Janney Montgomery Scott LLC Increases Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Janney Montgomery Scott LLC boosted its stake in Marvell Technology, Inc. (NASDAQ:MRVLGet Rating) by 2.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,948 shares of the semiconductor company’s stock after purchasing an additional 1,075 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Marvell Technology were worth $1,715,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of MRVL. Price T Rowe Associates Inc. MD raised its stake in Marvell Technology by 16.1% in the second quarter. Price T Rowe Associates Inc. MD now owns 36,482,866 shares of the semiconductor company’s stock valued at $1,588,099,000 after purchasing an additional 5,070,739 shares in the last quarter. FMR LLC raised its stake in shares of Marvell Technology by 3.0% during the second quarter. FMR LLC now owns 124,827,357 shares of the semiconductor company’s stock worth $5,433,736,000 after acquiring an additional 3,663,148 shares in the last quarter. Voya Investment Management LLC bought a new stake in shares of Marvell Technology in the 2nd quarter worth approximately $118,853,000. Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in shares of Marvell Technology in the 2nd quarter valued at $114,637,000. Finally, Renaissance Technologies LLC bought a new position in shares of Marvell Technology during the 2nd quarter valued at $113,206,000. 81.28% of the stock is owned by hedge funds and other institutional investors.

Marvell Technology Price Performance

Shares of NASDAQ MRVL opened at $40.67 on Monday. The company has a market capitalization of $34.70 billion, a price-to-earnings ratio of -254.19, a P/E/G ratio of 2.49 and a beta of 1.45. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 1.31. The company has a 50 day simple moving average of $40.34 and a two-hundred day simple moving average of $44.54. Marvell Technology, Inc. has a fifty-two week low of $33.75 and a fifty-two week high of $83.13.

Marvell Technology (NASDAQ:MRVLGet Rating) last announced its quarterly earnings results on Thursday, December 1st. The semiconductor company reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.02). The firm had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.56 billion. Marvell Technology had a negative net margin of 2.43% and a positive return on equity of 8.50%. Analysts expect that Marvell Technology, Inc. will post 1.5 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 25th. Investors of record on Friday, January 6th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.59%. The ex-dividend date of this dividend is Thursday, January 5th. Marvell Technology’s dividend payout ratio (DPR) is currently -150.00%.

Insider Activity at Marvell Technology

In related news, CAO Willem A. Meintjes sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, January 6th. The shares were sold at an average price of $34.92, for a total transaction of $349,200.00. Following the completion of the sale, the chief accounting officer now owns 72,896 shares of the company’s stock, valued at $2,545,528.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.45% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Cowen lowered their price target on shares of Marvell Technology from $70.00 to $55.00 and set an “outperform” rating for the company in a research note on Friday, December 2nd. Piper Sandler reduced their price objective on Marvell Technology from $80.00 to $55.00 and set an “overweight” rating on the stock in a research note on Friday, December 2nd. Wells Fargo & Company reduced their price objective on Marvell Technology from $58.00 to $54.00 and set an “overweight” rating on the stock in a research note on Friday, December 2nd. Susquehanna Bancshares reduced their price objective on Marvell Technology to $60.00 in a research note on Friday, December 2nd. Finally, Raymond James reduced their price objective on Marvell Technology from $80.00 to $60.00 and set an “outperform” rating on the stock in a research note on Friday, December 2nd. Four equities research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $63.92.

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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