Truvestments Capital LLC Purchases 1,710 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Truvestments Capital LLC lifted its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 12.8% during the 3rd quarter, HoldingsChannel reports. The firm owned 15,028 shares of the semiconductor company’s stock after buying an additional 1,710 shares during the period. Truvestments Capital LLC’s holdings in Marvell Technology were worth $1,084,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in MRVL. Axxcess Wealth Management LLC purchased a new stake in shares of Marvell Technology in the 1st quarter valued at about $204,000. Bayesian Capital Management LP purchased a new stake in Marvell Technology in the first quarter valued at approximately $922,000. Industrial Alliance Investment Management Inc. lifted its position in Marvell Technology by 23.1% during the first quarter. Industrial Alliance Investment Management Inc. now owns 9,200 shares of the semiconductor company’s stock valued at $652,000 after purchasing an additional 1,726 shares during the last quarter. Grandeur Peak Global Advisors LLC grew its stake in Marvell Technology by 3.8% in the 1st quarter. Grandeur Peak Global Advisors LLC now owns 57,645 shares of the semiconductor company’s stock worth $4,086,000 after buying an additional 2,137 shares in the last quarter. Finally, Dynasty Wealth Management LLC bought a new position in shares of Marvell Technology in the 1st quarter worth $528,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on MRVL. Morgan Stanley lifted their price objective on shares of Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. Roth Mkm reaffirmed a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Citigroup reiterated a “buy” rating and issued a $91.00 price objective on shares of Marvell Technology in a report on Monday, October 14th. Rosenblatt Securities raised their price objective on Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a report on Friday, August 30th. Finally, Evercore ISI upped their target price on Marvell Technology from $91.00 to $98.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. Three research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Marvell Technology currently has an average rating of “Moderate Buy” and a consensus price target of $91.77.

Insiders Place Their Bets

In related news, CEO Matthew J. Murphy sold 6,000 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $73.29, for a total transaction of $439,740.00. Following the transaction, the chief executive officer now owns 208,915 shares in the company, valued at $15,311,380.35. The trade was a 2.79 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Mark Casper sold 2,500 shares of the firm’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 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. In the last ninety days, insiders sold 267,000 shares of company stock worth $20,899,260. 0.33% of the stock is currently owned by corporate insiders.

Marvell Technology Stock Up 0.8 %

Marvell Technology stock opened at $93.29 on Monday. 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, Inc. has a 1-year low of $50.35 and a 1-year high of $95.09. The firm has a 50-day moving average of $80.67 and a 200-day moving average of $73.59.

Marvell Technology (NASDAQ:MRVL) last issued 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. 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 period last year, the company earned $0.18 EPS. The business’s quarterly revenue was down 5.1% compared to the same quarter last year. On average, equities analysts expect that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

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 of this dividend was Friday, October 11th. Marvell Technology’s 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.