Paloma Partners Management Co Increases Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Paloma Partners Management Co grew its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 1,017.9% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 490,735 shares of the semiconductor company’s stock after buying an additional 446,839 shares during the period. Marvell Technology makes up 1.0% of Paloma Partners Management Co’s portfolio, making the stock its 8th largest holding. Paloma Partners Management Co’s holdings in Marvell Technology were worth $35,392,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Erste Asset Management GmbH purchased a new stake in Marvell Technology in the 3rd quarter valued at about $7,395,000. True Wealth Design LLC raised its holdings in shares of Marvell Technology by 1,481.8% in the 3rd quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 326 shares in the last quarter. Kolinsky Wealth Management LLC raised its holdings in shares of Marvell Technology by 11.2% in the 3rd quarter. Kolinsky Wealth Management LLC now owns 5,447 shares of the semiconductor company’s stock valued at $393,000 after purchasing an additional 547 shares in the last quarter. Captrust Financial Advisors raised its holdings in shares of Marvell Technology by 3.5% in the 3rd quarter. Captrust Financial Advisors now owns 37,040 shares of the semiconductor company’s stock valued at $2,671,000 after purchasing an additional 1,260 shares in the last quarter. Finally, Peterson Wealth Management raised its holdings in shares of Marvell Technology by 1.1% in the 3rd quarter. Peterson Wealth Management now owns 17,532 shares of the semiconductor company’s stock valued at $1,264,000 after purchasing an additional 187 shares in the last quarter. 83.51% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Muhammad Raghib Hussain sold 150,000 shares of the 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 completion of the sale, the insider now directly owns 694,487 shares in the company, valued at $55,906,203.50. This represents a 17.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Mark Casper sold 2,500 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $70.83, for a total transaction of $177,075.00. Following the completion of the sale, the executive vice president now owns 22,494 shares of the company’s stock, valued at $1,593,250.02. This trade represents a 10.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 267,000 shares of company stock worth $20,899,260. Company insiders own 0.33% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on MRVL shares. 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. Barclays boosted their price target on shares of Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, August 30th. Evercore ISI boosted their price objective on shares of Marvell Technology from $91.00 to $98.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. Roth Mkm reiterated a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. Finally, Wells Fargo & Company boosted their price objective on shares of Marvell Technology from $90.00 to $110.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. Three investment analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $95.39.

Marvell Technology Stock Performance

Shares of NASDAQ MRVL opened at $92.69 on Monday. 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’s fifty day moving average price is $82.50 and its 200 day moving average price is $74.37. 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 1 year low of $50.35 and a 1 year high of $95.55.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.30. The company had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The firm’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.18 earnings per share. On average, research analysts predict that Marvell Technology, Inc. will post 0.78 earnings per share for the current year.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.26%. The ex-dividend date was Friday, October 11th. Marvell Technology’s dividend payout ratio is presently -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.