UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Decreases Position in Marvell Technology, Inc. (NASDAQ:MRVL)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC trimmed its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 2.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,264,773 shares of the semiconductor company’s stock after selling 158,806 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Marvell Technology were worth $523,935,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Quarry LP purchased a new stake in shares of Marvell Technology in the second quarter worth approximately $32,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Marvell Technology in the second quarter worth approximately $32,000. Whittier Trust Co. raised its holdings in shares of Marvell Technology by 74.5% in the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock worth $35,000 after buying an additional 210 shares during the period. Briaud Financial Planning Inc purchased a new stake in shares of Marvell Technology in the third quarter worth approximately $43,000. Finally, Exchange Traded Concepts LLC raised its holdings in shares of 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 buying an additional 336 shares during the period. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. TD Cowen upgraded Marvell Technology to a “strong-buy” rating in a report on Monday, September 16th. Susquehanna raised their price objective on Marvell Technology from $95.00 to $110.00 and gave the stock a “positive” rating in a report on Wednesday. Piper Sandler restated an “overweight” rating and set a $100.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Citigroup restated a “buy” rating and set a $91.00 price objective on shares of Marvell Technology in a report on Monday, October 14th. Finally, Benchmark raised their price objective on Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Three analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Marvell Technology currently has an average rating of “Moderate Buy” and a consensus price target of $95.39.

Insider Buying and Selling

In related news, EVP Mark Casper sold 2,500 shares of the firm’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $70.83, for a total value of $177,075.00. Following the completion of the transaction, the executive vice president now owns 22,494 shares in the company, valued at $1,593,250.02. This trade represents a 10.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s 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 owns 114,211 shares of the company’s stock, valued at $10,180,768.54. This trade represents a 1.30 % 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 in the last 90 days. Insiders own 0.33% of the company’s stock.

Marvell Technology Trading Down 3.3 %

Marvell Technology stock 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. Marvell Technology, Inc. has a 1-year low of $50.35 and a 1-year high of $95.55. The business has a fifty day moving average price of $81.82 and a 200-day moving average price of $74.05.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.30. The firm had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The business’s quarterly revenue was down 5.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.18 EPS. As a group, equities analysts anticipate that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Investors 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 yield of 0.27%. Marvell Technology’s dividend payout ratio (DPR) is -21.62%.

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.