SteelPeak Wealth LLC Has $14.32 Million Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

SteelPeak Wealth LLC raised its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 0.8% in the third quarter, Holdings Channel.com reports. The institutional investor 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 hedge funds and other institutional investors also recently made changes to their positions in the company. Lazard Asset Management LLC increased its holdings in shares of Marvell Technology by 47,934.4% in the 1st quarter. Lazard Asset Management LLC now owns 4,001,745 shares of the semiconductor company’s stock valued at $283,643,000 after purchasing an additional 3,993,414 shares during the period. Whale Rock Capital Management LLC purchased a new stake in Marvell Technology in the 1st quarter worth approximately $181,559,000. Ameriprise Financial Inc. boosted its stake in shares of Marvell Technology by 24.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after buying an additional 2,254,610 shares during the period. Swedbank AB increased its stake in shares of Marvell Technology by 653.5% in the second quarter. Swedbank AB now owns 2,334,015 shares of the semiconductor company’s stock worth $163,148,000 after acquiring an additional 2,024,269 shares during the last quarter. Finally, Janus Henderson Group PLC raised its holdings in shares of Marvell Technology by 13.4% during the first quarter. Janus Henderson Group PLC now owns 13,478,472 shares of the semiconductor company’s stock worth $955,400,000 after acquiring an additional 1,591,874 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Roth Mkm reaffirmed a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. TD Cowen upgraded Marvell Technology to a “strong-buy” rating in a report on Monday, September 16th. Citigroup reiterated a “buy” rating and issued a $91.00 target price on shares of Marvell Technology in a research note on Monday, October 14th. The Goldman Sachs Group increased their price target on shares of Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Finally, Evercore ISI raised their price target on shares of Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $91.62.

Insiders Place Their Bets

In other Marvell Technology news, insider Muhammad Raghib Hussain sold 150,000 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total value of $12,075,000.00. Following the transaction, the insider now directly owns 694,487 shares in the company, valued at $55,906,203.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Muhammad Raghib Hussain sold 150,000 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’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 transaction of $100,125.00. Following the completion of the transaction, the chief financial officer now owns 113,253 shares of the company’s stock, valued at $7,559,637.75. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 261,000 shares of company stock worth $20,330,835 over the last three months. 0.33% of the stock is currently owned by corporate insiders.

Marvell Technology Stock Performance

Shares of NASDAQ:MRVL traded down $1.55 during trading 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’s fifty day simple moving average is $74.22 and its 200-day simple moving average is $70.73. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. The company has a market capitalization 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, Inc. has a 1-year low of $46.07 and a 1-year high of $85.76.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, meeting 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%. The business’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.18 EPS. Sell-side analysts expect that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 11th will be paid a $0.06 dividend. 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

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.