Alliancebernstein L.P. Sells 82,919 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Alliancebernstein L.P. lessened its stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 14.0% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 510,570 shares of the semiconductor company's stock after selling 82,919 shares during the period. Alliancebernstein L.P. owned 0.06% of Marvell Technology worth $56,392,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of MRVL. Captrust Financial Advisors boosted its holdings in Marvell Technology by 3.5% in the 3rd quarter. Captrust Financial Advisors now owns 37,040 shares of the semiconductor company's stock valued at $2,671,000 after purchasing an additional 1,260 shares in the last quarter. Benjamin Edwards Inc. raised its position in Marvell Technology by 1,231.1% in the third quarter. Benjamin Edwards Inc. now owns 4,499 shares of the semiconductor company's stock worth $325,000 after acquiring an additional 4,161 shares in the last quarter. Hilltop Holdings Inc. lifted its holdings in Marvell Technology by 83.7% in the third quarter. Hilltop Holdings Inc. now owns 5,713 shares of the semiconductor company's stock valued at $412,000 after acquiring an additional 2,603 shares during the period. Integrated Wealth Concepts LLC grew its stake in shares of Marvell Technology by 1.4% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 9,931 shares of the semiconductor company's stock worth $716,000 after purchasing an additional 139 shares during the period. Finally, Royal London Asset Management Ltd. lifted its stake in shares of Marvell Technology by 4.2% in the third quarter. Royal London Asset Management Ltd. now owns 406,079 shares of the semiconductor company's stock valued at $29,286,000 after purchasing an additional 16,442 shares during the period. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CAO Panteha Dixon sold 1,430 shares of the company's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $68.75, for a total value of $98,312.50. Following the completion of the sale, the chief accounting officer now owns 31,100 shares in the company, valued at $2,138,125. This represents a 4.40 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $68.83, for a total value of $103,245.00. Following the transaction, the chief financial officer now directly owns 113,592 shares in the company, valued at approximately $7,818,537.36. The trade was a 1.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 30,185 shares of company stock valued at $3,131,018 over the last quarter. Insiders own 0.33% of the company's stock.

Wall Street Analysts Forecast Growth

MRVL has been the topic of a number of research reports. Stifel Nicolaus lowered their price target on Marvell Technology from $130.00 to $115.00 and set a "buy" rating on the stock in a report on Thursday, March 6th. Barclays dropped their target price on shares of Marvell Technology from $150.00 to $130.00 and set an "overweight" rating for the company in a report on Thursday, March 6th. Piper Sandler lowered their price target on shares of Marvell Technology from $120.00 to $95.00 and set an "overweight" rating on the stock in a research report on Thursday, March 6th. Roth Capital set a $100.00 target price on Marvell Technology in a research note on Thursday, March 6th. Finally, Raymond James set a $110.00 price objective on Marvell Technology in a research report on Thursday, March 6th. Three investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $120.44.

Marvell Technology Stock Performance

Marvell Technology stock traded up $3.96 during mid-day trading on Tuesday, reaching $54.96. The company's stock had a trading volume of 8,781,226 shares, compared to its average volume of 13,134,287. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. Marvell Technology, Inc. has a twelve month low of $47.09 and a twelve month high of $127.48. The business has a 50 day moving average price of $86.44 and a 200-day moving average price of $93.06. The firm has a market cap of $47.60 billion, a price-to-earnings ratio of -32.23, a PEG ratio of 1.61 and a beta of 1.78.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Friday, April 11th will be paid a dividend of $0.06 per share. The ex-dividend date is Friday, April 11th. This represents a $0.24 annualized dividend and a yield of 0.44%. Marvell Technology's dividend payout ratio (DPR) is -23.53%.

About Marvell Technology

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.