Wed. May 29th, 2024

TLDR:

  • Sunbelt Securities Inc. reduced its stake in Marvell Technology by 8.1% during the third quarter.
  • Marvell Technology’s CFO and CEO sold shares of the company, with insider activity affecting stock prices.

Summary:

Sunbelt Securities Inc. decreased its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 8.1% during the third quarter, selling 279 shares and reducing their stake to $172,000. Other hedge funds and institutional investors also made modifications to their holdings of the company, including Massachusetts Financial Services Co. MA, Kingswood Wealth Advisors LLC, and Fred Alger Management LLC.

CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock, while CEO Matthew J. Murphy sold 30,000 shares, impacting the company’s stock value. The company has a market cap of $57.81 billion and recently announced a share buyback program to repurchase $3.00 billion in shares.

Marvell Technology also declared a quarterly dividend and received positive forecasts from Wall Street analysts. The company reported $0.46 EPS for the quarter, with a revenue increase from the previous year. Analysts have rated the stock as a “Moderate Buy” with a consensus price target of $75.08.

Marvell Technology’s stock has a 52-week low of $36.90 and a high of $85.76, with a fifty-day moving average of $69.37. The company’s revenue for the quarter was up 0.6% year-over-year, with an expected EPS of 0.76 for the current year.

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