Octavia Wealth Advisors LLC Sells 587 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Octavia Wealth Advisors LLC lessened its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 10.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,260 shares of the semiconductor company’s stock after selling 587 shares during the quarter. Octavia Wealth Advisors LLC’s holdings in Marvell Technology were worth $368,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in MRVL. Norges Bank bought a new stake in Marvell Technology in the fourth quarter valued at about $511,215,000. Lazard Asset Management LLC increased its holdings in shares of Marvell Technology by 47,934.4% in the first quarter. Lazard Asset Management LLC now owns 4,001,745 shares of the semiconductor company’s stock worth $283,643,000 after acquiring an additional 3,993,414 shares in the last quarter. Brown Advisory Inc. increased its holdings in shares of Marvell Technology by 25.9% in the fourth quarter. Brown Advisory Inc. now owns 14,764,957 shares of the semiconductor company’s stock worth $890,475,000 after acquiring an additional 3,036,495 shares in the last quarter. Aspex Management HK Ltd increased its holdings in shares of Marvell Technology by 103.8% in the fourth quarter. Aspex Management HK Ltd now owns 5,712,564 shares of the semiconductor company’s stock worth $344,525,000 after acquiring an additional 2,908,912 shares in the last quarter. Finally, Whale Rock Capital Management LLC bought a new stake in shares of Marvell Technology in the first quarter worth about $181,559,000. Institutional investors own 83.51% of the company’s stock.

Analyst Ratings Changes

MRVL has been the subject of several recent analyst reports. Cantor Fitzgerald restated an “overweight” rating and issued a $85.00 price target on shares of Marvell Technology in a report on Friday, August 30th. Oppenheimer restated an “outperform” rating and issued a $90.00 price target (up from $80.00) on shares of Marvell Technology in a report on Friday, May 31st. Barclays increased their price objective on Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, August 30th. Stifel Nicolaus reiterated a “buy” rating and set a $95.00 price objective (up from $90.00) on shares of Marvell Technology in a report on Friday, August 30th. Finally, Bank of America increased their price objective on Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Two analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $91.62.

Marvell Technology Stock Performance

MRVL opened at $70.02 on Wednesday. Marvell Technology, Inc. has a 12-month low of $46.07 and a 12-month high of $85.76. The stock has a market cap of $60.61 billion, a price-to-earnings ratio of -61.96, a PEG ratio of 3.61 and a beta of 1.47. The business has a 50 day moving average of $68.15 and a 200-day moving average of $69.57. The company has a quick ratio of 1.24, a current ratio of 1.80 and a debt-to-equity ratio of 0.28.

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

Marvell Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 31st. Stockholders of record on Friday, July 12th were given a $0.06 dividend. 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

In other news, insider Muhammad Raghib Hussain sold 50,000 shares of the firm’s stock in a transaction that occurred on 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 sale, the insider now directly owns 838,571 shares of the company’s stock, valued at $62,892,825. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Muhammad Raghib Hussain sold 50,000 shares of the stock in a transaction that occurred 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 transaction, the insider now owns 838,571 shares in the company, valued at $62,892,825. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction that occurred on 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 owns 109,318 shares in the company, valued at approximately $8,076,413.84. The disclosure for this sale can be found here. Insiders sold a total of 65,500 shares of company stock valued at $4,872,620 over the last three months. 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.