Fiduciary Trust Co Has $3.12 Million Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Fiduciary Trust Co boosted its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 5.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 43,316 shares of the semiconductor company’s stock after acquiring an additional 2,200 shares during the quarter. Fiduciary Trust Co’s holdings in Marvell Technology were worth $3,124,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of MRVL. Ameriprise Financial Inc. lifted its holdings in shares of Marvell Technology by 24.1% during the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock worth $812,509,000 after buying an additional 2,254,610 shares during the last quarter. Swedbank AB raised its stake in Marvell Technology by 653.5% during 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 in the last quarter. Van ECK Associates Corp raised its stake in Marvell Technology by 26.6% during the third quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock worth $538,868,000 after acquiring an additional 1,570,050 shares in the last quarter. D1 Capital Partners L.P. acquired a new position in Marvell Technology during the second quarter worth $108,204,000. Finally, Assenagon Asset Management S.A. raised its stake in Marvell Technology by 934.2% during the second quarter. Assenagon Asset Management S.A. now owns 1,512,839 shares of the semiconductor company’s stock worth $105,747,000 after acquiring an additional 1,366,553 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $73.87, for a total transaction of $110,805.00. Following 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Ford Tamer sold 92,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the sale, the director now owns 351,193 shares in the company, valued at approximately $26,044,472.88. This trade represents a 20.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 267,000 shares of company stock valued at $20,899,260. Corporate insiders own 0.33% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Morgan Stanley raised their price target on Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. Susquehanna raised their price target on Marvell Technology from $95.00 to $110.00 and gave the stock a “positive” rating in a research report on Wednesday. Loop Capital started coverage on Marvell Technology in a research report on Monday, November 11th. They issued a “hold” rating and a $95.00 target price on the stock. StockNews.com raised Marvell Technology from a “sell” rating to a “hold” rating in a research report on Friday, November 22nd. Finally, Needham & Company LLC restated a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Three analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Marvell Technology has an average rating of “Moderate Buy” and an average price target of $95.39.

Marvell Technology Stock Down 3.3 %

Shares of MRVL opened at $90.10 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. Marvell Technology, Inc. has a 1-year low of $50.35 and a 1-year high of $95.55. The company’s fifty day moving average price is $81.82 and its 200-day moving average price is $74.05.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.30. The firm had revenue of $1.27 billion for the quarter, compared to analyst estimates 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 quarterly revenue was down 5.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.18 earnings per share. Sell-side analysts anticipate that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Announces Dividend

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

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.