Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by SteelPeak Wealth LLC

SteelPeak Wealth LLC trimmed its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 3.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 176,038 shares of the semiconductor company's stock after selling 5,668 shares during the quarter. SteelPeak Wealth LLC's holdings in Marvell Technology were worth $10,839,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in MRVL. Lee Danner & Bass Inc. purchased a new position in Marvell Technology in the 4th quarter valued at approximately $35,000. Capital Analysts LLC increased its stake 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 purchasing an additional 241 shares in the last quarter. Chelsea Counsel Co. purchased a new position in Marvell Technology in the 4th quarter valued at approximately $44,000. Bernard Wealth Management Corp. purchased a new position in Marvell Technology in the 4th quarter valued at approximately $45,000. Finally, Johnson Financial Group Inc. increased its stake in Marvell Technology by 125.0% in the 4th quarter. Johnson Financial Group Inc. now owns 423 shares of the semiconductor company's stock valued at $48,000 after purchasing an additional 235 shares in the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

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

Analyst Ratings Changes

MRVL has been the subject of several research analyst reports. Needham & Company LLC reaffirmed a "buy" rating and issued a $85.00 price objective on shares of Marvell Technology in a research note on Wednesday, June 18th. Piper Sandler reissued an "overweight" rating and set a $85.00 price target (down previously from $95.00) on shares of Marvell Technology in a research report on Friday, May 30th. Wall Street Zen downgraded Marvell Technology from a "buy" rating to a "hold" rating in a research report on Saturday. Citigroup dropped their price target on Marvell Technology from $122.00 to $96.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Finally, Morgan Stanley raised their price target on Marvell Technology from $70.00 to $73.00 and gave the stock an "equal weight" rating in a research report on Friday, May 30th. Eight research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $94.47.

Marvell Technology Stock Down 0.9%

Shares of NASDAQ:MRVL traded down $0.65 during trading on Friday, hitting $72.71. The company's stock had a trading volume of 9,957,323 shares, compared to its average volume of 15,773,250. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 1.30. Marvell Technology, Inc. has a fifty-two week low of $47.09 and a fifty-two week high of $127.48. The stock's 50-day moving average price is $67.80 and its two-hundred day moving average price is $80.54. The company has a market capitalization of $62.81 billion, a PE ratio of -127.56, a PEG ratio of 0.80 and a beta of 1.81.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, topping the consensus estimate 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 business had revenue of $1.90 billion for the quarter, compared to analysts' expectations of $1.88 billion. During the same quarter in the previous year, the firm posted $0.24 earnings per share. The company's revenue was up 63.3% compared to the same quarter last year. As a group, sell-side analysts expect 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. Investors of record on Friday, July 11th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. The ex-dividend date is Friday, July 11th. Marvell Technology's dividend payout ratio (DPR) is -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.