Harvest Fund Management Co. Ltd Has $13.14 Million Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Harvest Fund Management Co. Ltd lowered its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 0.8% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 182,218 shares of the semiconductor company’s stock after selling 1,434 shares during the period. Marvell Technology comprises about 0.8% of Harvest Fund Management Co. Ltd’s portfolio, making the stock its 23rd biggest holding. Harvest Fund Management Co. Ltd’s holdings in Marvell Technology were worth $13,142,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Axxcess Wealth Management LLC acquired a new position in Marvell Technology during the 1st quarter worth approximately $204,000. Bayesian Capital Management LP acquired a new stake in shares of Marvell Technology during the 1st quarter valued at $922,000. Industrial Alliance Investment Management Inc. grew its position in Marvell Technology by 23.1% during the 1st quarter. Industrial Alliance Investment Management Inc. now owns 9,200 shares of the semiconductor company’s stock worth $652,000 after acquiring an additional 1,726 shares during the last quarter. Grandeur Peak Global Advisors LLC increased its holdings in Marvell Technology by 3.8% in the 1st quarter. Grandeur Peak Global Advisors LLC now owns 57,645 shares of the semiconductor company’s stock worth $4,086,000 after purchasing an additional 2,137 shares in the last quarter. Finally, Dynasty Wealth Management LLC bought a new position in Marvell Technology in the first quarter valued at about $528,000. Institutional investors own 83.51% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on MRVL shares. Benchmark upped their price objective on Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Rosenblatt Securities lifted their price target on shares of Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Piper Sandler restated an “overweight” rating and issued a $100.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Needham & Company LLC reaffirmed a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Finally, Barclays increased their price target on Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, August 30th. Three equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Marvell Technology has an average rating of “Moderate Buy” and an average price target of $91.77.

Insider Buying and Selling at Marvell Technology

In related news, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $89.14, for a total transaction of $534,840.00. Following the transaction, the executive vice president now directly owns 103,244 shares of the company’s stock, valued at $9,203,170.16. This trade represents a 5.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $89.14, for a total transaction of $133,710.00. Following the completion of the sale, the chief financial officer now directly owns 114,211 shares of the company’s stock, valued at $10,180,768.54. The trade was a 1.30 % 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 worth $20,899,260. Insiders own 0.33% of the company’s stock.

Marvell Technology Price Performance

Shares of Marvell Technology stock opened at $92.51 on Monday. The business has a 50-day simple moving average of $80.67 and a 200 day simple moving average of $73.59. Marvell Technology, Inc. has a one year low of $50.35 and a one year 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.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, meeting the consensus estimate of $0.30. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The firm had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the previous year, the company posted $0.18 earnings per share. The company’s quarterly revenue was down 5.1% on a year-over-year basis. As a group, analysts anticipate that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Friday, October 11th were given a $0.06 dividend. The ex-dividend date 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%.

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.