Bank of Hawaii Sells 23,819 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Bank of Hawaii reduced its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 77.2% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 7,049 shares of the semiconductor company’s stock after selling 23,819 shares during the quarter. Bank of Hawaii’s holdings in Marvell Technology were worth $508,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Fisher Asset Management LLC increased its holdings in Marvell Technology by 2.6% during the 3rd quarter. Fisher Asset Management LLC now owns 2,203,310 shares of the semiconductor company’s stock worth $158,903,000 after acquiring an additional 56,606 shares during the period. Daiwa Securities Group Inc. boosted its stake in Marvell Technology by 15.0% during the third quarter. Daiwa Securities Group Inc. now owns 133,517 shares of the semiconductor company’s stock valued at $9,629,000 after buying an additional 17,415 shares during the period. Summit Trail Advisors LLC grew its position in Marvell Technology by 6.4% during the third quarter. Summit Trail Advisors LLC now owns 6,178 shares of the semiconductor company’s stock worth $446,000 after buying an additional 373 shares in the last quarter. Cerity Partners LLC raised its holdings in shares of Marvell Technology by 84.3% in the 3rd quarter. Cerity Partners LLC now owns 61,016 shares of the semiconductor company’s stock valued at $4,401,000 after acquiring an additional 27,902 shares in the last quarter. Finally, Great Valley Advisor Group Inc. raised its holdings in shares of Marvell Technology by 2.5% in the 3rd quarter. Great Valley Advisor Group Inc. now owns 6,480 shares of the semiconductor company’s stock valued at $467,000 after acquiring an additional 156 shares in the last quarter. 83.51% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on MRVL shares. Barclays upped their price objective on shares of Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a research report on Friday, August 30th. Morgan Stanley increased their target price on Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. Piper Sandler restated an “overweight” rating and issued a $100.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. Evercore ISI increased their price objective on Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Finally, StockNews.com raised shares of Marvell Technology from a “sell” rating to a “hold” rating in a research note on Friday. Three investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Marvell Technology currently has a consensus rating of “Moderate Buy” and an average price target of $91.77.

Insider Activity

In other news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $73.87, for a total value of $110,805.00. Following the transaction, the chief financial officer now directly owns 111,753 shares in the company, valued at $8,255,194.11. This trade represents a 1.32 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Ford Tamer sold 92,000 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $74.16, for a total value of $6,822,720.00. Following the sale, the director now owns 351,193 shares of the company’s stock, valued at approximately $26,044,472.88. This trade represents a 20.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 267,000 shares of company stock worth $20,899,260 over the last three months. 0.33% of the stock is currently owned by corporate insiders.

Marvell Technology Price Performance

Shares of MRVL stock opened at $92.24 on Tuesday. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. The business’s fifty day moving average is $80.67 and its 200 day moving average is $73.59. The stock has a market cap of $81.74 billion, a price-to-earnings ratio of -83.10, a PEG ratio of 4.02 and a beta of 1.44. Marvell Technology, Inc. has a twelve month low of $50.35 and a twelve month high of $95.09.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 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 firm had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.25 billion. During the same period in the previous year, the firm posted $0.18 EPS. The business’s revenue for the quarter was down 5.1% compared to the same quarter last year. Research analysts expect that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were paid a $0.06 dividend. The ex-dividend date was Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.26%. Marvell Technology’s dividend payout ratio is currently -21.62%.

Marvell Technology 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.