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

30 Oct 2024, 16:35 by Mitch Edgeman · The Markets Daily

SteelPeak Wealth LLC raised its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL – Free Report) by 0.8% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 198,503 shares of the semiconductor company’s stock after buying an additional 1,533 shares during the period. SteelPeak Wealth LLC’s holdings in Marvell Technology were worth $14,316,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. First Trust Direct Indexing L.P. lifted its holdings in Marvell Technology by 23.1% during the third quarter. First Trust Direct Indexing L.P. now owns 13,759 shares of the semiconductor company’s stock valued at $992,000 after purchasing an additional 2,584 shares in the last quarter. Pathway Financial Advisers LLC boosted its position in shares of Marvell Technology by 3.7% during the 3rd quarter. Pathway Financial Advisers LLC now owns 15,146 shares of the semiconductor company’s stock valued at $1,092,000 after acquiring an additional 545 shares during the last quarter. WD Rutherford LLC grew its stake in shares of Marvell Technology by 182.5% in the 3rd quarter. WD Rutherford LLC now owns 18,266 shares of the semiconductor company’s stock valued at $1,317,000 after buying an additional 11,801 shares during the period. Adell Harriman & Carpenter Inc. increased its stake in Marvell Technology by 42.5% during the third quarter. Adell Harriman & Carpenter Inc. now owns 111,471 shares of the semiconductor company’s stock worth $8,039,000 after acquiring an additional 33,223 shares during the last quarter. Finally, Deltec Asset Management LLC raised its holdings in Marvell Technology by 3.0% in the 3rd quarter. Deltec Asset Management LLC now owns 122,205 shares of the semiconductor company’s stock valued at $8,813,000 after buying an additional 3,524 shares during the period. 83.51% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Muhammad Raghib Hussain sold 150,000 shares of the stock in a transaction that occurred on 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 completion of the transaction, the insider now directly owns 694,487 shares of the company’s stock, valued at $55,906,203.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, insider Muhammad Raghib Hussain sold 150,000 shares of the company’s stock in a transaction on 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 completion of the sale, the insider now owns 694,487 shares in the company, valued at $55,906,203.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Ford Tamer sold 92,000 shares of Marvell Technology stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $74.16, for a total value of $6,822,720.00. Following the transaction, the director now directly owns 351,193 shares in the company, valued at approximately $26,044,472.88. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 261,000 shares of company stock valued at $20,330,835 in the last quarter. Company insiders own 0.33% of the company’s stock.

Wall Street Analyst Weigh In

MRVL has been the topic of several research reports. Bank of America increased their price target on shares of Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Needham & Company LLC reissued a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a research report on Friday, August 30th. Rosenblatt Securities increased their target price on shares of Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Evercore ISI lifted their price target on Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $95.00 price objective (up from $90.00) on shares of Marvell Technology in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Marvell Technology has an average rating of “Moderate Buy” and an average target price of $91.62.

Check Out Our Latest Analysis on Marvell Technology

Marvell Technology Stock Performance

MRVL traded down $1.55 during trading hours on Wednesday, hitting $83.32. 2,254,906 shares of the stock were exchanged, compared to its average volume of 12,183,855. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. Marvell Technology, Inc. has a 12 month low of $46.07 and a 12 month high of $85.76. The stock has a 50-day simple moving average of $74.22 and a 200-day simple moving average of $70.73. The stock has a market cap of $73.84 billion, a price-to-earnings ratio of -76.46, a price-to-earnings-growth ratio of 3.55 and a beta of 1.45.

Marvell Technology (NASDAQ:MRVL – Get Free Report) last released its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, hitting 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 negative net margin of 18.30% and a positive return on equity of 4.31%. Marvell Technology’s quarterly revenue was down 5.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.18 earnings per share. Analysts anticipate that Marvell Technology, Inc. will post 0.78 earnings per share for the current year.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 11th will be given a dividend of $0.06 per share. The ex-dividend date is Friday, October 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.29%. Marvell Technology’s dividend payout ratio is currently -21.62%.

Marvell Technology Company Profile

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