Fred Alger Management LLC Trims Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Fred Alger Management LLC decreased its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 72.4% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 824,256 shares of the semiconductor company’s stock after selling 2,165,852 shares during the period. Fred Alger Management LLC owned 0.09% of Marvell Technology worth $59,445,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of MRVL. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Marvell Technology in the 2nd quarter worth $32,000. Quarry LP purchased a new position in shares of Marvell Technology during the second quarter valued at $32,000. Whittier Trust Co. increased 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 buying an additional 210 shares during the period. Briaud Financial Planning Inc purchased a new position in shares of Marvell Technology during the third quarter valued at $43,000. Finally, Exchange Traded Concepts LLC increased its stake in shares of Marvell Technology by 125.4% during the third quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company’s stock valued at $44,000 after buying an additional 336 shares during the period. Institutional investors own 83.51% of the company’s stock.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, Director Ford Tamer sold 92,000 shares of the company’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $74.16, for a total value of $6,822,720.00. Following the completion of the sale, the director now directly owns 351,193 shares in the company, valued at $26,044,472.88. This represents a 20.76 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $73.87, for a total value of $110,805.00. Following the completion of the sale, the chief financial officer now owns 111,753 shares of the company’s stock, valued at approximately $8,255,194.11. The trade was a 1.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 267,000 shares of company stock worth $20,899,260 in the last three months. 0.33% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on MRVL shares. Roth Mkm restated a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Barclays raised their price target on Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, August 30th. Bank of America raised their price target on Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Loop Capital began coverage on Marvell Technology in a research note on Monday, November 11th. They issued a “hold” rating and a $95.00 target price on the stock. Finally, Benchmark lifted their target price on Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Three equities research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Marvell Technology presently has an average rating of “Moderate Buy” and an average target price of $95.39.

Marvell Technology Stock Down 3.3 %

Shares of MRVL opened at $90.10 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. Marvell Technology, Inc. has a one year low of $50.35 and a one year high of $95.55. The stock has a market capitalization of $79.85 billion, a price-to-earnings ratio of -81.17, a PEG ratio of 3.92 and a beta of 1.44. The stock has a 50 day moving average price of $82.13 and a 200 day moving average price of $74.16.

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, meeting the consensus estimate 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 positive return on equity of 4.31% and a negative net margin of 18.30%. The firm’s quarterly revenue was down 5.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.18 EPS. Equities research analysts forecast that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.27%. The ex-dividend date was Friday, October 11th. Marvell Technology’s payout ratio is currently -21.62%.

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.