Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Fred Alger Management LLC

Fred Alger Management LLC lessened its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 72.4% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 824,256 shares of the semiconductor company’s stock after selling 2,165,852 shares during the period. Fred Alger Management LLC’s holdings in Marvell Technology were worth $59,445,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Davidson Kempner Capital Management LP lifted its stake in shares of Marvell Technology by 26.5% in the 2nd quarter. Davidson Kempner Capital Management LP now owns 250,000 shares of the semiconductor company’s stock valued at $17,482,000 after purchasing an additional 52,365 shares during the last quarter. Braun Stacey Associates Inc. acquired a new position in Marvell Technology during the 3rd quarter worth about $16,435,000. Charles Schwab Investment Management Inc. lifted its stake in Marvell Technology by 2.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,261,887 shares of the semiconductor company’s stock worth $235,247,000 after acquiring an additional 66,654 shares in the last quarter. Diversified Trust Co acquired a new position in Marvell Technology during the 2nd quarter worth about $932,000. Finally, Silicon Valley Capital Partners lifted its stake in Marvell Technology by 254.6% during the 3rd quarter. Silicon Valley Capital Partners now owns 32,978 shares of the semiconductor company’s stock worth $2,378,000 after acquiring an additional 23,678 shares in the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on MRVL. Rosenblatt Securities increased their target price on Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Bank of America increased their target price on Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Citigroup reissued a “buy” rating and set a $91.00 target price on shares of Marvell Technology in a research note on Monday, October 14th. Stifel Nicolaus reissued a “buy” rating and set a $95.00 target price (up previously from $90.00) on shares of Marvell Technology in a research note on Friday, August 30th. Finally, TD Cowen raised Marvell Technology to a “strong-buy” rating in a research report on Monday, September 16th. Three equities research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Marvell Technology currently has an average rating of “Moderate Buy” and a consensus target price of $95.39.

Insider Activity

In other news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $73.87, for a total value of $110,805.00. Following the completion of the sale, the chief financial officer now directly owns 111,753 shares of the company’s stock, valued at $8,255,194.11. This trade represents a 1.32 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ford Tamer sold 92,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $74.16, for a total value of $6,822,720.00. Following the completion of the sale, the director now directly owns 351,193 shares of the company’s stock, valued at $26,044,472.88. This represents a 20.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 267,000 shares of company stock valued at $20,899,260 in the last three months. 0.33% of the stock is currently owned by company insiders.

Marvell Technology Trading Down 3.3 %

Shares of MRVL stock opened at $90.10 on Friday. The business’s 50 day moving average is $82.13 and its two-hundred day moving average is $74.16. Marvell Technology, Inc. has a twelve month low of $50.35 and a twelve month high of $95.55. The company has a market capitalization of $79.85 billion, a P/E ratio of -81.17, a price-to-earnings-growth ratio of 3.92 and a beta of 1.44. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, meeting the consensus estimate of $0.30. The business had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The company’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same period last year, the firm earned $0.18 EPS. Equities analysts forecast that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were issued a $0.06 dividend. The ex-dividend date was Friday, October 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.27%. Marvell Technology’s dividend payout ratio is currently -21.62%.

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.