Smith Salley Wealth Management Raises Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Smith Salley Wealth Management grew its stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 25.9% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 222,326 shares of the semiconductor company's stock after acquiring an additional 45,748 shares during the period. Smith Salley Wealth Management's holdings in Marvell Technology were worth $13,689,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Rialto Wealth Management LLC acquired a new stake in shares of Marvell Technology during the fourth quarter worth $27,000. Security National Bank purchased a new position in shares of Marvell Technology during the 1st quarter valued at approximately $31,000. Lee Danner & Bass Inc. bought a new stake in shares of Marvell Technology during the 4th quarter valued at about $35,000. Capital Analysts LLC increased its position in Marvell Technology by 236.3% in the 4th quarter. Capital Analysts LLC now owns 343 shares of the semiconductor company's stock valued at $38,000 after acquiring an additional 241 shares during the period. Finally, Garde Capital Inc. acquired a new position in Marvell Technology in the first quarter worth approximately $39,000. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Marvell Technology Trading Down 2.6%

Shares of NASDAQ:MRVL traded down $1.99 during trading on Wednesday, reaching $74.25. 39,318,595 shares of the company traded hands, compared to its average volume of 15,631,340. The firm has a market capitalization of $64.14 billion, a price-to-earnings ratio of -130.26, a P/E/G ratio of 0.83 and a beta of 1.81. Marvell Technology, Inc. has a 52-week low of $47.09 and a 52-week high of $127.48. The business's fifty day moving average is $65.86 and its 200-day moving average is $82.48. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last announced its quarterly earnings data 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. The business had revenue of $1.90 billion for the quarter, compared to analysts' expectations of $1.88 billion. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. The business's revenue was up 63.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.24 earnings per share. As a group, analysts forecast that Marvell Technology, Inc. will post 0.91 EPS for the current year.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Friday, July 11th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.32%. The ex-dividend date is Friday, July 11th. Marvell Technology's payout ratio is currently -42.11%.

Insider Buying and Selling

In other Marvell Technology news, CAO Panteha Dixon sold 1,286 shares of Marvell Technology stock in a transaction on Monday, May 12th. The shares were sold at an average price of $65.00, for a total transaction of $83,590.00. Following the completion of the transaction, the chief accounting officer directly owned 32,094 shares of the company's stock, valued at $2,086,110. The trade was a 3.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Chris Koopmans sold 6,000 shares of the company's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $65.10, for a total value of $390,600.00. Following the transaction, the chief operating officer directly owned 92,065 shares in the company, valued at approximately $5,993,431.50. This represents a 6.12% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 27,394 shares of company stock valued at $1,656,076 over the last three months. 0.19% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have issued reports on MRVL. Melius Research upped their price target on shares of Marvell Technology from $67.00 to $76.00 and gave the company a "hold" rating in a report on Wednesday, June 18th. TD Cowen lifted their price objective on shares of Marvell Technology from $60.00 to $70.00 and gave the stock a "buy" rating in a research report on Friday, May 30th. Needham & Company LLC reiterated a "buy" rating and issued a $85.00 price target on shares of Marvell Technology in a research note on Wednesday, June 18th. Piper Sandler reiterated an "overweight" rating and set a $85.00 price objective (down from $95.00) on shares of Marvell Technology in a research report on Friday, May 30th. Finally, Raymond James Financial reiterated an "outperform" rating and set a $90.00 price target (down previously from $110.00) on shares of Marvell Technology in a research note on Friday, May 30th. Six research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $96.33.

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.