Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by FIL Ltd

FIL Ltd cut its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 3.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,237,939 shares of the semiconductor company's stock after selling 105,658 shares during the period. FIL Ltd owned approximately 0.37% of Marvell Technology worth $357,630,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Marvell Technology in the 4th quarter valued at approximately $1,138,354,000. GQG Partners LLC bought a new stake in Marvell Technology in the fourth quarter worth $802,410,000. Wellington Management Group LLP boosted its stake in Marvell Technology by 43.1% during the fourth quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company's stock worth $1,374,252,000 after buying an additional 3,747,982 shares during the period. Invesco Ltd. increased its position in Marvell Technology by 30.1% during the fourth quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company's stock valued at $1,784,649,000 after acquiring an additional 3,737,705 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of Marvell Technology in the fourth quarter valued at $366,896,000. Hedge funds and other institutional investors own 83.51% of the company's stock.

Insider Activity

In other Marvell Technology news, Director Brad W. Buss purchased 3,000 shares of the business's stock in a transaction that occurred on Friday, March 7th. The stock was purchased at an average price of $69.00 per share, for a total transaction of $207,000.00. Following the purchase, the director now directly owns 87,113 shares in the company, valued at approximately $6,010,797. This trade represents a 3.57 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Panteha Dixon sold 1,430 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The shares were 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 directly owns 31,100 shares in the company, valued at approximately $2,138,125. The trade was a 4.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 30,185 shares of company stock valued at $3,131,018 in the last quarter. 0.33% of the stock is currently owned by company insiders.

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Wall Street Analysts Forecast Growth

Several brokerages recently commented on MRVL. TD Cowen cut their price target on shares of Marvell Technology from $125.00 to $95.00 and set a "buy" rating on the stock in a report on Thursday, March 6th. Needham & Company LLC reduced their price target on Marvell Technology from $120.00 to $100.00 and set a "buy" rating on the stock in a report on Thursday, March 6th. Citigroup dropped their price objective on Marvell Technology from $122.00 to $96.00 and set a "buy" rating for the company in a report on Friday. KeyCorp decreased their price objective on shares of Marvell Technology from $135.00 to $115.00 and set an "overweight" rating for the company in a report on Thursday, March 6th. Finally, Bank of America reduced their target price on shares of Marvell Technology from $150.00 to $120.00 and set a "buy" rating on the stock in a research report on Thursday, March 6th. Three analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Marvell Technology has a consensus rating of "Moderate Buy" and a consensus target price of $119.48.

Marvell Technology Stock Performance

Shares of NASDAQ:MRVL traded up $0.52 during midday trading on Friday, reaching $53.39. The company's stock had a trading volume of 17,706,981 shares, compared to its average volume of 13,434,520. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. The stock has a fifty day moving average of $79.86 and a 200 day moving average of $92.05. Marvell Technology, Inc. has a twelve month low of $47.09 and a twelve month high of $127.48. The firm has a market capitalization of $46.24 billion, a PE ratio of -31.41, a P/E/G ratio of 1.61 and a beta of 1.78.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.45%. The ex-dividend date is Friday, April 11th. Marvell Technology's dividend payout ratio is currently -23.53%.

Marvell Technology Company 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.