Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank trimmed its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 3.1% during the third quarter, HoldingsChannel.com reports. The firm owned 187,667 shares of the semiconductor company’s stock after selling 5,936 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Marvell Technology were worth $13,535,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Quarry LP acquired a new stake in Marvell Technology in the second quarter valued at $32,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Marvell Technology in the 2nd quarter worth about $32,000. Whittier Trust Co. raised its stake in shares of Marvell Technology by 74.5% in the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after purchasing an additional 210 shares in the last quarter. Briaud Financial Planning Inc bought a new position in shares of Marvell Technology during the third quarter worth about $43,000. Finally, Exchange Traded Concepts LLC grew its stake in Marvell Technology by 125.4% in the third quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company’s stock worth $44,000 after purchasing an additional 336 shares in the last quarter. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on MRVL shares. Evercore ISI lifted their target price on Marvell Technology from $91.00 to $98.00 and gave the stock an “outperform” rating in a research report on Friday, August 30th. Benchmark lifted their price objective on shares of Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Susquehanna increased their target price on shares of Marvell Technology from $95.00 to $110.00 and gave the stock a “positive” rating in a report on Wednesday. Loop Capital initiated coverage on shares of Marvell Technology in a report on Monday, November 11th. They issued a “hold” rating and a $95.00 price target for the company. Finally, Morgan Stanley increased their price objective on shares of Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. Three 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. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $95.39.

Marvell Technology Stock Performance

MRVL stock opened at $92.69 on Friday. The company has a 50-day simple moving average of $82.50 and a 200 day simple moving average of $74.32. The company has a market capitalization of $82.14 billion, a P/E ratio of -83.50, a PEG ratio of 3.92 and a beta of 1.44. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. Marvell Technology, Inc. has a fifty-two week low of $50.35 and a fifty-two week high of $95.55.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.30. The company had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The business’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.18 EPS. Sell-side analysts predict that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

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. The ex-dividend date was Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.26%. Marvell Technology’s dividend payout ratio (DPR) is -21.62%.

Insider Buying and Selling at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $89.14, for a total transaction of $133,710.00. Following the completion of the sale, the chief financial officer now directly owns 114,211 shares of the company’s stock, valued at $10,180,768.54. This represents a 1.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ford Tamer sold 92,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the sale, the director now owns 351,193 shares of the company’s stock, valued at $26,044,472.88. The trade was a 20.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 267,000 shares of company stock valued at $20,899,260. 0.33% of the stock is owned by corporate insiders.

Marvell Technology Company Profile

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.