SouthState Corp Has $122,000 Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

SouthState Corp boosted its position in shares of Marvell Technology, Inc. (NASDAQ:MRVLGet Rating) by 750.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,700 shares of the semiconductor company’s stock after acquiring an additional 1,500 shares during the period. SouthState Corp’s holdings in Marvell Technology were worth $122,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. MUFG Americas Holdings Corp lifted its position in Marvell Technology by 90.2% during the 1st quarter. MUFG Americas Holdings Corp now owns 369 shares of the semiconductor company’s stock worth $26,000 after acquiring an additional 175 shares during the last quarter. Pittenger & Anderson Inc. acquired a new position in shares of Marvell Technology during the fourth quarter valued at about $27,000. Covestor Ltd acquired a new position in shares of Marvell Technology during the fourth quarter valued at about $28,000. SOA Wealth Advisors LLC. acquired a new position in shares of Marvell Technology during the first quarter valued at about $32,000. Finally, Atticus Wealth Management LLC raised its position in shares of Marvell Technology by 62.2% during the first quarter. Atticus Wealth Management LLC now owns 459 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 176 shares during the last quarter. Institutional investors and hedge funds own 83.11% of the company’s stock.

Marvell Technology Price Performance

MRVL opened at $56.94 on Friday. Marvell Technology, Inc. has a one year low of $41.07 and a one year high of $93.85. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.67 and a quick ratio of 1.13. The company’s 50 day simple moving average is $50.91 and its 200-day simple moving average is $60.20. The stock has a market capitalization of $48.39 billion, a P/E ratio of -93.34, a price-to-earnings-growth ratio of 2.21 and a beta of 1.46.

Marvell Technology (NASDAQ:MRVLGet Rating) last announced its quarterly earnings data on Thursday, May 26th. The semiconductor company reported $0.37 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.37. Marvell Technology had a negative net margin of 9.82% and a positive return on equity of 6.92%. The firm had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.43 billion. During the same period last year, the firm earned $0.15 earnings per share. The business’s revenue for the quarter was up 73.8% on a year-over-year basis. Sell-side analysts anticipate that Marvell Technology, Inc. will post 1.69 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 27th. Shareholders of record on Friday, July 8th were paid a $0.06 dividend. The ex-dividend date of this dividend was Thursday, July 7th. This represents a $0.24 dividend on an annualized basis and a yield of 0.42%. Marvell Technology’s payout ratio is presently -39.34%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on MRVL. Bank of America cut their price objective on shares of Marvell Technology from $90.00 to $60.00 and set a “buy” rating for the company in a research report on Wednesday, June 29th. Needham & Company LLC cut their price objective on shares of Marvell Technology from $105.00 to $75.00 in a research report on Friday, May 27th. Craig Hallum dropped their price target on shares of Marvell Technology to $90.00 in a research report on Friday, May 27th. Cowen dropped their price target on shares of Marvell Technology from $100.00 to $85.00 and set an “outperform” rating for the company in a research report on Friday, May 27th. Finally, KeyCorp dropped their price target on shares of Marvell Technology from $95.00 to $90.00 and set an “overweight” rating for the company in a research report on Friday, May 27th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-six have issued a buy rating to the stock. Based on data from MarketBeat.com, Marvell Technology presently has a consensus rating of “Moderate Buy” and an average target price of $83.41.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, CEO Matthew J. Murphy sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, May 27th. The shares were sold at an average price of $60.10, for a total value of $1,803,000.00. Following the transaction, the chief executive officer now directly owns 672,052 shares of the company’s stock, valued at $40,390,325.20. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Marvell Technology news, CEO Matthew J. Murphy sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, May 27th. The shares were sold at an average price of $60.10, for a total value of $1,803,000.00. Following the transaction, the chief executive officer now directly owns 672,052 shares of the company’s stock, valued at $40,390,325.20. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Dan Christman sold 14,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $57.28, for a total transaction of $801,920.00. Following the completion of the transaction, the executive vice president now directly owns 92,203 shares in the company, valued at $5,281,387.84. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 61,194 shares of company stock valued at $3,505,827. 0.45% of the stock is currently owned by insiders.

Marvell Technology Profile

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Marvell Technology, Inc, together with its subsidiaries, designs, develops, and sells analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a portfolio of Ethernet solutions, including controllers, network adapters, physical transceivers, and switches; single or multiple core processors; ASIC; and printer System-on-a-Chip products and application processors.

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

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