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    Marvell Technology, Inc. (NASDAQ: MRVL ) stock sold by Mitsubishi UFJ Kokusai Asset Management Co. Ltd.

    shivachetanbijjal@gmail.comBy shivachetanbijjal@gmail.comJanuary 17, 2023No Comments5 Mins Read
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    Marvell Technology LogoMitsubishi UFJ International Asset Management Co., Ltd. reduced its stake in Marvell Technology, Inc. (NASDAQ: MRVL – Get Rating ) in the third quarter, according to a recent disclosure to the U.S. Securities and Exchange Commission 5.3%. The fund owns 286,798 shares of semiconductor companies after selling 16,191 shares during the quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s latest holding in Marvell Technology was valued at $12,307,000 as of its most recent SEC filing.

    Other institutional investors have also recently increased or decreased their stakes in the company. Venture Visionary Partners LLC acquired a new position at Marvell Technology in the second quarter for $56,000. Gilbert & Cook Inc. increased its stake in Marvell Technology by 9.2% in the second quarter. Gilbert & Cook Inc. now owns 7,021 shares of the semiconductor company worth $306,000 after buying an additional 589 shares last quarter. Liontrust Investment Partners LLP acquired a new stake in Marvell Technology in the second quarter, valued at approximately $1,157,000. Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in Marvell Technology for approximately $114,637,000 in the second quarter. Finally, HB Wealth Management LLC increased its stake in Marvell Technology by 7.4% during the second quarter. HB Wealth Management LLC now owns 5,666 shares of the semiconductor company worth $247,000 after acquiring an additional 390 shares last quarter. 81.28% of the shares are currently held by institutional investors and hedge funds.

    Marvell Technology shares rose 3.5%

    Nasdaq: MRVL opened at $40.67 on Tuesday. The company has a quick ratio of 0.92, a current ratio of 1.31, and a debt-to-equity ratio of 0.25. The company’s 50-day moving average is $40.36 and its 200-day moving average is $44.52. Marvell Technology, Inc. had a 52-week low of $33.75 and a 52-week high of $83.13.

    Marvell Technology (NASDAQ: MRVL – Get Rating ) last reported its earnings results on Thursday, December 1st. The semiconductor company reported earnings per share of $0.41 for the quarter, missing analysts’ average estimate of $0.43 ($0.02). Marvell Technology had a positive return on equity of 8.50% and a negative net profit margin of 2.43%. The company’s revenue for the quarter was $1.54 billion, compared with the consensus estimate of $1.56 billion. On average, research analysts forecast Marvell Technology, Inc. to trade at 1.5 times earnings per share for the current fiscal year.

    Marvell Technology Dividend Announcement

    The company also recently announced a quarterly dividend, payable on Wednesday, January 25. Shareholders of record on Friday, January 6 will receive a dividend of $0.06 per share. This represents an annualized dividend of $0.24 and a dividend yield of 0.59%. The ex-dividend date is Thursday, January 5. Marvell Technology has a payout ratio of -150.00%.

    Analyst sets new price target

    Several equity research analysts have commented on the company. Raymond James cut their price target on shares of Marvell Technology from $80.00 to $60.00 and set an “outperform” rating on the stock in a research note on Friday, December 2nd. Cowen cut their price target on shares of Marvell Technology from $70.00 to $55.00 in a research note on Friday, December 2nd. B. Riley cut their price target on shares of Marvell Technology from $63.00 to $52.00 and set a “neutral” rating on the company in a research report on Tuesday, October 4th. Cowen cut their price target on shares of Marvell Technology from $70.00 to $55.00 and set an “outperform” rating on the stock in a research report on Friday, December 2nd. Finally, Stifel Nicolaus cut their price target on Marvell Technology from $78.00 to $70.00 and set a “buy” rating on the company in a research report on Thursday, September 29th. Four equity research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the stock. The stock currently has an average rating of “Moderate Buy” and a consensus price target of $63.92, according to MarketBeat.com.

    Insider Trading at Marvell Technology

    In other news, CAO Willem A. Meintjes sold 10,000 shares in a trade that occurred on Friday, January 6. The stock had an average selling price of $34.92 and a total transaction value of $349,200.00. Following the sale, the chief accounting officer now directly owns 72,896 shares of the company, worth approximately $2,545,528.32. The sale was disclosed in a legal filing with the Securities and Exchange Commission, which can be accessed through the SEC website. Insiders own 0.45% of the company.

    Marvell Technology Brief

    (get rating)

    Marvell Technology, Inc and its subsidiaries design, develop and market analog, mixed-signal, digital signal processing, and embedded and stand-alone integrated circuits. It offers a range of Ethernet solutions, including controllers, network adapters, physical transceivers and switches; single- or multi-core processors; application-specific integrated circuits; and printer system-on-chip products and application processors.

    recommended story

    Want to see what other hedge funds hold MRVL? Visit HoldingsChannel.com for the latest 13F filings and insider trades from Marvell Technology, Inc. (NASDAQ: MRVL – Get Rated ).

    Institutional Ownership of Marvell Technology (NASDAQ: MRVL ) by Quarter

    This breaking news alert is powered by MarketBeat’s narrative science technology and financial data to provide readers with the fastest and most accurate coverage. This story was reviewed by MarketBeat’s editorial team before publication. Please send any questions or comments about this story to contact@marketbeat.com.

    You’ll want to hear this before you even think about Marvell Technology.

    MarketBeat tracks Wall Street’s highest-rated and top-performing research analysts and the stocks they recommend to clients on a daily basis. MarketBeat has identified five stocks that top analysts are quietly telling their clients to buy immediately before the broader market catches on…and Marvell Technology isn’t on the list.

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