Spire Wealth Management Buys 2,759 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Spire Wealth Management lifted its holdings in Marvell Technology, Inc. (NASDAQ:MRVLFree Report) by 19.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 17,044 shares of the semiconductor company’s stock after acquiring an additional 2,759 shares during the quarter. Spire Wealth Management’s holdings in Marvell Technology were worth $923,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in MRVL. MetLife Investment Management LLC acquired a new stake in shares of Marvell Technology in the first quarter worth $1,210,000. Yousif Capital Management LLC grew its position in Marvell Technology by 6.6% during the first quarter. Yousif Capital Management LLC now owns 14,918 shares of the semiconductor company’s stock valued at $1,070,000 after buying an additional 925 shares during the period. Raymond James Trust N.A. grew its position in Marvell Technology by 2.8% during the first quarter. Raymond James Trust N.A. now owns 12,780 shares of the semiconductor company’s stock valued at $917,000 after buying an additional 344 shares during the period. Cetera Investment Advisers grew its position in Marvell Technology by 20.6% during the first quarter. Cetera Investment Advisers now owns 28,668 shares of the semiconductor company’s stock valued at $2,056,000 after buying an additional 4,888 shares during the period. Finally, Sequoia Financial Advisors LLC grew its position in Marvell Technology by 35.5% during the first quarter. Sequoia Financial Advisors LLC now owns 5,099 shares of the semiconductor company’s stock valued at $366,000 after buying an additional 1,337 shares during the period. Institutional investors and hedge funds own 83.32% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on MRVL. Rosenblatt Securities restated a “buy” rating and set a $100.00 price target on shares of Marvell Technology in a research report on Thursday, November 30th. Piper Sandler dropped their price target on shares of Marvell Technology from $75.00 to $70.00 and set an “overweight” rating on the stock in a research report on Friday, December 1st. Raymond James raised their price target on shares of Marvell Technology from $62.00 to $78.00 and gave the company an “outperform” rating in a research report on Friday, January 19th. Citigroup increased their price objective on shares of Marvell Technology from $61.00 to $75.00 and gave the company a “buy” rating in a report on Friday, January 12th. Finally, Cantor Fitzgerald began coverage on shares of Marvell Technology in a report on Tuesday, January 23rd. They set an “overweight” rating and a $80.00 price objective on the stock. Two analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. According to data from MarketBeat, Marvell Technology has an average rating of “Moderate Buy” and an average target price of $69.96.

Read Our Latest Report on Marvell Technology

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, CEO Matthew J. Murphy sold 30,000 shares of the business’s stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $54.45, for a total value of $1,633,500.00. Following the transaction, the chief executive officer now directly owns 839,287 shares of the company’s stock, valued at approximately $45,699,177.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Matthew J. Murphy sold 30,000 shares of the stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $54.45, for a total value of $1,633,500.00. Following the sale, the chief executive officer now directly owns 839,287 shares of the company’s stock, valued at approximately $45,699,177.15. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Chris Koopmans sold 5,000 shares of the company’s stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $57.33, for a total transaction of $286,650.00. Following the completion of the transaction, the executive vice president now owns 129,492 shares in the company, valued at $7,423,776.36. The disclosure for this sale can be found here. In the last three months, insiders have sold 201,000 shares of company stock valued at $12,056,240. 0.45% of the stock is owned by company insiders.

Marvell Technology Stock Performance

MRVL stock opened at $67.08 on Wednesday. The company has a fifty day moving average price of $61.74 and a 200 day moving average price of $57.72. Marvell Technology, Inc. has a 12 month low of $36.64 and a 12 month high of $73.53. The company has a current ratio of 1.58, a quick ratio of 1.08 and a debt-to-equity ratio of 0.27.

Marvell Technology (NASDAQ:MRVLGet Free Report) last released its quarterly earnings results on Thursday, November 30th. The semiconductor company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.40 by $0.01. Marvell Technology had a negative net margin of 10.11% and a positive return on equity of 5.20%. The firm had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the prior year, the firm earned $0.41 EPS. Marvell Technology’s revenue for the quarter was down 7.7% on a year-over-year basis. Equities research analysts anticipate that Marvell Technology, Inc. will post 0.85 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 31st. Shareholders of record on Friday, January 5th were paid a $0.06 dividend. The ex-dividend date of this dividend was Thursday, January 4th. This represents a $0.24 annualized dividend and a yield of 0.36%. Marvell Technology’s dividend payout ratio is currently -36.92%.

About Marvell Technology

(Free Report)

Marvell Technology, Inc, together with its subsidiaries, provides data infrastructure semiconductor solutions, spanning the data center core to network edge. The company develops, scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality.

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

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