Kovack Advisors Inc. Cuts Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Kovack Advisors Inc. lessened its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 1.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,081 shares of the semiconductor company’s stock after selling 158 shares during the quarter. Kovack Advisors Inc.’s holdings in Marvell Technology were worth $583,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also bought and sold shares of MRVL. Pinnacle Financial Partners Inc grew its stake in shares of Marvell Technology by 3.4% in the third quarter. Pinnacle Financial Partners Inc now owns 133,387 shares of the semiconductor company’s stock worth $9,620,000 after acquiring an additional 4,364 shares during the period. Hartline Investment Corp grew its position in Marvell Technology by 2.5% in the 3rd quarter. Hartline Investment Corp now owns 385,412 shares of the semiconductor company’s stock worth $27,796,000 after purchasing an additional 9,275 shares during the period. MQS Management LLC bought a new position in Marvell Technology in the third quarter valued at about $261,000. Platform Technology Partners purchased a new position in Marvell Technology in the third quarter worth about $202,000. Finally, Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Marvell Technology by 1.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,047,572 shares of the semiconductor company’s stock valued at $147,671,000 after purchasing an additional 25,806 shares during the period. 83.51% of the stock is owned by hedge funds and other 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 dated Monday, September 16th. The shares were sold at an average price of $73.87, for a total value of $110,805.00. Following the completion of the sale, the chief financial officer now owns 111,753 shares of the company’s stock, valued at $8,255,194.11. This trade represents a 1.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Matthew J. Murphy sold 6,000 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $73.29, for a total value of $439,740.00. Following the transaction, the chief executive officer now directly owns 208,915 shares in the company, valued at approximately $15,311,380.35. This represents a 2.79 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 259,500 shares of company stock worth $20,230,710. Company insiders own 0.33% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on MRVL. Piper Sandler reiterated an “overweight” rating and issued a $100.00 price target on shares of Marvell Technology in a research report on Friday, August 30th. Roth Mkm reaffirmed a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. Rosenblatt Securities boosted their price objective on Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Stifel Nicolaus reissued a “buy” rating and issued a $95.00 target price (up from $90.00) on shares of Marvell Technology in a report on Friday, August 30th. Finally, Evercore ISI lifted their price target on shares of Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $91.77.

Marvell Technology Stock Performance

Marvell Technology stock opened at $90.70 on Friday. Marvell Technology, Inc. has a 52-week low of $50.35 and a 52-week 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. The firm’s fifty day moving average is $78.45 and its 200 day moving average is $72.56.

Marvell Technology (NASDAQ:MRVL) last announced its 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. The firm 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% compared to the same quarter last year. During the same period in the prior year, the company earned $0.18 EPS. As a group, equities research analysts predict that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The business 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. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.26%. The ex-dividend date of this dividend was Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) 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.