First Horizon Advisors Inc. Reduces Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

First Horizon Advisors Inc. decreased its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 19.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,694 shares of the semiconductor company’s stock after selling 403 shares during the quarter. First Horizon Advisors Inc.’s holdings in Marvell Technology were worth $122,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Marvell Technology by 64.3% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 643,049 shares of the semiconductor company’s stock worth $46,377,000 after acquiring an additional 251,635 shares during the last quarter. Briaud Financial Planning Inc purchased a new stake in Marvell Technology during the 3rd quarter worth approximately $43,000. Segall Bryant & Hamill LLC raised its position in shares of Marvell Technology by 6.1% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 382,288 shares of the semiconductor company’s stock valued at $27,571,000 after purchasing an additional 21,985 shares in the last quarter. Avior Wealth Management LLC boosted its stake in shares of Marvell Technology by 26.2% during the 3rd quarter. Avior Wealth Management LLC now owns 1,363 shares of the semiconductor company’s stock valued at $98,000 after buying an additional 283 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its position in shares of Marvell Technology by 1.5% during the third quarter. PNC Financial Services Group Inc. now owns 71,783 shares of the semiconductor company’s stock worth $5,177,000 after buying an additional 1,062 shares in the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on MRVL shares. The Goldman Sachs Group raised their price objective on shares of Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Barclays increased their target price on Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, August 30th. Bank of America boosted 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. 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. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $95.00 target price (up previously from $90.00) on shares of Marvell Technology in a research note on Friday, August 30th. Three equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $91.77.

Insiders Place Their Bets

In other Marvell Technology news, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $89.14, for a total value of $534,840.00. Following the sale, the executive vice president now directly owns 103,244 shares in the company, valued at approximately $9,203,170.16. The trade was a 5.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Muhammad Raghib Hussain sold 150,000 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the transaction, the insider now owns 694,487 shares of the company’s stock, valued at approximately $55,906,203.50. This trade represents a 17.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 267,000 shares of company stock worth $20,899,260 over the last ninety days. Company insiders own 0.33% of the company’s stock.

Marvell Technology Trading Down 0.5 %

Shares of MRVL stock opened at $92.51 on Friday. The firm has a market capitalization of $81.98 billion, a PE ratio of -83.34, a price-to-earnings-growth ratio of 4.04 and a beta of 1.44. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. Marvell Technology, Inc. has a 1 year low of $50.35 and a 1 year high of $95.09. The stock has a fifty day moving average of $80.67 and a two-hundred day moving average of $73.51.

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 analysts’ consensus estimates of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The firm had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the prior year, the firm posted $0.18 EPS. Marvell Technology’s revenue was down 5.1% compared to the same quarter last year. As a group, research analysts expect that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Friday, October 11th were issued 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 0.26%. Marvell Technology’s payout ratio is -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.