Sumitomo Mitsui Trust Group Inc. Buys 25,806 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Sumitomo Mitsui Trust Group Inc. grew its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 1.3% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,047,572 shares of the semiconductor company’s stock after purchasing an additional 25,806 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.23% of Marvell Technology worth $147,671,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in MRVL. Quarry LP bought a new stake in Marvell Technology during the second quarter worth about $32,000. Strategic Investment Solutions Inc. IL bought a new stake in Marvell Technology during the 2nd quarter worth approximately $32,000. Whittier Trust Co. grew its position in Marvell Technology by 74.5% during the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock worth $35,000 after acquiring an additional 210 shares during the last quarter. Mark Sheptoff Financial Planning LLC acquired a new stake in Marvell Technology during the 1st quarter valued at $35,000. Finally, Exchange Traded Concepts LLC raised its position in Marvell Technology by 125.4% in the 3rd quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company’s stock valued at $44,000 after purchasing an additional 336 shares during the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on MRVL. Barclays lifted their price target on Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, August 30th. Bank of America raised their price target on shares of Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a report on Friday, August 30th. Citigroup reiterated a “buy” rating and issued a $91.00 price objective on shares of Marvell Technology in a research report on Monday, October 14th. Piper Sandler restated an “overweight” rating and set a $100.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. Finally, Morgan Stanley raised their price target on Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. One research analyst has rated the stock with a sell rating, two have given a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $91.77.

Marvell Technology Price Performance

NASDAQ MRVL opened at $92.78 on Wednesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. Marvell Technology, Inc. has a 52-week low of $50.35 and a 52-week high of $95.09. The business has a 50 day simple moving average of $77.65 and a 200 day simple moving average of $72.31. The stock has a market cap of $82.22 billion, a price-to-earnings ratio of -83.59, a PEG ratio of 4.01 and a beta of 1.44.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting analysts’ consensus estimates of $0.30. The business had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The firm’s quarterly revenue was down 5.1% on a year-over-year basis. During the same period last year, the business posted $0.18 earnings per share. Analysts anticipate that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Friday, October 11th were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.26%. The ex-dividend date of this dividend was Friday, October 11th. Marvell Technology’s dividend payout ratio is presently -21.62%.

Insider Buying and Selling at Marvell Technology

In other news, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $80.77, for a total transaction of $484,620.00. Following the completion of the transaction, the executive vice president now directly owns 109,244 shares of the company’s stock, valued at $8,823,637.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $66.75, for a total value of $100,125.00. Following the completion of the transaction, the chief financial officer now directly owns 113,253 shares in the company, valued at $7,559,637.75. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Chris Koopmans sold 6,000 shares of the company’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $80.77, for a total value of $484,620.00. Following the sale, the executive vice president now owns 109,244 shares in the company, valued at approximately $8,823,637.88. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 261,000 shares of company stock worth $20,330,835. Corporate insiders own 0.33% of the company’s stock.

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.