Spire Wealth Management Has $1.19 Million Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Spire Wealth Management decreased its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 73.6% in the 1st quarter, Holdings Channel reports. The fund owned 19,309 shares of the semiconductor company’s stock after selling 53,754 shares during the period. Spire Wealth Management’s holdings in Marvell Technology were worth $1,189,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Rialto Wealth Management LLC acquired a new position in shares of Marvell Technology in the fourth quarter valued at approximately $27,000. Lee Danner & Bass Inc. acquired a new position in shares of Marvell Technology in the fourth quarter valued at approximately $35,000. Capital Analysts LLC increased its position in Marvell Technology by 236.3% during the 4th quarter. Capital Analysts LLC now owns 343 shares of the semiconductor company’s stock valued at $38,000 after purchasing an additional 241 shares during the period. Garde Capital Inc. acquired a new stake in Marvell Technology during the 1st quarter valued at approximately $39,000. Finally, Chelsea Counsel Co. acquired a new stake in Marvell Technology during the 4th quarter valued at approximately $44,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

Marvell Technology Trading Down 3.5%

Shares of NASDAQ:MRVL opened at $77.16 on Friday. The company has a market cap of $66.65 billion, a P/E ratio of -135.37, a PEG ratio of 0.87 and a beta of 1.76. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.30 and a quick ratio of 0.94. Marvell Technology, Inc. has a 1 year low of $47.09 and a 1 year high of $127.48. The stock’s fifty day moving average price is $64.38 and its 200-day moving average price is $83.26.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.01. The firm had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.88 billion. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. The company’s quarterly revenue was up 63.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.24 earnings per share. Sell-side analysts expect that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, July 11th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.31%. The ex-dividend date of this dividend is Friday, July 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -42.11%.

Insider Activity at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $68.52, for a total transaction of $102,780.00. Following the completion of the sale, the chief financial officer now owns 121,348 shares in the company, valued at approximately $8,314,764.96. This trade represents a 1.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Mark Casper sold 12,460 shares of the stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total value of $685,300.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,394 shares of company stock worth $1,656,076. 0.19% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

MRVL has been the subject of a number of recent analyst reports. Stifel Nicolaus decreased their target price on shares of Marvell Technology from $115.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, April 17th. Citigroup cut their price target on Marvell Technology from $122.00 to $96.00 and set a “buy” rating on the stock in a report on Friday, April 11th. Wells Fargo & Company cut their target price on Marvell Technology from $120.00 to $95.00 and set an “overweight” rating on the stock in a report on Friday, May 30th. Loop Capital dropped their price objective on Marvell Technology from $110.00 to $90.00 and set a “buy” rating on the stock in a research note on Friday, May 30th. Finally, Barclays decreased their target price on Marvell Technology from $130.00 to $80.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. Six investment analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Marvell Technology presently has an average rating of “Moderate Buy” and an average price target of $96.33.

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.