Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Peterson Wealth Management

Peterson Wealth Management decreased its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 30.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,345 shares of the semiconductor company’s stock after selling 7,686 shares during the quarter. Peterson Wealth Management’s holdings in Marvell Technology were worth $1,212,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the company. Bruce G. Allen Investments LLC increased its holdings in Marvell Technology by 56.4% during the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 141 shares during the last quarter. Salomon & Ludwin LLC bought a new stake in shares of Marvell Technology in the 1st quarter worth about $31,000. Optimum Investment Advisors acquired a new position in Marvell Technology in the first quarter worth about $35,000. Mark Sheptoff Financial Planning LLC acquired a new stake in Marvell Technology during the first quarter valued at approximately $35,000. Finally, Bogart Wealth LLC lifted its holdings in Marvell Technology by 1,480.0% during the 1st quarter. Bogart Wealth LLC now owns 632 shares of the semiconductor company’s stock worth $45,000 after buying an additional 592 shares during the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total value of $100,125.00. Following the completion of the sale, the chief financial officer now directly owns 113,253 shares in the company, valued at $7,559,637.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $66.75, for a total transaction of $100,125.00. Following the transaction, the chief financial officer now owns 113,253 shares in the company, valued at $7,559,637.75. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $73.88, for a total transaction of $369,400.00. Following the completion of the transaction, the executive vice president now owns 110,318 shares in the company, valued at $8,150,293.84. The disclosure for this sale can be found here. Insiders sold 65,500 shares of company stock worth $4,872,620 over the last ninety days. 0.33% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts recently issued reports on MRVL shares. Evercore ISI raised their price objective on Marvell Technology from $91.00 to $98.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. Cantor Fitzgerald reiterated an “overweight” rating and set a $85.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. Morgan Stanley upped their price objective on Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. Needham & Company LLC restated a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. Finally, Rosenblatt Securities boosted their price objective on Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Two investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $91.62.

Marvell Technology Price Performance

Shares of NASDAQ:MRVL opened at $69.89 on Friday. The company has a market cap of $60.50 billion, a P/E ratio of -61.85, a price-to-earnings-growth ratio of 3.61 and a beta of 1.47. The company’s fifty day moving average is $68.23 and its two-hundred day moving average is $69.58. The company has a quick ratio of 1.24, a current ratio of 1.80 and a debt-to-equity ratio of 0.28. Marvell Technology, Inc. has a 12-month low of $46.07 and a 12-month high of $85.76.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, meeting analysts’ consensus estimates of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.26%. The firm had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.25 billion. During the same period in the previous year, the firm posted $0.18 earnings per share. The firm’s revenue was down 5.1% on a year-over-year basis. Equities analysts expect that Marvell Technology, Inc. will post 0.75 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 31st. Investors of record on Friday, July 12th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.34%. The ex-dividend date of this dividend was Friday, July 12th. Marvell Technology’s payout ratio is presently -21.24%.

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.