Marvell Technology, Inc. (NASDAQ:MRVL) Position Cut by American Trust

American Trust trimmed its stake in Marvell Technology, Inc. (NASDAQ:MRVLGet Rating) by 14.9% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 3,597 shares of the semiconductor company’s stock after selling 632 shares during the quarter. American Trust’s holdings in Marvell Technology were worth $258,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently added to or reduced their stakes in the stock. MUFG Americas Holdings Corp raised its stake in shares of Marvell Technology by 90.2% during the first quarter. MUFG Americas Holdings Corp now owns 369 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 175 shares in the last quarter. Covestor Ltd bought a new stake in Marvell Technology in the fourth quarter worth about $28,000. SOA Wealth Advisors LLC. bought a new stake in Marvell Technology in the first quarter worth about $32,000. Atticus Wealth Management LLC increased its stake in Marvell Technology by 62.2% in the 1st quarter. Atticus Wealth Management LLC now owns 459 shares of the semiconductor company’s stock worth $33,000 after purchasing an additional 176 shares in the last quarter. Finally, Hoey Investments Inc. acquired a new stake in Marvell Technology during the 1st quarter worth about $36,000. 80.95% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

MRVL has been the topic of several recent analyst reports. Craig Hallum cut their price objective on Marvell Technology to $90.00 in a report on Friday, May 27th. The Goldman Sachs Group upped their target price on Marvell Technology from $55.00 to $62.00 and gave the company a “buy” rating in a report on Friday, August 26th. B. Riley downgraded Marvell Technology from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $75.00 to $63.00 in a report on Wednesday, June 15th. Needham & Company LLC decreased their target price on Marvell Technology from $105.00 to $75.00 in a research report on Friday, May 27th. Finally, KeyCorp decreased their target price on Marvell Technology from $90.00 to $75.00 and set an “overweight” rating for the company in a research report on Friday, August 26th. One analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-eight have given a buy rating to the company. Based on data from MarketBeat.com, Marvell Technology currently has an average rating of “Moderate Buy” and a consensus target price of $81.21.

Insider Activity

In other news, EVP Mitchell Gaynor sold 5,000 shares of the firm’s stock in a transaction on Friday, July 15th. The stock was sold at an average price of $47.67, for a total value of $238,350.00. Following the completion of the sale, the executive vice president now directly owns 115,563 shares in the company, valued at $5,508,888.21. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, EVP Dan Christman sold 14,000 shares of the firm’s stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $57.28, for a total value of $801,920.00. Following the completion of the sale, the executive vice president now directly owns 92,203 shares in the company, valued at $5,281,387.84. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Mitchell Gaynor sold 5,000 shares of the firm’s stock in a transaction dated Friday, July 15th. The shares were sold at an average price of $47.67, for a total value of $238,350.00. Following the completion of the transaction, the executive vice president now owns 115,563 shares in the company, valued at approximately $5,508,888.21. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 24,000 shares of company stock worth $1,279,020. 0.45% of the stock is owned by corporate insiders.

Marvell Technology Stock Performance

Marvell Technology stock opened at $46.35 on Monday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.35 and a quick ratio of 0.93. The stock has a fifty day moving average price of $51.02 and a two-hundred day moving average price of $55.95. Marvell Technology, Inc. has a 52-week low of $41.07 and a 52-week high of $93.85. The firm has a market capitalization of $39.52 billion, a P/E ratio of -178.27, a P/E/G ratio of 1.88 and a beta of 1.51.

Marvell Technology (NASDAQ:MRVLGet Rating) last released its quarterly earnings data on Thursday, August 25th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.01. Marvell Technology had a positive return on equity of 7.94% and a negative net margin of 3.95%. The firm had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same period in the prior year, the company posted $0.21 earnings per share. The business’s revenue for the quarter was up 41.0% compared to the same quarter last year. As a group, analysts anticipate that Marvell Technology, Inc. will post 1.61 EPS for the current fiscal year.

About Marvell Technology

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Marvell Technology, Inc, together with its subsidiaries, designs, develops, and sells analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a portfolio of Ethernet solutions, including controllers, network adapters, physical transceivers, and switches; single or multiple core processors; ASIC; and printer System-on-a-Chip products and application processors.

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Institutional Ownership by Quarter for Marvell Technology (NASDAQ:MRVL)

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