,509,000 after acquiring an additional 2,254,610 shares during the period. Swedbank AB lifted its stake in Marvell Technology by 653.5% in the second quarter. Swedbank AB now owns 2,334,015 shares of the semiconductor company’s stock worth $163,148,000 after acquiring an additional 2,024,269 shares during the period. Finally, Janus Henderson Group PLC lifted its position in shares of Marvell Technology by 13.4% during the first quarter. Janus Henderson Group PLC now owns 13,478,472 shares of the semiconductor company’s stock valued at $955,400,000 after buying an additional 1,591,874 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors.

Insider Activity at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the firm’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 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 the SEC website. In other Marvell Technology news, insider Muhammad Raghib Hussain sold 150,000 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total value of $12,075,000.00. Following the transaction, the insider now owns 694,487 shares in the company, valued at approximately $55,906,203.50. 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 the SEC website. Also, 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 represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 255,000 shares of company stock valued at $19,846,215. 0.33% of the stock is owned by company insiders.

Marvell Technology Stock Performance

Shares of NASDAQ MRVL traded up $1.19 during midday trading on Tuesday, reaching $83.02. 3,626,524 shares of the stock were exchanged, compared to its average volume of 12,319,056. The firm has a market cap of $71.86 billion, a price-to-earnings ratio of -72.48, a PEG ratio of 3.17 and a beta of 1.45. Marvell Technology, Inc. has a twelve month low of $46.07 and a twelve month high of $85.76. The firm has a 50-day simple moving average of $72.42 and a two-hundred day simple moving average of $70.26. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting analysts’ consensus estimates of $0.30. The business had revenue of $1.27 billion for 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% on a year-over-year basis. During the same quarter last year, the company earned $0.18 EPS. As a group, analysts anticipate that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, October 11th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.29%. Marvell Technology’s dividend payout ratio is currently -21.24%.

Wall Street Analysts Forecast Growth

MRVL has been the subject of several analyst reports. Needham & Company LLC reissued a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a research report on Friday, August 30th. Rosenblatt Securities increased their price target on shares of Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Benchmark increased their price target on shares of Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Bank of America increased their price target on shares of Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $95.00 price objective (up from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $91.62.

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.