Caisse DE Depot ET Placement DU Quebec Sells 41,524 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Caisse DE Depot ET Placement DU Quebec decreased its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 18.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 178,000 shares of the semiconductor company’s stock after selling 41,524 shares during the period. Caisse DE Depot ET Placement DU Quebec’s holdings in Marvell Technology were worth $12,837,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Quarry LP bought a new position in shares of Marvell Technology in the second quarter worth about $32,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Marvell Technology in the second quarter worth about $32,000. Whittier Trust Co. boosted its stake in shares of Marvell Technology by 74.5% in the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock worth $35,000 after acquiring an additional 210 shares during the period. Briaud Financial Planning Inc bought a new position in shares of Marvell Technology in the third quarter worth about $43,000. Finally, Exchange Traded Concepts LLC boosted its stake in shares of Marvell Technology by 125.4% in the third quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company’s stock worth $44,000 after acquiring an additional 336 shares during the period. Institutional investors own 83.51% of the company’s stock.

Marvell Technology Trading Up 2.9 %

MRVL opened at $92.69 on Monday. The stock has a market cap of $82.14 billion, a price-to-earnings ratio of -83.50, a P/E/G ratio of 4.03 and a beta of 1.44. The stock’s 50 day moving average price is $82.50 and its 200-day moving average price is $74.37. Marvell Technology, Inc. has a one year low of $50.35 and a one year high of $95.55. 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 released its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, meeting 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 firm had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.25 billion. During the same quarter in the prior year, the firm posted $0.18 earnings per share. The company’s quarterly revenue was down 5.1% on a year-over-year basis. 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. Investors of record on Friday, October 11th were paid 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 dividend payout ratio (DPR) is currently -21.62%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Wells Fargo & Company boosted their target price on Marvell Technology from $90.00 to $110.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. Morgan Stanley boosted their target price on Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. Piper Sandler reiterated an “overweight” rating and issued a $100.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. Susquehanna boosted their target price on Marvell Technology from $95.00 to $110.00 and gave the stock a “positive” rating in a research report on Wednesday, November 27th. Finally, Rosenblatt Securities boosted their target price on Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Three equities research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Marvell Technology currently has an average rating of “Moderate Buy” and an average target price of $95.39.

Insider Buying and Selling

In other Marvell Technology news, Director Ford Tamer sold 92,000 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the sale, the director now owns 351,193 shares of the company’s stock, valued at approximately $26,044,472.88. This trade represents a 20.76 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Matthew J. Murphy sold 6,000 shares of the stock in a transaction on Monday, September 16th. The shares were sold at an average price of $73.29, for a total value of $439,740.00. Following the sale, the chief executive officer now directly owns 208,915 shares in the company, valued at $15,311,380.35. This trade represents a 2.79 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 267,000 shares of company stock valued at $20,899,260 over the last quarter. 0.33% of the stock is owned by corporate insiders.

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.