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

Zurcher Kantonalbank Zurich Cantonalbank reduced its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 3.1% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 187,667 shares of the semiconductor company’s stock after selling 5,936 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Marvell Technology were worth $13,535,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the company. Quarry LP acquired a new position in shares of Marvell Technology during the second quarter worth about $32,000. Strategic Investment Solutions Inc. IL purchased a new stake in Marvell Technology in the 2nd quarter valued at approximately $32,000. Whittier Trust Co. increased its position in Marvell Technology by 74.5% during the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock worth $35,000 after purchasing an additional 210 shares during the period. Briaud Financial Planning Inc purchased a new position in shares of Marvell Technology during the 3rd quarter worth approximately $43,000. Finally, Exchange Traded Concepts LLC lifted its holdings in shares of Marvell Technology by 125.4% in the 3rd quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company’s stock valued at $44,000 after buying an additional 336 shares during the period. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Roth Mkm reiterated a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. The Goldman Sachs Group raised their price objective 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. Barclays upped their target price 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. Rosenblatt Securities lifted their price target on shares of Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Finally, Piper Sandler restated an “overweight” rating and issued a $100.00 price target on shares of Marvell Technology in a report on Friday, August 30th. Three analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Marvell Technology has an average rating of “Moderate Buy” and an average target price of $95.39.

Insider Transactions at Marvell Technology

In related news, insider Muhammad Raghib Hussain sold 150,000 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the sale, the insider now directly owns 694,487 shares in the company, valued at approximately $55,906,203.50. This trade represents a 17.76 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $80.77, for a total value of $484,620.00. Following the transaction, the executive vice president now directly owns 109,244 shares in the company, valued at $8,823,637.88. This trade represents a 5.21 % 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 90 days. Corporate insiders own 0.33% of the company’s stock.

Marvell Technology Price Performance

Shares of Marvell Technology stock opened at $92.69 on Friday. The business’s fifty day moving average price is $82.50 and its 200 day moving average price is $74.32. Marvell Technology, Inc. has a twelve month low of $50.35 and a twelve month high of $95.55. 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 stock 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.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting the consensus estimate 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 for the quarter, compared to analyst estimates of $1.25 billion. During the same period in the previous year, the company posted $0.18 EPS. The company’s revenue was down 5.1% compared to the same quarter last year. As a group, research analysts anticipate that Marvell Technology, Inc. will post 0.78 earnings per share for the current year.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were paid a dividend of $0.06 per share. The ex-dividend date was Friday, October 11th. This represents a $0.24 annualized dividend and a 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.