Spire Wealth Management Cuts Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Spire Wealth Management trimmed its holdings in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 73.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,309 shares of the semiconductor company's stock after selling 53,754 shares during the period. Spire Wealth Management's holdings in Marvell Technology were worth $1,189,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in MRVL. Rialto Wealth Management LLC bought a new stake in Marvell Technology in the 4th quarter valued at $27,000. Lee Danner & Bass Inc. bought a new position in shares of Marvell Technology during the 4th quarter valued at about $35,000. Capital Analysts LLC grew its position in shares of Marvell Technology by 236.3% during the fourth quarter. Capital Analysts LLC now owns 343 shares of the semiconductor company's stock valued at $38,000 after purchasing an additional 241 shares in the last quarter. Garde Capital Inc. purchased a new position in shares of Marvell Technology during the first quarter valued at about $39,000. Finally, Chelsea Counsel Co. bought a new stake in shares of Marvell Technology in the fourth quarter worth about $44,000. Institutional investors own 83.51% of the company's stock.

Insider Activity

In other news, EVP Mark Casper sold 12,460 shares of the stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $55.00, for a total transaction of $685,300.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the business's stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $60.00, for a total transaction of $90,000.00. Following the completion of the transaction, the chief financial officer now directly owns 124,348 shares of the company's stock, valued at $7,460,880. This trade represents a 1.19% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 27,394 shares of company stock worth $1,656,076. Company insiders own 0.19% of the company's stock.

Analysts Set New Price Targets

MRVL has been the subject of several research analyst reports. Needham & Company LLC restated a "buy" rating and set a $85.00 price target on shares of Marvell Technology in a report on Wednesday, June 18th. Susquehanna decreased their price objective on Marvell Technology from $110.00 to $90.00 and set a "positive" rating on the stock in a report on Tuesday, May 27th. Piper Sandler reissued an "overweight" rating and issued a $85.00 target price (down from $95.00) on shares of Marvell Technology in a report on Friday, May 30th. Evercore ISI reduced their price target on shares of Marvell Technology from $135.00 to $133.00 and set an "outperform" rating on the stock in a research report on Friday, May 30th. Finally, Bank of America upped their price target on shares of Marvell Technology from $80.00 to $90.00 and gave the company a "buy" rating in a research note on Wednesday, June 18th. Six equities research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $96.33.

Marvell Technology Trading Down 3.5%

Shares of NASDAQ MRVL traded down $2.81 during mid-day trading on Friday, reaching $77.16. The company had a trading volume of 27,213,956 shares, compared to its average volume of 15,462,619. The stock has a market cap of $66.65 billion, a price-to-earnings ratio of -135.37, a price-to-earnings-growth ratio of 0.84 and a beta of 1.76. Marvell Technology, Inc. has a 52 week low of $47.09 and a 52 week high of $127.48. The business's 50-day moving average is $64.38 and its 200-day moving average is $83.06. 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 issued its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 EPS 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 the consensus estimate of $1.88 billion. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. The company's revenue for the quarter was up 63.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.24 EPS. Equities analysts expect that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Dividend Announcement

The company 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 dividend on an annualized basis and a dividend yield of 0.31%. The ex-dividend date is Friday, July 11th. Marvell Technology's payout ratio is -42.11%.

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.