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

SouthState Corp increased its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVLGet Rating) by 750.0% during the first quarter, HoldingsChannel reports. The fund owned 1,700 shares of the semiconductor company’s stock after buying an additional 1,500 shares during the period. SouthState Corp’s holdings in Marvell Technology were worth $122,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Ambassador Advisors LLC raised its holdings in shares of Marvell Technology by 3.2% during the fourth quarter. Ambassador Advisors LLC now owns 4,854 shares of the semiconductor company’s stock worth $424,000 after acquiring an additional 151 shares during the period. Steward Partners Investment Advisory LLC grew its position in Marvell Technology by 7.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,318 shares of the semiconductor company’s stock valued at $203,000 after purchasing an additional 158 shares in the last quarter. Mercer Global Advisors Inc. ADV grew its position in Marvell Technology by 1.8% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 9,325 shares of the semiconductor company’s stock valued at $816,000 after purchasing an additional 163 shares in the last quarter. TCI Wealth Advisors Inc. grew its position in Marvell Technology by 40.9% in the first quarter. TCI Wealth Advisors Inc. now owns 572 shares of the semiconductor company’s stock valued at $41,000 after purchasing an additional 166 shares in the last quarter. Finally, MUFG Americas Holdings Corp grew its position in Marvell Technology by 90.2% in the first quarter. MUFG Americas Holdings Corp now owns 369 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 175 shares in the last quarter. 83.11% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently weighed in on MRVL. Raymond James reaffirmed a “buy” rating and issued a $80.00 target price on shares of Marvell Technology in a research report on Friday, May 27th. KeyCorp decreased their target price 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. Craig Hallum decreased their target price on shares of Marvell Technology to $90.00 in a research report on Friday, May 27th. BMO Capital Markets decreased their target price on shares of Marvell Technology from $98.00 to $82.00 in a research report on Friday, May 27th. Finally, Susquehanna Bancshares decreased their price objective on shares of Marvell Technology from $105.00 to $90.00 and set a “positive” rating for the company in a research report on Wednesday, May 25th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $83.41.

Insiders Place Their Bets

In other news, EVP Loi Nguyen sold 872 shares of the business’s stock in a transaction that occurred on Friday, May 27th. The shares were sold at an average price of $60.00, for a total value of $52,320.00. Following the completion of the transaction, the executive vice president now directly owns 207,727 shares in the company, valued at approximately $12,463,620. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, EVP Loi Nguyen sold 872 shares of the business’s stock in a transaction that occurred on Friday, May 27th. The shares were sold at an average price of $60.00, for a total value of $52,320.00. Following the completion of the transaction, the executive vice president now directly owns 207,727 shares in the company, valued at approximately $12,463,620. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Matthew J. Murphy sold 30,000 shares of the business’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 transaction of $1,803,000.00. Following the completion of the transaction, the chief executive officer now owns 672,052 shares of the company’s stock, valued at $40,390,325.20. The disclosure for this sale can be found here. Insiders sold 61,194 shares of company stock worth $3,505,827 in the last quarter. 0.45% of the stock is currently owned by corporate insiders.

Marvell Technology Price Performance

Shares of Marvell Technology stock opened at $56.94 on Friday. Marvell Technology, Inc. has a twelve month low of $41.07 and a twelve month high of $93.85. The company has a quick ratio of 1.13, a current ratio of 1.67 and a debt-to-equity ratio of 0.29. The company has a 50-day simple moving average of $50.91 and a two-hundred day simple moving average of $60.20. The stock has a market capitalization of $48.39 billion, a price-to-earnings 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 issued its quarterly earnings data on Thursday, May 26th. The semiconductor company reported $0.37 earnings per share for the quarter, hitting the consensus estimate of $0.37. Marvell Technology had a negative net margin of 9.82% and a positive return on equity of 6.92%. The business had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.43 billion. During the same quarter in the previous year, the company earned $0.15 EPS. The business’s revenue was up 73.8% on a year-over-year basis. Analysts forecast that Marvell Technology, Inc. will post 1.69 EPS for the current year.

Marvell Technology Dividend Announcement

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. This represents a $0.24 annualized dividend and a yield of 0.42%. The ex-dividend date was Thursday, July 7th. Marvell Technology’s dividend payout ratio (DPR) is -39.34%.

Marvell Technology Profile

(Get Rating)

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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