Deutsche Bank AG Sells 116,359 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Posted by Defense World Staff on Jun 11th, 2023

Deutsche Bank AG lessened its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL – Get Rating) by 8.5% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,255,411 shares of the semiconductor company’s stock after selling 116,359 shares during the quarter. Deutsche Bank AG owned about 0.15% of Marvell Technology worth $46,500,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Edge Capital Group LLC lifted its holdings in shares of Marvell Technology by 6.0% in the fourth quarter. Edge Capital Group LLC now owns 4,273 shares of the semiconductor company’s stock worth $158,000 after buying an additional 240 shares in the last quarter. Gagnon Securities LLC raised its stake in Marvell Technology by 1.6% in the fourth quarter. Gagnon Securities LLC now owns 15,369 shares of the semiconductor company’s stock valued at $569,000 after purchasing an additional 247 shares in the last quarter. Lido Advisors LLC raised its stake in Marvell Technology by 1.6% in the third quarter. Lido Advisors LLC now owns 15,599 shares of the semiconductor company’s stock valued at $669,000 after purchasing an additional 251 shares in the last quarter. Allworth Financial LP raised its stake in Marvell Technology by 10.3% in the fourth quarter. Allworth Financial LP now owns 2,787 shares of the semiconductor company’s stock valued at $103,000 after purchasing an additional 260 shares in the last quarter. Finally, First Horizon Advisors Inc. raised its stake in Marvell Technology by 24.3% in the third quarter. First Horizon Advisors Inc. now owns 1,481 shares of the semiconductor company’s stock valued at $63,000 after purchasing an additional 290 shares in the last quarter. Institutional investors own 81.28% of the company’s stock.

Wall Street Analysts Forecast Growth

MRVL has been the topic of several research reports. Raymond James lifted their price target on shares of Marvell Technology from $50.00 to $64.00 in a research note on Friday, May 26th. Piper Sandler lowered their price objective on shares of Marvell Technology from $55.00 to $50.00 and set an “overweight” rating for the company in a report on Friday, March 3rd. Credit Suisse Group lowered their price objective on shares of Marvell Technology from $56.00 to $53.00 and set an “outperform” rating for the company in a report on Friday, March 3rd. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Marvell Technology from $50.00 to $65.00 in a report on Friday, May 26th. Finally, UBS Group lowered their price objective on shares of Marvell Technology from $75.00 to $60.00 in a report on Friday, March 3rd. Three equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. Based on data from MarketBeat.com, Marvell Technology has an average rating of “Moderate Buy” and a consensus price target of $62.85.

Insider Transactions at Marvell Technology

In other news, EVP Loi Nguyen sold 5,000 shares of the company’s stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $62.24, for a total value of $311,200.00. Following the sale, the executive vice president now directly owns 225,895 shares of the company’s stock, valued at approximately $14,059,704.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Ford Tamer sold 90,000 shares of the company’s stock in a transaction dated Wednesday, May 31st. The shares were sold at an average price of $59.58, for a total value of $5,362,200.00. Following the transaction, the director now owns 126,083 shares in the company, valued at approximately $7,512,025.14. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Loi Nguyen sold 5,000 shares of the company’s stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $62.24, for a total transaction of $311,200.00. Following the completion of the transaction, the executive vice president now owns 225,895 shares in the company, valued at approximately $14,059,704.80. The disclosure for this sale can be found here. Insiders have sold 116,363 shares of company stock valued at $6,874,120 in the last three months. 0.45% of the stock is currently owned by company insiders.

Marvell Technology Stock Up 0.5 %

Shares of Marvell Technology stock opened at $60.01 on Friday. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.05 and a quick ratio of 0.71. The company’s fifty day simple moving average is $45.46 and its two-hundred day simple moving average is $42.97. Marvell Technology, Inc. has a 12-month low of $33.75 and a 12-month high of $67.99.

Marvell Technology (NASDAQ:MRVL – Get Rating) last released its earnings results on Thursday, May 25th. The semiconductor company reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.02. The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.30 billion. Marvell Technology had a negative net margin of 2.88% and a positive return on equity of 7.38%. The company’s revenue was down 8.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.37 EPS. As a group, analysts expect that Marvell Technology, Inc. will post 0.86 EPS for the current year.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 26th. Stockholders of record on Friday, April 7th were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.40%. The ex-dividend date of this dividend was Wednesday, April 5th. Marvell Technology’s dividend payout ratio is presently -126.32%.

About Marvell Technology

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Marvell Technology, Inc engages in the provision of data infrastructure semiconductor solutions. It offers compute, networking, storage, and custom solutions. The firm designs, develops, and sells integrated circuits. The company was founded by Wei Li Dai, Pantas Sutardja, and Sehat Sutardja in 1995 and is headquartered in Wilmington, DE.

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

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