Baker Avenue Asset Management LP Buys 1,340 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Baker Avenue Asset Management LP raised its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 0.6% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 227,208 shares of the semiconductor company’s stock after purchasing an additional 1,340 shares during the period. Baker Avenue Asset Management LP’s holdings in Marvell Technology were worth $16,386,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in MRVL. Envestnet Portfolio Solutions Inc. increased its position in Marvell Technology by 11.7% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 71,927 shares of the semiconductor company’s stock worth $5,098,000 after purchasing an additional 7,530 shares in the last quarter. Atomi Financial Group Inc. lifted its stake in shares of Marvell Technology by 8.1% in the first quarter. Atomi Financial Group Inc. now owns 4,380 shares of the semiconductor company’s stock valued at $310,000 after buying an additional 328 shares in the last quarter. Concurrent Investment Advisors LLC purchased a new stake in shares of Marvell Technology in the first quarter valued at about $308,000. Sei Investments Co. raised its holdings in shares of Marvell Technology by 4.0% in the first quarter. Sei Investments Co. now owns 542,916 shares of the semiconductor company’s stock valued at $38,482,000 after purchasing an additional 21,128 shares during the last quarter. Finally, NorthRock Partners LLC raised its holdings in shares of Marvell Technology by 87.1% in the first quarter. NorthRock Partners LLC now owns 11,107 shares of the semiconductor company’s stock valued at $787,000 after purchasing an additional 5,172 shares during the last quarter. Institutional investors own 83.51% of the company’s stock.

Insiders Place Their Bets

In other Marvell Technology news, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president now owns 109,244 shares of the company’s stock, valued at $8,823,637.88. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Muhammad Raghib Hussain sold 150,000 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total value of $12,075,000.00. Following the completion of the sale, the insider now owns 694,487 shares of the company’s stock, valued at approximately $55,906,203.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Chris Koopmans sold 6,000 shares of the company’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $80.77, for a total transaction of $484,620.00. Following the completion of the sale, the executive vice president now directly owns 109,244 shares of the company’s stock, valued at $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 261,000 shares of company stock valued at $20,330,835 in the last quarter. Corporate insiders own 0.33% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on MRVL shares. Bank of America increased their target price on shares of Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a report on Friday, August 30th. Citigroup restated a “buy” rating and set a $91.00 price objective on shares of Marvell Technology in a report on Monday, October 14th. Rosenblatt Securities raised their price objective on shares of Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, August 30th. TD Cowen upgraded shares of Marvell Technology to a “strong-buy” rating in a report on Monday, September 16th. Finally, Piper Sandler restated an “overweight” rating and set a $100.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Marvell Technology has an average rating of “Moderate Buy” and an average target price of $91.62.

Marvell Technology Price Performance

NASDAQ:MRVL traded down $0.14 during mid-day trading on Friday, hitting $93.80. 8,339,963 shares of the stock traded hands, compared to its average volume of 10,812,190. The business’s 50-day moving average price is $76.88 and its 200 day moving average price is $71.92. The company has a market cap of $83.13 billion, a PE ratio of -84.50, a price-to-earnings-growth ratio of 3.94 and a beta of 1.44. Marvell Technology, Inc. has a 12-month low of $50.35 and a 12-month high of $95.09. 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, meeting the consensus estimate of $0.30. The company 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%. Marvell Technology’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.18 earnings per share. On average, analysts expect that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders 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 dividend on an annualized basis and a yield of 0.26%. Marvell Technology’s dividend payout ratio 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.