HighTower Advisors LLC Sells 4,572 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Key Points

• HighTower Advisors LLC reduced its stake in Marvell Technology by 1.5%, owning 310,077 shares valued at approximately $19.1 million after selling 4,572 shares in Q1.
• Analyst ratings for Marvell Technology show varied opinions, with target prices ranging from $67 to $110 and a consensus rating of "Moderate Buy".
• During the last quarter, insiders sold a total of 6,409 shares of Marvell stock, indicating a slight decrease in insider ownership to 0.19% of total shares.

HighTower Advisors LLC lessened its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 1.5% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 310,077 shares of the semiconductor company's stock after selling 4,572 shares during the period. HighTower Advisors LLC's holdings in Marvell Technology were worth $19,091,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. AIA Group Ltd boosted its position in Marvell Technology by 69.9% during the first quarter. AIA Group Ltd now owns 9,843 shares of the semiconductor company's stock worth $606,000 after purchasing an additional 4,049 shares during the period. Cove Private Wealth LLC lifted its position in Marvell Technology by 1,423.5% during the first quarter. Cove Private Wealth LLC now owns 33,516 shares of the semiconductor company's stock valued at $2,064,000 after purchasing an additional 31,316 shares during the last quarter. Linscomb Wealth Inc. lifted its position in Marvell Technology by 1.3% during the first quarter. Linscomb Wealth Inc. now owns 30,552 shares of the semiconductor company's stock valued at $1,881,000 after purchasing an additional 382 shares during the last quarter. SouthState Corp raised its stake in shares of Marvell Technology by 281.8% during the first quarter. SouthState Corp now owns 1,829 shares of the semiconductor company's stock worth $113,000 after acquiring an additional 1,350 shares in the last quarter. Finally, Cobblestone Capital Advisors LLC NY raised its stake in shares of Marvell Technology by 31.8% during the first quarter. Cobblestone Capital Advisors LLC NY now owns 3,606 shares of the semiconductor company's stock worth $222,000 after acquiring an additional 869 shares in the last quarter. Institutional investors and hedge funds own 83.51% of the company's stock.

Insider Activity at Marvell Technology

In other news, EVP Mark Casper sold 3,000 shares of the business's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $72.35, for a total transaction of $217,050.00. Following the completion of the transaction, the executive vice president directly owned 17,163 shares in the company, valued at approximately $1,241,743.05. The trade was a 14.88% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the business's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $68.52, for a total value of $102,780.00. Following the transaction, the chief financial officer owned 121,348 shares of the company's stock, valued at $8,314,764.96. The trade was a 1.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 6,409 shares of company stock valued at $445,964 in the last three months. Corporate insiders own 0.19% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. TD Cowen lifted their target price on shares of Marvell Technology from $60.00 to $70.00 and gave the stock a "buy" rating in a research note on Friday, May 30th. The Goldman Sachs Group began coverage on shares of Marvell Technology in a report on Thursday, July 10th. They set a "neutral" rating and a $75.00 target price on the stock. Needham & Company LLC cut shares of Marvell Technology from a "buy" rating to a "cautious" rating in a research note on Wednesday, July 16th. Piper Sandler reissued an "overweight" rating and issued a $85.00 target price (down previously from $95.00) on shares of Marvell Technology in a research report on Friday, May 30th. Finally, Morgan Stanley reaffirmed an "equal weight" rating on shares of Marvell Technology in a research report on Friday, August 8th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Marvell Technology currently has an average rating of "Moderate Buy" and a consensus price target of $94.70.

Marvell Technology Price Performance

Shares of MRVL traded down $2.85 during midday trading on Friday, reaching $76.19. The stock had a trading volume of 13,197,647 shares, compared to its average volume of 15,868,989. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.30 and a quick ratio of 0.94. The company has a market capitalization of $65.82 billion, a P/E ratio of -133.67, a P/E/G ratio of 0.83 and a beta of 1.83. The firm's 50 day moving average price is $74.30 and its 200-day moving average price is $73.25. Marvell Technology, Inc. has a 52 week low of $47.08 and a 52 week high of $127.48.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last announced its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, topping analysts' consensus estimates of $0.61 by $0.01. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. The company had revenue of $1.90 billion during the quarter, compared to analysts' expectations of $1.88 billion. During the same quarter in the previous year, the firm earned $0.24 earnings per share. The business's quarterly revenue was up 63.3% compared to the same quarter last year. On average, analysts forecast that Marvell Technology, Inc. will post 0.91 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Friday, July 11th were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend was Friday, July 11th. Marvell Technology's dividend payout ratio (DPR) is currently -42.11%.

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.