Peterson Wealth Management Has $1.21 Million Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Peterson Wealth Management cut its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 30.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,345 shares of the semiconductor company’s stock after selling 7,686 shares during the quarter. Peterson Wealth Management’s holdings in Marvell Technology were worth $1,212,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Diversified Trust Co bought a new position in shares of Marvell Technology during the 2nd quarter worth about $932,000. Orion Portfolio Solutions LLC lifted its stake in Marvell Technology by 47.1% during the first quarter. Orion Portfolio Solutions LLC now owns 32,191 shares of the semiconductor company’s stock worth $2,282,000 after purchasing an additional 10,306 shares during the period. Benjamin F. Edwards & Company Inc. boosted its holdings in Marvell Technology by 157.3% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 772 shares of the semiconductor company’s stock valued at $46,000 after purchasing an additional 472 shares in the last quarter. Hoylecohen LLC bought a new stake in shares of Marvell Technology in the 4th quarter valued at approximately $658,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Marvell Technology by 20.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 529,127 shares of the semiconductor company’s stock valued at $37,505,000 after acquiring an additional 88,918 shares during the period. 83.51% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MRVL. StockNews.com raised shares of Marvell Technology from a “sell” rating to a “hold” rating in a report on Monday. B. Riley raised their target price on Marvell Technology from $95.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, May 31st. Morgan Stanley boosted their target price on Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. Stifel Nicolaus reissued a “buy” rating and set a $95.00 target price (up from $90.00) on shares of Marvell Technology in a report on Friday, August 30th. Finally, Piper Sandler restated an “overweight” rating and issued a $100.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Two research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $91.62.

Marvell Technology Stock Performance

Shares of MRVL opened at $69.89 on Friday. The firm has a market cap of $60.50 billion, a PE ratio of -61.85, a PEG ratio of 3.61 and a beta of 1.47. The stock’s fifty day moving average price is $68.23 and its two-hundred day moving average price is $69.58. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.80 and a quick ratio of 1.24. Marvell Technology, Inc. has a 1 year low of $46.07 and a 1 year high of $85.76.

Marvell Technology (NASDAQ:MRVL) last issued its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.30. The firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a positive return on equity of 4.26% and a negative net margin of 18.30%. The business’s revenue was down 5.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.18 earnings per share. On average, equities research analysts forecast that Marvell Technology, Inc. will post 0.75 EPS for the current year.

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 31st. Investors of record on Friday, July 12th were paid a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, July 12th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.34%. Marvell Technology’s payout ratio is -21.24%.

Insider Activity at Marvell Technology

In related news, insider Muhammad Raghib Hussain sold 50,000 shares of the business’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $75.00, for a total transaction of $3,750,000.00. Following the sale, the insider now directly owns 838,571 shares in the company, valued at approximately $62,892,825. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $73.88, for a total value of $110,820.00. Following the transaction, the chief financial officer now directly owns 109,318 shares in the company, valued at approximately $8,076,413.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Muhammad Raghib Hussain sold 50,000 shares of the company’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $75.00, for a total value of $3,750,000.00. Following the completion of the transaction, the insider now owns 838,571 shares in the company, valued at $62,892,825. The disclosure for this sale can be found here. In the last three months, insiders have sold 65,500 shares of company stock worth $4,872,620. 0.33% of the stock is owned by company insiders.

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.