Lewis Asset Management LLC Has $328,000 Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

08 Nov 2024, 08:40 by Doug Wharley · The Cerbat Gem

Lewis Asset Management LLC decreased its stake in Marvell Technology, Inc. (NASDAQ:MRVL – Free Report) by 13.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,546 shares of the semiconductor company’s stock after selling 677 shares during the period. Lewis Asset Management LLC’s holdings in Marvell Technology were worth $328,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Tlwm grew its position in Marvell Technology by 1.6% in the 2nd quarter. Tlwm now owns 8,598 shares of the semiconductor company’s stock worth $601,000 after purchasing an additional 136 shares during the last quarter. ASB Consultores LLC grew its position in Marvell Technology by 3.8% during the third quarter. ASB Consultores LLC now owns 3,824 shares of the semiconductor company’s stock worth $276,000 after buying an additional 140 shares in the last quarter. New Century Financial Group LLC increased its stake in Marvell Technology by 3.0% during the third quarter. New Century Financial Group LLC now owns 5,428 shares of the semiconductor company’s stock valued at $391,000 after acquiring an additional 156 shares during the period. Parisi Gray Wealth Management raised its holdings in Marvell Technology by 4.2% in the 3rd quarter. Parisi Gray Wealth Management now owns 4,161 shares of the semiconductor company’s stock valued at $300,000 after acquiring an additional 166 shares in the last quarter. Finally, Sheaff Brock Investment Advisors LLC lifted its position in shares of Marvell Technology by 0.4% in the 1st quarter. Sheaff Brock Investment Advisors LLC now owns 44,342 shares of the semiconductor company’s stock worth $3,143,000 after acquiring an additional 168 shares during the period. Institutional investors own 83.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on MRVL. Morgan Stanley upped their target price on Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. Citigroup reaffirmed a “buy” rating and set a $91.00 price objective on shares of Marvell Technology in a report on Monday, October 14th. Barclays lifted their target price on shares of Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, August 30th. Cantor Fitzgerald reissued an “overweight” rating and issued a $85.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Finally, TD Cowen upgraded Marvell Technology to a “strong-buy” rating in a research report on Monday, September 16th. One research analyst has rated the stock with a sell rating, one has given a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $91.62.

Check Out Our Latest Analysis on MRVL

Marvell Technology Trading Up 3.7 %

Shares of MRVL opened at $93.94 on Friday. The stock’s fifty day simple moving average is $76.53 and its 200-day simple moving average is $71.65. 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 firm has a market capitalization of $83.25 billion, a PE ratio of -84.63, a price-to-earnings-growth ratio of 3.67 and a beta of 1.44. Marvell Technology, Inc. has a 12-month low of $50.35 and a 12-month high of $94.07.

Marvell Technology (NASDAQ:MRVL – Get Free Report) 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 for the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The company’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.18 EPS. As a group, research analysts predict that Marvell Technology, Inc. will post 0.78 earnings per share for the current year.

Marvell Technology Announces Dividend

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 dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.26%. The ex-dividend date was Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is currently -21.62%.

Insider Buying and Selling

In other news, insider Muhammad Raghib Hussain sold 150,000 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total value of $12,075,000.00. Following the completion of the transaction, the insider now owns 694,487 shares of the company’s stock, valued at $55,906,203.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Muhammad Raghib Hussain sold 150,000 shares of Marvell Technology stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the transaction, the insider now owns 694,487 shares in the company, valued at $55,906,203.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Matthew J. Murphy sold 6,000 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $73.29, for a total value of $439,740.00. Following the sale, the chief executive officer now directly owns 208,915 shares of the company’s stock, valued at approximately $15,311,380.35. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 261,000 shares of company stock valued at $20,330,835 in the last 90 days. 0.33% of the stock is owned by insiders.

Marvell Technology Company Profile

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