Summa Corp. Sells 10,363 Shares of Marvell Technology, Inc. $MRVL

Key Points

• Summa Corp. reduced its stake in Marvell Technology by 24.1% in the second quarter, selling 10,363 shares and holding 32,600 shares valued at approximately $2.5 million afterward.
• Marvell Technology has announced a $5 billion share repurchase plan, indicating that the company's board believes its stock is undervalued.
• Despite a recent 5.6% decline in stock price, analysts maintain a strong outlook, with a consensus rating of "Moderate Buy" and a price target of $92.33.

Summa Corp. cut its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 24.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 32,600 shares of the semiconductor company's stock after selling 10,363 shares during the period. Marvell Technology accounts for approximately 1.3% of Summa Corp.'s portfolio, making the stock its 11th largest holding. Summa Corp.'s holdings in Marvell Technology were worth $2,523,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Concurrent Investment Advisors LLC increased its position in shares of Marvell Technology by 96.9% during the second quarter. Concurrent Investment Advisors LLC now owns 20,048 shares of the semiconductor company's stock valued at $1,552,000 after buying an additional 9,864 shares during the period. Stonehage Fleming Financial Services Holdings Ltd increased its position in shares of Marvell Technology by 56.1% during the second quarter. Stonehage Fleming Financial Services Holdings Ltd now owns 13,142 shares of the semiconductor company's stock valued at $1,017,000 after buying an additional 4,723 shares during the period. Fifth Third Wealth Advisors LLC increased its position in shares of Marvell Technology by 41.0% during the second quarter. Fifth Third Wealth Advisors LLC now owns 54,166 shares of the semiconductor company's stock valued at $4,192,000 after buying an additional 15,740 shares during the period. Lmcg Investments LLC increased its position in shares of Marvell Technology by 15.7% during the second quarter. Lmcg Investments LLC now owns 158,658 shares of the semiconductor company's stock valued at $12,280,000 after buying an additional 21,548 shares during the period. Finally, PDS Planning Inc bought a new stake in shares of Marvell Technology during the second quarter valued at about $238,000. 83.51% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on MRVL shares. Benchmark reiterated a "buy" rating and set a $95.00 price target on shares of Marvell Technology in a research report on Friday, August 29th. Jefferies Financial Group decreased their price objective on shares of Marvell Technology from $90.00 to $80.00 and set a "buy" rating on the stock in a research report on Friday, August 29th. Wells Fargo & Company decreased their price objective on shares of Marvell Technology from $95.00 to $90.00 and set an "overweight" rating on the stock in a research report on Friday, August 29th. Rosenblatt Securities decreased their price objective on shares of Marvell Technology from $124.00 to $95.00 and set a "buy" rating on the stock in a research report on Friday, August 29th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of Marvell Technology from $80.00 to $90.00 and gave the stock a "buy" rating in a research report on Thursday, September 25th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and twelve have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $92.33.

Insider Activity

In other news, EVP Mark Casper sold 3,000 shares of the stock in a transaction that occurred on 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 sale, the executive vice president owned 17,163 shares of the company's stock, valued at approximately $1,241,743.05. This represents a 14.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Willem A. Meintjes acquired 3,400 shares of the company's stock in a transaction dated Thursday, September 25th. The shares were bought at an average cost of $78.03 per share, with a total value of $265,302.00. Following the purchase, the chief financial officer owned 132,159 shares of the company's stock, valued at approximately $10,312,366.77. This trade represents a 2.64% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 27,200 shares of company stock valued at $2,109,632. Corporate insiders own 0.19% of the company's stock.

Marvell Technology Stock Down 5.6%

Shares of NASDAQ MRVL opened at $85.61 on Friday. Marvell Technology, Inc. has a one year low of $47.08 and a one year high of $127.48. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.88 and a quick ratio of 1.44. The firm's 50 day simple moving average is $75.38 and its two-hundred day simple moving average is $68.79. The stock has a market capitalization of $73.80 billion, a P/E ratio of -658.54, a PEG ratio of 1.05 and a beta of 1.94.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last issued its quarterly earnings results on Thursday, August 28th. The semiconductor company reported $0.67 EPS for the quarter, meeting analysts' consensus estimates of $0.67. Marvell Technology had a negative net margin of 1.43% and a positive return on equity of 11.01%. The business had revenue of $2.01 billion for the quarter, compared to analysts' expectations of $2.01 billion. During the same period last year, the business earned $0.30 earnings per share. The business's quarterly revenue was up 57.6% on a year-over-year basis. Marvell Technology has set its Q3 2026 guidance at 0.690-0.790 EPS. As a group, analysts expect that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 30th. Shareholders of record on Friday, October 10th will be given 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 is Friday, October 10th. Marvell Technology's dividend payout ratio (DPR) is presently -184.62%.

Marvell Technology announced that its board has authorized a share repurchase plan on Wednesday, September 24th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the semiconductor company to reacquire up to 7.8% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's board believes its stock is undervalued.

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.

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