Charles Schwab Investment Management Inc. Buys 66,654 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Charles Schwab Investment Management Inc. lifted its position in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 2.1% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,261,887 shares of the semiconductor company's stock after purchasing an additional 66,654 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.37% of Marvell Technology worth $235,247,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL purchased a new position in shares of Marvell Technology during the second quarter worth approximately $32,000. Quarry LP purchased a new stake in shares of Marvell Technology in the second quarter valued at about $32,000. Whittier Trust Co. boosted its holdings in Marvell Technology by 74.5% in the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company's stock valued at $35,000 after purchasing an additional 210 shares in the last quarter. Briaud Financial Planning Inc acquired a new position in Marvell Technology during the third quarter worth $43,000. Finally, Exchange Traded Concepts LLC grew its stake in shares of Marvell Technology by 125.4% during the 3rd quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company's stock worth $44,000 after purchasing an additional 336 shares during the period. Hedge funds and other institutional investors own 83.51% of the company's stock.

Marvell Technology Stock Performance

Shares of NASDAQ:MRVL traded down $0.43 during trading on Friday, hitting $92.51. 7,455,242 shares of the company traded hands, compared to its average volume of 9,602,730. The stock has a market capitalization of $81.98 billion, a price-to-earnings ratio of -83.34, a PEG ratio of 4.04 and a beta of 1.44. The business's fifty day moving average is $80.67 and its 200-day moving average is $73.59. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. Marvell Technology, Inc. has a one year low of $50.35 and a one year high of $95.09.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting analysts' consensus estimates of $0.30. The company had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. Marvell Technology's revenue was down 5.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.18 EPS. As a group, equities analysts predict that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, October 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.26%. Marvell Technology's dividend payout ratio (DPR) is -21.62%.

Insider Buying and Selling

In other Marvell Technology news, Director Ford Tamer sold 92,000 shares of the business's stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the sale, the director now directly owns 351,193 shares of the company's stock, valued at $26,044,472.88. The trade was a 20.76 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Muhammad Raghib Hussain sold 150,000 shares of the firm's stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total value of $12,075,000.00. Following the sale, the insider now owns 694,487 shares of the company's stock, valued at $55,906,203.50. The trade was a 17.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 267,000 shares of company stock worth $20,899,260. Corporate insiders own 0.33% of the company's stock.

Analysts Set New Price Targets

A number of research firms have commented on MRVL. Stifel Nicolaus reiterated a "buy" rating and set a $95.00 target price (up from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th. Benchmark lifted their price target on shares of Marvell Technology from $105.00 to $115.00 and gave the company a "buy" rating in a report on Friday, August 30th. StockNews.com upgraded Marvell Technology from a "sell" rating to a "hold" rating in a report on Friday. TD Cowen upgraded Marvell Technology to a "strong-buy" rating in a report on Monday, September 16th. Finally, Barclays increased their price objective on shares of Marvell Technology from $80.00 to $85.00 and gave the company an "overweight" rating in a research report on Friday, August 30th. Three analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Marvell Technology has a consensus rating of "Moderate Buy" and a consensus target price of $91.77.

About Marvell Technology

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.