Colonial River Investments LLC Sells 128 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Colonial River Investments LLC reduced its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 2.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,974 shares of the semiconductor company’s stock after selling 128 shares during the quarter. Colonial River Investments LLC’s holdings in Marvell Technology were worth $431,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Marvell Technology during the 2nd quarter worth approximately $32,000. Quarry LP acquired a new stake in shares of Marvell Technology during the 2nd quarter valued at about $32,000. Mark Sheptoff Financial Planning LLC bought a new stake in Marvell Technology in the first quarter valued at about $35,000. Whittier Trust Co. boosted its holdings in Marvell Technology by 74.5% during the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after purchasing an additional 210 shares in the last quarter. Finally, Exchange Traded Concepts LLC boosted its holdings in Marvell Technology by 125.4% during the third quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company’s stock valued at $44,000 after purchasing an additional 336 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have issued reports on MRVL. StockNews.com lowered Marvell Technology from a “hold” rating to a “sell” rating in a research note on Friday, October 18th. Cantor Fitzgerald reiterated an “overweight” rating and set a $85.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. 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. TD Cowen raised shares of Marvell Technology to a “strong-buy” rating in a report on Monday, September 16th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $100.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. One research analyst has rated the stock with a sell rating, one has given a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $91.62.

Marvell Technology Stock Performance

Shares of NASDAQ:MRVL opened at $93.80 on Friday. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. Marvell Technology, Inc. has a 1-year low of $50.35 and a 1-year high of $95.09. The stock has a market capitalization of $83.13 billion, a P/E ratio of -84.50, a P/E/G ratio of 3.94 and a beta of 1.44. The business has a 50-day moving average price of $76.88 and a two-hundred day moving average price of $71.92.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, hitting 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 business had revenue of $1.27 billion during 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. Marvell Technology’s revenue for the quarter was down 5.1% compared to the same quarter last year. Equities analysts predict that Marvell Technology, Inc. will post 0.78 earnings per share for the current year.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were given a $0.06 dividend. The ex-dividend date of this dividend was Friday, October 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.26%. Marvell Technology’s dividend payout ratio is currently -21.62%.

Insider Activity at Marvell Technology

In other news, insider Muhammad Raghib Hussain sold 150,000 shares of the company’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total value of $12,075,000.00. Following the completion of the sale, the insider now directly owns 694,487 shares of the company’s stock, valued at $55,906,203.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, insider Muhammad Raghib Hussain sold 150,000 shares of Marvell Technology stock in a transaction on 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 directly owns 694,487 shares of the company’s stock, valued at $55,906,203.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $80.77, for a total transaction of $484,620.00. Following the completion of the transaction, the executive vice president now directly owns 109,244 shares of the company’s stock, valued at $8,823,637.88. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 261,000 shares of company stock worth $20,330,835. 0.33% of the stock is owned by insiders.

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.