Whalen Wealth Management Inc. Acquires 2,097 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Whalen Wealth Management Inc. raised its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 21.6% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,826 shares of the semiconductor company’s stock after buying an additional 2,097 shares during the quarter. Whalen Wealth Management Inc.’s holdings in Marvell Technology were worth $853,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in MRVL. Janus Henderson Group PLC raised its position in Marvell Technology by 13.4% during the first quarter. Janus Henderson Group PLC now owns 13,478,472 shares of the semiconductor company’s stock valued at $955,400,000 after purchasing an additional 1,591,874 shares in the last quarter. Ameriprise Financial Inc. boosted its position in Marvell Technology by 24.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock worth $812,509,000 after buying an additional 2,254,610 shares during the period. Van ECK Associates Corp raised its position in Marvell Technology by 26.6% during the 3rd quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock worth $538,868,000 after purchasing an additional 1,570,050 shares during the last quarter. Clearbridge Investments LLC lifted its stake in shares of Marvell Technology by 3.0% in the second quarter. Clearbridge Investments LLC now owns 5,189,682 shares of the semiconductor company’s stock worth $362,759,000 after acquiring an additional 150,109 shares during the period. Finally, Lazard Asset Management LLC increased its position in Marvell Technology by 47,934.4% during the 1st quarter. Lazard Asset Management LLC now owns 4,001,745 shares of the semiconductor company’s stock valued at $283,643,000 after purchasing an additional 3,993,414 shares during the period. 83.51% of the stock is owned by institutional investors.

Insider Activity

In related news, EVP Mark Casper sold 2,500 shares of Marvell Technology stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $70.83, for a total transaction of $177,075.00. Following the transaction, the executive vice president now owns 22,494 shares in the company, valued at approximately $1,593,250.02. This trade represents a 10.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology 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 transaction, the chief financial officer now directly owns 114,211 shares in the company, valued at $10,180,768.54. This trade represents a 1.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 267,000 shares of company stock valued at $20,899,260 in the last three months. 0.33% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Rosenblatt Securities lifted their target price on Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Barclays increased their price target on Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, August 30th. StockNews.com downgraded shares of Marvell Technology from a “hold” rating to a “sell” rating in a report on Friday, October 18th. 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, August 30th. Finally, Loop Capital assumed coverage on Marvell Technology in a research report on Monday, November 11th. They set a “hold” rating and a $95.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $91.77.

Marvell Technology Stock Performance

Marvell Technology stock opened at $88.71 on Tuesday. The business has a fifty day moving average of $79.28 and a two-hundred day moving average of $72.96. Marvell Technology, Inc. has a twelve month low of $50.35 and a twelve month high of $95.09. 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 (NASDAQ:MRVL) last issued 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 positive return on equity of 4.31% and a negative net margin of 18.30%. The business had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the previous year, the firm earned $0.18 earnings per share. The company’s revenue was down 5.1% on a year-over-year basis. On average, research analysts predict that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Friday, October 11th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.27%. The ex-dividend date was Friday, October 11th. Marvell Technology’s dividend payout ratio is currently -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.