iA Global Asset Management Inc. Sells 59,938 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

iA Global Asset Management Inc. decreased its holdings in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 37.5% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 100,047 shares of the semiconductor company's stock after selling 59,938 shares during the quarter. iA Global Asset Management Inc.'s holdings in Marvell Technology were worth $11,050,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Centricity Wealth Management LLC purchased a new position in shares of Marvell Technology during the fourth quarter valued at approximately $26,000. ORG Partners LLC grew its position in Marvell Technology by 175.3% in the 4th quarter. ORG Partners LLC now owns 234 shares of the semiconductor company's stock worth $26,000 after purchasing an additional 149 shares during the period. Rialto Wealth Management LLC purchased a new stake in Marvell Technology during the 4th quarter valued at $27,000. Kieckhefer Group LLC bought a new position in shares of Marvell Technology during the 4th quarter valued at $33,000. Finally, Financial Life Planners purchased a new position in shares of Marvell Technology in the 4th quarter worth $33,000. Institutional investors own 83.51% of the company's stock.

Insider Buying and Selling at Marvell Technology

In other news, CAO Panteha Dixon sold 1,430 shares of the stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $68.75, for a total transaction of $98,312.50. Following the completion of the transaction, the chief accounting officer now directly owns 31,100 shares in the company, valued at approximately $2,138,125. This represents a 4.40 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Brad W. Buss purchased 3,000 shares of Marvell Technology stock in a transaction that occurred on Friday, March 7th. The stock was acquired at an average price of $69.00 per share, for a total transaction of $207,000.00. Following the transaction, the director now directly owns 87,113 shares of the company's stock, valued at $6,010,797. The trade was a 3.57 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 37,685 shares of company stock worth $4,026,768. Insiders own 0.33% of the company's stock.

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Analyst Upgrades and Downgrades

A number of research firms recently commented on MRVL. Bank of America reduced their price objective on Marvell Technology from $150.00 to $120.00 and set a "buy" rating for the company in a research report on Thursday, March 6th. Benchmark reaffirmed a "buy" rating and set a $135.00 price target on shares of Marvell Technology in a research report on Thursday, March 6th. Piper Sandler lowered their price objective on shares of Marvell Technology from $120.00 to $95.00 and set an "overweight" rating on the stock in a research note on Thursday, March 6th. Melius assumed coverage on shares of Marvell Technology in a research report on Monday, January 27th. They set a "buy" rating and a $188.00 target price for the company. Finally, Cantor Fitzgerald increased their price target on shares of Marvell Technology from $120.00 to $135.00 and gave the stock an "overweight" rating in a research report on Wednesday, December 4th. Three equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $120.44.

Marvell Technology Price Performance

MRVL traded down $0.10 during trading on Friday, reaching $70.39. 11,931,502 shares of the company traded hands, compared to its average volume of 12,606,196. The company has a market cap of $60.96 billion, a P/E ratio of -41.41, a PEG ratio of 1.61 and a beta of 1.42. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. Marvell Technology, Inc. has a 12-month low of $53.19 and a 12-month high of $127.48. The firm has a fifty day simple moving average of $99.06 and a 200 day simple moving average of $93.69.

Marvell Technology Dividend Announcement

The business also recently announced 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. This represents a $0.24 annualized dividend and a yield of 0.34%. Marvell Technology's payout ratio is -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.