Peterson Wealth Management Has $1.26 Million Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Peterson Wealth Management grew its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 1.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,532 shares of the semiconductor company’s stock after buying an additional 187 shares during the period. Peterson Wealth Management’s holdings in Marvell Technology were worth $1,264,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Swedbank AB acquired a new stake in Marvell Technology during the first quarter worth approximately $21,955,000. Atria Investments Inc grew its stake in Marvell Technology by 36.0% during the first quarter. Atria Investments Inc now owns 30,917 shares of the semiconductor company’s stock worth $2,191,000 after purchasing an additional 8,189 shares during the period. Cetera Investment Advisers grew its stake in Marvell Technology by 357.3% during the first quarter. Cetera Investment Advisers now owns 175,518 shares of the semiconductor company’s stock worth $12,441,000 after purchasing an additional 137,138 shares during the period. Cetera Advisors LLC grew its stake in Marvell Technology by 123.0% during the first quarter. Cetera Advisors LLC now owns 38,811 shares of the semiconductor company’s stock worth $2,751,000 after purchasing an additional 21,410 shares during the period. Finally, Westwood Holdings Group Inc. acquired a new stake in Marvell Technology during the first quarter worth approximately $6,985,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MRVL. Needham & Company LLC reiterated a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a report on Friday, August 30th. Loop Capital began coverage on Marvell Technology in a report on Monday, November 11th. They issued a “hold” rating and a $95.00 price target on the stock. Wells Fargo & Company increased their price target on Marvell Technology from $90.00 to $110.00 and gave the stock an “overweight” rating in a report on Tuesday. Susquehanna increased their price target on Marvell Technology from $95.00 to $110.00 and gave the stock a “positive” rating in a report on Wednesday. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $85.00 price target on shares of Marvell Technology in a report on Friday, August 30th. Three investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $95.39.

Insiders Place Their Bets

In other news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Friday, November 15th. The stock was sold at an average price of $89.14, for a total value of $133,710.00. Following the completion of the transaction, the chief financial officer now directly owns 114,211 shares in the company, valued at approximately $10,180,768.54. The trade was a 1.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction on Friday, November 15th. The shares were sold at an average price of $89.14, for a total value of $534,840.00. Following the completion of the transaction, the executive vice president now owns 103,244 shares of the company’s stock, valued at approximately $9,203,170.16. This trade represents a 5.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 267,000 shares of company stock valued at $20,899,260 over the last ninety days. 0.33% of the stock is currently owned by insiders.

Marvell Technology Stock Down 3.3 %

NASDAQ:MRVL opened at $90.10 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. The business has a fifty day simple moving average of $81.82 and a two-hundred day simple moving average of $74.05. Marvell Technology, Inc. has a 1 year low of $50.35 and a 1 year high of $95.55.

Marvell Technology (NASDAQ:MRVL) last released its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, hitting 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 business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same period last year, the business posted $0.18 earnings per share. The business’s revenue for the quarter was down 5.1% on a year-over-year basis. On average, analysts anticipate that Marvell Technology, Inc. will post 0.78 earnings per share for the current year.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.27%. The ex-dividend date was Friday, October 11th. Marvell Technology’s dividend payout ratio is currently -21.62%.

About Marvell Technology

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.