Bank Pictet & Cie Europe AG Purchases 2,915 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Bank Pictet & Cie Europe AG boosted its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 4.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 66,250 shares of the semiconductor company’s stock after purchasing an additional 2,915 shares during the period. Bank Pictet & Cie Europe AG’s holdings in Marvell Technology were worth $4,778,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Salomon & Ludwin LLC purchased a new stake in shares of Marvell Technology in the first quarter worth approximately $31,000. Quarry LP purchased a new stake in Marvell Technology in the second quarter worth $32,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Marvell Technology during the second quarter worth $32,000. Whittier Trust Co. lifted its position in shares of Marvell Technology by 74.5% during the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock worth $35,000 after purchasing an additional 210 shares during the last quarter. Finally, Mark Sheptoff Financial Planning LLC purchased a new stake in shares of Marvell Technology during the first quarter valued at $35,000. Institutional investors own 83.51% of the company’s stock.

Insider Buying and Selling

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total value of $120,750.00. Following the completion of the transaction, the chief financial officer now directly owns 110,253 shares of the company’s stock, valued at approximately $8,875,366.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the company’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 $120,750.00. Following the completion of the transaction, the chief financial officer now owns 110,253 shares in the company, valued at approximately $8,875,366.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Mark Casper sold 2,500 shares of the 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 sale, the executive vice president now directly owns 22,494 shares in the company, valued at approximately $1,593,250.02. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 255,000 shares of company stock valued at $19,846,215 over the last ninety days. Company insiders own 0.33% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MRVL. Citigroup reiterated a “buy” rating and set a $91.00 price objective on shares of Marvell Technology in a report on Monday, October 14th. Piper Sandler reissued an “overweight” rating and issued a $100.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. Stifel Nicolaus restated 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. Barclays upped their target price on Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, August 30th. Finally, Benchmark raised their price target on Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a research note 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 assigned a strong buy rating to the company. According to MarketBeat, Marvell Technology has an average rating of “Moderate Buy” and a consensus price target of $91.62.

Marvell Technology Price Performance

Shares of MRVL opened at $83.35 on Wednesday. The company’s fifty day moving average price is $72.81 and its 200-day moving average price is $70.34. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. The firm has a market capitalization of $72.15 billion, a PE ratio of -73.76, a price-to-earnings-growth ratio of 3.17 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 issued its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, meeting analysts’ consensus estimates of $0.30. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the prior year, the firm earned $0.18 earnings per share. Marvell Technology’s revenue for the quarter was down 5.1% on a year-over-year basis. On average, equities research analysts predict that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Dividend Announcement

The business also recently announced 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 of this dividend is Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.29%. Marvell Technology’s payout ratio is -21.24%.

Marvell Technology 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.