1620 Investment Advisors Inc. Purchases New Shares in Marvell Technology, Inc. (NASDAQ:MRVL)

1620 Investment Advisors Inc. acquired a new position in Marvell Technology, Inc. (NASDAQ:MRVL) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 1,663 shares of the semiconductor company’s stock, valued at approximately $120,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MRVL. Salomon & Ludwin LLC bought a new position in shares of Marvell Technology in the first quarter valued at approximately $31,000. Strategic Investment Solutions Inc. IL bought a new position in Marvell Technology in the 2nd quarter valued at $32,000. Quarry LP purchased a new stake in shares of Marvell Technology during the 2nd quarter valued at $32,000. Mark Sheptoff Financial Planning LLC purchased a new position in shares of Marvell Technology in the 1st quarter worth about $35,000. Finally, Whittier Trust Co. boosted its holdings 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 worth $35,000 after buying an additional 210 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Marvell Technology Stock Performance

Shares of Marvell Technology stock opened at $82.80 on Thursday. Marvell Technology, Inc. has a 12 month low of $46.07 and a 12 month high of $85.76. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. The business has a fifty day simple moving average of $74.22 and a two-hundred day simple moving average of $70.73. The firm has a market capitalization of $73.38 billion, a P/E ratio of -74.59, a P/E/G ratio of 3.55 and a beta of 1.45.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, meeting analysts’ consensus estimates of $0.30. The firm had revenue of $1.27 billion for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.18 earnings per share. On average, equities analysts forecast that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, October 11th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.29%. The ex-dividend date is Friday, October 11th. Marvell Technology’s dividend payout ratio is currently -21.62%.

Wall Street Analysts Forecast Growth

Several analysts have commented on MRVL shares. Citigroup reaffirmed a “buy” rating and issued a $91.00 price objective on shares of Marvell Technology in a research report on Monday, October 14th. Piper Sandler reiterated an “overweight” rating and issued a $100.00 price target on shares of Marvell Technology in a research report on Friday, August 30th. TD Cowen upgraded Marvell Technology to a “strong-buy” rating in a research report on Monday, September 16th. The Goldman Sachs Group raised their target price on shares of Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Finally, Bank of America lifted their price target on Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $91.62.

Insider Transactions at Marvell Technology

In related news, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $80.77, for a total transaction of $484,620.00. Following the completion of the sale, the executive vice president now directly owns 109,244 shares in the company, valued at approximately $8,823,637.88. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $80.77, for a total transaction of $484,620.00. Following the sale, the executive vice president now directly owns 109,244 shares in the company, valued at $8,823,637.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $66.75, for a total value of $100,125.00. Following the sale, the chief financial officer now owns 113,253 shares of the company’s stock, valued at $7,559,637.75. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 261,000 shares of company stock worth $20,330,835 in the last ninety days. Insiders own 0.33% of the company’s stock.

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.