Aspex Management HK Ltd Decreases Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Aspex Management HK Ltd reduced its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 52.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,689,228 shares of the semiconductor company’s stock after selling 2,991,428 shares during the quarter. Marvell Technology comprises about 5.1% of Aspex Management HK Ltd’s portfolio, making the stock its 8th largest position. Aspex Management HK Ltd owned about 0.30% of Marvell Technology worth $193,947,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Citizens Financial Group Inc. RI grew its holdings in shares of Marvell Technology by 1.5% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 7,842 shares of the semiconductor company’s stock valued at $566,000 after purchasing an additional 116 shares during the last quarter. Crumly & Associates Inc. grew its holdings in shares of Marvell Technology by 1.5% during the 3rd quarter. Crumly & Associates Inc. now owns 8,223 shares of the semiconductor company’s stock valued at $593,000 after purchasing an additional 121 shares during the last quarter. United Capital Management of KS Inc. boosted its position in Marvell Technology by 0.4% during the 3rd quarter. United Capital Management of KS Inc. now owns 34,251 shares of the semiconductor company’s stock worth $2,470,000 after buying an additional 131 shares during the period. Tlwm boosted its position in Marvell Technology by 1.6% during the 2nd quarter. Tlwm now owns 8,598 shares of the semiconductor company’s stock worth $601,000 after buying an additional 136 shares during the period. Finally, ASB Consultores LLC boosted its position in Marvell Technology by 3.8% during the 3rd quarter. ASB Consultores LLC now owns 3,824 shares of the semiconductor company’s stock worth $276,000 after buying an additional 140 shares during the period. 83.51% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on MRVL. The Goldman Sachs Group lifted their target price on shares of Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Needham & Company LLC reiterated a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. Loop Capital initiated coverage on shares of Marvell Technology in a research report on Monday, November 11th. They set a “hold” rating and a $95.00 target price on the stock. Piper Sandler restated an “overweight” rating and issued a $100.00 price target on shares of Marvell Technology in a research report on Friday, August 30th. Finally, Susquehanna increased their target price on shares of Marvell Technology from $95.00 to $110.00 and gave the stock a “positive” rating in a research note on Wednesday, November 27th. Three equities research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Marvell Technology presently has an average rating of “Moderate Buy” and a consensus price target of $95.39.

Insider Buying and Selling

In other news, Director Ford Tamer sold 92,000 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the sale, the director now owns 351,193 shares in the company, valued at approximately $26,044,472.88. The trade was a 20.76 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Mark Casper sold 2,500 shares of the company’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $70.83, for a total transaction of $177,075.00. Following the completion of the transaction, the executive vice president now owns 22,494 shares in the company, valued at approximately $1,593,250.02. The trade was a 10.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 267,000 shares of company stock valued at $20,899,260 over the last three months. 0.33% of the stock is owned by company insiders.

Marvell Technology Trading Up 2.9 %

MRVL stock opened at $92.69 on Monday. The company has a market capitalization of $82.14 billion, a PE ratio of -83.50, a price-to-earnings-growth ratio of 4.03 and a beta of 1.44. Marvell Technology, Inc. has a one year low of $50.35 and a one year high of $95.55. The company’s 50 day moving average price is $82.50 and its two-hundred day moving average price is $74.40. 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 (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting the consensus estimate of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The firm had revenue of $1.27 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. As a group, analysts predict 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 paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.26%. The ex-dividend date of this dividend was Friday, October 11th. Marvell Technology’s payout ratio is -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.