Marvell Technology, Inc. (NASDAQ:MRVL) Shares Acquired by Castle Rock Wealth Management LLC

18 Dec 2023, 14:08 by Mitch Edgeman · The Markets Daily

Castle Rock Wealth Management LLC increased its stake in Marvell Technology, Inc. (NASDAQ:MRVL – Free Report) by 18.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,227 shares of the semiconductor company’s stock after acquiring an additional 978 shares during the period. Castle Rock Wealth Management LLC’s holdings in Marvell Technology were worth $340,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Lindbrook Capital LLC increased its holdings in Marvell Technology by 67.6% in the second quarter. Lindbrook Capital LLC now owns 429 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 173 shares during the last quarter. Octavia Wealth Advisors LLC increased its holdings in Marvell Technology by 3.6% in the second quarter. Octavia Wealth Advisors LLC now owns 5,233 shares of the semiconductor company’s stock valued at $313,000 after buying an additional 181 shares during the last quarter. Deseret Mutual Benefit Administrators increased its holdings in Marvell Technology by 27.3% in the second quarter. Deseret Mutual Benefit Administrators now owns 904 shares of the semiconductor company’s stock valued at $54,000 after buying an additional 194 shares during the last quarter. Versant Capital Management Inc increased its holdings in Marvell Technology by 76.9% in the second quarter. Versant Capital Management Inc now owns 474 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 206 shares during the last quarter. Finally, Moneta Group Investment Advisors LLC increased its holdings in Marvell Technology by 0.5% in the second quarter. Moneta Group Investment Advisors LLC now owns 51,594 shares of the semiconductor company’s stock valued at $3,084,000 after buying an additional 239 shares during the last quarter. 83.32% of the stock is currently owned by institutional investors and hedge funds.

Marvell Technology Price Performance

Shares of NASDAQ:MRVL opened at $59.59 on Monday. The business’s 50 day simple moving average is $52.97 and its 200-day simple moving average is $56.88. The firm has a market capitalization of $51.52 billion, a price-to-earnings ratio of -91.68, a price-to-earnings-growth ratio of 8.75 and a beta of 1.44. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.58 and a quick ratio of 1.08. Marvell Technology, Inc. has a 12 month low of $33.75 and a 12 month high of $67.99.

Marvell Technology (NASDAQ:MRVL – Get Free Report) last announced its quarterly earnings results on Thursday, November 30th. The semiconductor company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.40 by $0.01. The business had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.40 billion. Marvell Technology had a positive return on equity of 5.20% and a negative net margin of 10.11%. The company’s quarterly revenue was down 7.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.41 EPS. As a group, equities analysts forecast that Marvell Technology, Inc. will post 0.86 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 31st. Stockholders of record on Friday, January 5th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.40%. The ex-dividend date is Thursday, January 4th. Marvell Technology’s dividend payout ratio (DPR) is -36.92%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Morgan Stanley dropped their price objective on Marvell Technology from $65.00 to $63.00 and set an “equal weight” rating on the stock in a report on Friday, December 1st. Rosenblatt Securities reaffirmed a “buy” rating and set a $100.00 price objective on shares of Marvell Technology in a report on Thursday, November 30th. Oppenheimer reaffirmed an “outperform” rating and set a $70.00 price objective on shares of Marvell Technology in a report on Friday, August 25th. Raymond James dropped their price objective on Marvell Technology from $64.00 to $62.00 and set an “outperform” rating on the stock in a report on Friday, December 1st. Finally, StockNews.com lowered Marvell Technology from a “hold” rating to a “sell” rating in a report on Tuesday, December 12th. One research analyst has rated the stock with a sell rating, one has given a hold rating and nineteen have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $67.96.

View Our Latest Stock Report on MRVL

Insider Activity at Marvell Technology

In related news, CEO Matthew J. Murphy sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $59.00, for a total value of $1,770,000.00. Following the sale, the chief executive officer now owns 809,287 shares of the company’s stock, valued at approximately $47,747,933. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, EVP Chris Koopmans sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $57.33, for a total value of $286,650.00. Following the sale, the executive vice president now owns 129,492 shares of the company’s stock, valued at approximately $7,423,776.36. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Matthew J. Murphy sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, December 14th. The shares were sold at an average price of $59.00, for a total value of $1,770,000.00. Following the completion of the sale, the chief executive officer now directly owns 809,287 shares in the company, valued at approximately $47,747,933. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 100,000 shares of company stock valued at $5,554,050. 0.45% of the stock is owned by corporate insiders.

Marvell Technology Profile

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