Rakuten Securities Inc. Sells 3,187 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Rakuten Securities Inc. decreased its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 36.0% during the third quarter, HoldingsChannel reports. The fund owned 5,654 shares of the semiconductor company’s stock after selling 3,187 shares during the quarter. Rakuten Securities Inc.’s holdings in Marvell Technology were worth $408,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Quarry LP bought a new stake in Marvell Technology during the 2nd quarter valued at $32,000. Strategic Investment Solutions Inc. IL bought a new stake in Marvell Technology during the 2nd quarter valued at $32,000. Whittier Trust Co. raised its holdings in Marvell Technology by 74.5% during the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after acquiring an additional 210 shares during the period. Mark Sheptoff Financial Planning LLC bought a new stake in Marvell Technology during the 1st quarter valued at $35,000. Finally, Exchange Traded Concepts LLC raised its holdings in Marvell Technology by 125.4% during the 3rd quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company’s stock valued at $44,000 after acquiring an additional 336 shares during the period. Institutional investors own 83.51% of the company’s stock.

Insider Activity

In other news, CEO Matthew J. Murphy sold 6,000 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $73.29, for a total transaction of $439,740.00. Following the completion of the transaction, the chief executive officer now directly owns 208,915 shares of the company’s stock, valued at approximately $15,311,380.35. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction dated 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 transaction, the chief financial officer now directly owns 113,253 shares of the company’s stock, valued at $7,559,637.75. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Matthew J. Murphy sold 6,000 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $73.29, for a total transaction of $439,740.00. Following the completion of the transaction, the chief executive officer now directly owns 208,915 shares of the company’s stock, valued at approximately $15,311,380.35. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 261,000 shares of company stock valued at $20,330,835. Insiders own 0.33% of the company’s stock.

Analyst Upgrades and Downgrades

MRVL has been the topic of a number of analyst reports. Morgan Stanley boosted their target price on shares of Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. Needham & Company LLC restated a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a research report on Friday, August 30th. Piper Sandler restated an “overweight” rating and set a $100.00 price target on shares of Marvell Technology in a research report on Friday, August 30th. Cantor Fitzgerald restated an “overweight” rating and set a $85.00 price target on shares of Marvell Technology in a research report on Friday, August 30th. Finally, Rosenblatt Securities boosted their price target on shares of Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $91.77.

Marvell Technology Stock Performance

NASDAQ MRVL opened at $92.25 on Tuesday. The company has a 50-day simple moving average of $77.20 and a two-hundred day simple moving average of $72.14. 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, Inc. has a 12-month low of $50.35 and a 12-month high of $95.09. The firm has a market cap of $81.75 billion, a price-to-earnings ratio of -83.11, a PEG ratio of 4.08 and a beta of 1.44.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.30. The business had revenue of $1.27 billion during 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 company’s revenue was down 5.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.18 earnings per share. On average, equities analysts forecast that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.26%. The ex-dividend date was Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) 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.