EverSource Wealth Advisors LLC Has $122,000 Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

EverSource Wealth Advisors LLC grew its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 20.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,818 shares of the semiconductor company’s stock after purchasing an additional 305 shares during the quarter. EverSource Wealth Advisors LLC’s holdings in Marvell Technology were worth $122,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of MRVL. Diversified Trust Co acquired a new stake in Marvell Technology during the second quarter worth approximately $932,000. Orion Portfolio Solutions LLC boosted its stake in Marvell Technology by 47.1% in the 1st quarter. Orion Portfolio Solutions LLC now owns 32,191 shares of the semiconductor company’s stock valued at $2,282,000 after purchasing an additional 10,306 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Marvell Technology by 20.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 529,127 shares of the semiconductor company’s stock valued at $37,505,000 after acquiring an additional 88,918 shares during the period. Westwood Holdings Group Inc. acquired a new position in shares of Marvell Technology in the first quarter valued at about $6,985,000. Finally, Janney Montgomery Scott LLC increased its position in Marvell Technology by 85.0% during the first quarter. Janney Montgomery Scott LLC now owns 77,850 shares of the semiconductor company’s stock worth $5,518,000 after acquiring an additional 35,760 shares during the period. Institutional investors and hedge funds own 83.51% of the company’s stock.

Insider Activity

In related news, CEO Matthew J. Murphy sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $73.29, for a total transaction of $439,740.00. Following the completion of the sale, the chief executive officer now owns 208,915 shares of the company’s stock, valued at $15,311,380.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $73.88, for a total transaction of $110,820.00. Following the transaction, the chief financial officer now owns 109,318 shares in the company, valued at approximately $8,076,413.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Matthew J. Murphy sold 6,000 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $73.29, for a total transaction of $439,740.00. Following the transaction, the chief executive officer now directly owns 208,915 shares in the company, valued at $15,311,380.35. The disclosure for this sale can be found here. Insiders have sold 160,000 shares of company stock valued at $11,878,785 in the last ninety days. 0.33% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MRVL. The Goldman Sachs Group boosted their price target on Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Needham & Company LLC reissued a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a report on Friday, August 30th. B. Riley raised their price objective on Marvell Technology from $95.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, May 31st. Roth Mkm restated a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Finally, Piper Sandler reiterated an “overweight” rating and set a $100.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Two equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $91.62.

Marvell Technology Stock Performance

Shares of MRVL stock opened at $73.45 on Friday. The stock has a market capitalization of $63.58 billion, a PE ratio of -65.00, a PEG ratio of 3.12 and a beta of 1.46. The business’s 50 day simple moving average is $68.24 and its 200 day simple moving average is $69.55. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. Marvell Technology, Inc. has a one year low of $46.07 and a one year high of $85.76.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, meeting analysts’ consensus estimates of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The company had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same period in the prior year, the firm posted $0.18 EPS. The company’s quarterly revenue was down 5.1% on a year-over-year basis. As a group, research analysts forecast that Marvell Technology, Inc. will post 0.78 earnings per share for the current year.

Marvell Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 11th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. The ex-dividend date is Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -21.24%.

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.