Marvell Technology, Inc. (NASDAQ:MRVL) is Paloma Partners Management Co’s 8th Largest Position

Paloma Partners Management Co increased its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 1,017.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 490,735 shares of the semiconductor company’s stock after acquiring an additional 446,839 shares during the period. Marvell Technology comprises approximately 1.0% of Paloma Partners Management Co’s portfolio, making the stock its 8th largest position. Paloma Partners Management Co owned about 0.06% of Marvell Technology worth $35,392,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MRVL. True Wealth Design LLC boosted its position in Marvell Technology by 1,481.8% during the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock valued at $25,000 after buying an additional 326 shares during the period. Quarry LP bought a new position in shares of Marvell Technology during the second quarter valued at about $32,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Marvell Technology during the second quarter valued at about $32,000. Whittier Trust Co. raised its stake 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 valued at $35,000 after acquiring an additional 210 shares during the last quarter. Finally, Briaud Financial Planning Inc bought a new position in shares of Marvell Technology during the third quarter valued at about $43,000. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Marvell Technology Trading Up 2.9 %

NASDAQ:MRVL opened at $92.69 on Monday. Marvell Technology, Inc. has a 52 week low of $50.35 and a 52 week high of $95.55. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. The company’s 50 day moving average price is $82.50 and its 200-day moving average price is $74.37. The stock has a market cap of $82.14 billion, a price-to-earnings ratio of -83.50, a PEG ratio of 4.03 and a beta of 1.44.

Marvell Technology (NASDAQ:MRVL) last issued its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (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 company had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.25 billion. During the same quarter last year, the company posted $0.18 earnings per share. The firm’s quarterly revenue was down 5.1% on a year-over-year basis. On average, equities research analysts forecast that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were given a $0.06 dividend. The ex-dividend date of this dividend was Friday, October 11th. This represents a $0.24 annualized dividend and a yield of 0.26%. Marvell Technology’s payout ratio is presently -21.62%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on MRVL. Bank of America upped their price objective on shares of Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, August 30th. TD Cowen raised shares of Marvell Technology to a “strong-buy” rating in a research note on Monday, September 16th. Wells Fargo & Company upped their price objective on shares of Marvell Technology from $90.00 to $110.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. Roth Mkm reissued a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Finally, Susquehanna increased their price target 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 issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $95.39.

Insiders Place Their Bets

In other news, CEO Matthew J. Murphy sold 6,000 shares of the firm’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $73.29, for a total transaction of $439,740.00. Following the sale, the chief executive officer now directly owns 208,915 shares in the company, valued at $15,311,380.35. This trade represents a 2.79 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $89.14, for a total transaction of $133,710.00. Following the sale, the chief financial officer now owns 114,211 shares in the company, valued at $10,180,768.54. The trade was a 1.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 267,000 shares of company stock worth $20,899,260. Company insiders own 0.33% of the company’s stock.

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.