New York Life Investment Management LLC Sells 1,518 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

New York Life Investment Management LLC reduced its stake in Marvell Technology, Inc. (NASDAQ:MRVLFree Report) by 8.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,691 shares of the semiconductor company’s stock after selling 1,518 shares during the period. New York Life Investment Management LLC’s holdings in Marvell Technology were worth $849,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in the stock. Lindbrook Capital LLC boosted its stake in shares of Marvell Technology by 67.6% in the second quarter. Lindbrook Capital LLC now owns 429 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 173 shares during the period. Deseret Mutual Benefit Administrators boosted its stake in shares of Marvell Technology by 27.3% in the second quarter. Deseret Mutual Benefit Administrators now owns 904 shares of the semiconductor company’s stock valued at $54,000 after buying an additional 194 shares during the period. Trifecta Capital Advisors LLC boosted its stake in shares of Marvell Technology by 17.7% in the third quarter. Trifecta Capital Advisors LLC now owns 1,499 shares of the semiconductor company’s stock valued at $81,000 after buying an additional 225 shares during the period. Whittier Trust Co. boosted its stake in shares of Marvell Technology by 59.9% in the third quarter. Whittier Trust Co. now owns 603 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 226 shares during the period. Finally, Moneta Group Investment Advisors LLC boosted its stake in shares of Marvell Technology by 0.5% in the second quarter. Moneta Group Investment Advisors LLC now owns 51,594 shares of the semiconductor company’s stock valued at $3,084,000 after buying an additional 239 shares during the period. 83.32% of the stock is currently owned by institutional investors.

Marvell Technology Stock Up 3.4 %

Shares of Marvell Technology stock opened at $69.37 on Thursday. The company has a current ratio of 1.58, a quick ratio of 1.08 and a debt-to-equity ratio of 0.27. The business has a 50-day moving average price of $62.01 and a two-hundred day moving average price of $57.81. Marvell Technology, Inc. has a 1-year low of $36.64 and a 1-year high of $73.53.

Marvell Technology (NASDAQ:MRVLGet Free Report) last released its quarterly earnings data on Thursday, November 30th. The semiconductor company reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.01. The company had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Marvell Technology had a negative net margin of 10.11% and a positive return on equity of 5.20%. The business’s revenue was down 7.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.41 EPS. As a group, sell-side analysts expect that Marvell Technology, Inc. will post 0.85 earnings per share for the current year.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 31st. Stockholders of record on Friday, January 5th were given a dividend of $0.06 per share. The ex-dividend date was Thursday, January 4th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.35%. Marvell Technology’s dividend payout ratio (DPR) is presently -36.92%.

Insider Transactions at Marvell Technology

In related news, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $57.33, for a total value of $286,650.00. Following the transaction, the executive vice president now owns 129,492 shares of the company’s stock, valued at approximately $7,423,776.36. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $57.33, for a total value of $286,650.00. Following the completion of the sale, the executive vice president now owns 129,492 shares in the company, valued at approximately $7,423,776.36. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Willem A. Meintjes sold 4,000 shares of the stock in a transaction dated Wednesday, December 20th. The shares were sold at an average price of $60.01, for a total transaction of $240,040.00. Following the completion of the sale, the chief financial officer now owns 100,730 shares of the company’s stock, valued at approximately $6,044,807.30. The disclosure for this sale can be found here. Insiders have sold 201,000 shares of company stock valued at $12,056,240 in the last 90 days. 0.45% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

MRVL has been the subject of several recent analyst reports. Rosenblatt Securities restated a “buy” rating and set a $100.00 target price on shares of Marvell Technology in a research note on Thursday, November 30th. Cantor Fitzgerald initiated coverage on Marvell Technology in a research note on Tuesday, January 23rd. They set an “overweight” rating and a $80.00 target price for the company. Benchmark restated a “buy” rating and set a $75.00 target price on shares of Marvell Technology in a research note on Friday, December 1st. Raymond James upped their target price on Marvell Technology from $62.00 to $78.00 and gave the stock an “outperform” rating in a research note on Friday, January 19th. Finally, Morgan Stanley cut their target price on Marvell Technology from $65.00 to $63.00 and set an “equal weight” rating for the company in a research note on Friday, December 1st. Two analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $69.96.

Read Our Latest Analysis on Marvell Technology

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.

Further Reading

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

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