TrinityPoint Wealth LLC Reduces Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

TrinityPoint Wealth LLC cut its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 0.5% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor 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 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Orion Portfolio Solutions LLC lifted its stake in Marvell Technology by 47.1% in the 1st quarter. Orion Portfolio Solutions LLC now owns 32,191 shares of the semiconductor company’s stock worth $2,282,000 after purchasing an additional 10,306 shares in the last quarter. Edgestream Partners L.P. bought a new position in shares of Marvell Technology in the first quarter worth $394,000. Covestor Ltd raised its position in shares of Marvell Technology by 231.1% in the first quarter. Covestor Ltd now owns 1,311 shares of the semiconductor company’s stock worth $93,000 after buying an additional 915 shares in the last quarter. O Shaughnessy Asset Management LLC boosted its stake in Marvell Technology by 22.3% during the first quarter. O Shaughnessy Asset Management LLC now owns 26,743 shares of the semiconductor company’s stock valued at $1,896,000 after buying an additional 4,882 shares during the period. Finally, UniSuper Management Pty Ltd grew its position in Marvell Technology by 93.7% during the first quarter. UniSuper Management Pty Ltd now owns 12,200 shares of the semiconductor company’s stock worth $865,000 after buying an additional 5,900 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on MRVL. Bank of America raised their price target on Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a report on Friday, August 30th. Rosenblatt Securities lifted their target price 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. Barclays raised their price objective on shares of Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, August 30th. Citigroup reaffirmed a “buy” rating and set a $91.00 price objective on shares of Marvell Technology in a report on Monday, October 14th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $85.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $91.77.

Marvell Technology Trading Down 3.2 %

MRVL opened at $87.83 on Monday. Marvell Technology, Inc. has a one year low of $50.35 and a one 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 has a 50 day simple moving average of $78.89 and a two-hundred day simple moving average of $72.80. The firm has a market capitalization of $77.83 billion, a price-to-earnings ratio of -79.13, a PEG ratio of 3.82 and a beta of 1.44.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting analysts’ consensus estimates of $0.30. The company had revenue of $1.27 billion during 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%. The firm’s revenue was down 5.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.18 earnings per share. Analysts predict that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Friday, October 11th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.27%. The ex-dividend date of this dividend was Friday, October 11th. Marvell Technology’s payout ratio is currently -21.62%.

Insiders Place Their Bets

In other Marvell Technology news, EVP Mark Casper sold 2,500 shares of the firm’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $70.83, for a total transaction of $177,075.00. Following the completion of the transaction, the executive vice president now owns 22,494 shares of the company’s stock, valued at approximately $1,593,250.02. This trade represents a 10.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $73.87, for a total transaction of $110,805.00. Following the completion of the sale, the chief financial officer now directly owns 111,753 shares in the company, valued at $8,255,194.11. This represents a 1.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 259,500 shares of company stock worth $20,230,710 over the last three months. Company insiders own 0.33% of the company’s stock.

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.