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

Spire Wealth Management decreased its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 5.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 18,048 shares of the semiconductor company’s stock after selling 940 shares during the quarter. Spire Wealth Management’s holdings in Marvell Technology were worth $1,262,000 as of its most recent filing with the Securities and Exchange Commission.

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

Analysts Set New Price Targets

Several research firms recently weighed in on MRVL. B. Riley raised their price target on shares of Marvell Technology from $95.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, May 31st. Stifel Nicolaus reiterated a “buy” rating and issued a $95.00 target price (up previously from $90.00) on shares of Marvell Technology in a research note on Friday. KeyCorp boosted their target price on shares of Marvell Technology from $90.00 to $95.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 9th. Morgan Stanley lifted their price objective on Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a research report on Friday. Finally, StockNews.com downgraded Marvell Technology from a “hold” rating to a “sell” rating in a report on Wednesday, May 15th. One analyst has rated the stock with a sell rating, one has issued a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $91.62.

Marvell Technology Stock Performance

Shares of MRVL stock traded up $6.40 during trading hours on Friday, reaching $76.24. The company had a trading volume of 32,029,839 shares, compared to its average volume of 11,409,110. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.24 and a current ratio of 1.80. Marvell Technology, Inc. has a one year low of $46.07 and a one year high of $85.76. The firm has a market cap of $65.99 billion, a PE ratio of -67.47, a price-to-earnings-growth ratio of 3.61 and a beta of 1.47. The business has a fifty day moving average price of $67.95 and a 200-day moving average price of $69.47.

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

Marvell Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Friday, July 12th were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, July 12th. This represents a $0.24 dividend on an annualized basis and a yield of 0.31%. Marvell Technology’s dividend payout ratio is currently -21.24%.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, insider Muhammad Raghib Hussain sold 50,000 shares of the firm’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $75.00, for a total value of $3,750,000.00. Following the completion of the sale, the insider now owns 838,571 shares of the company’s stock, valued at $62,892,825. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, insider Muhammad Raghib Hussain sold 50,000 shares of the stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $75.00, for a total value of $3,750,000.00. Following the transaction, the insider now owns 838,571 shares in the company, valued at approximately $62,892,825. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Chris Koopmans sold 5,000 shares of the company’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $73.42, for a total transaction of $367,100.00. Following the completion of the sale, the executive vice president now directly owns 115,318 shares in the company, valued at $8,466,647.56. The disclosure for this sale can be found here. Insiders have sold 65,500 shares of company stock worth $4,872,620 over the last quarter. Insiders own 0.33% of the company’s stock.

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.