Legal & General Group Plc reduced its stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 29.0% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,241,939 shares of the semiconductor company's stock after selling 2,143,457 shares during the quarter. Legal & General Group Plc owned approximately 0.61% of Marvell Technology worth $578,972,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Zweig DiMenna Associates LLC increased its holdings in shares of Marvell Technology by 6.3% during the 4th quarter. Zweig DiMenna Associates LLC now owns 213,521 shares of the semiconductor company's stock worth $23,583,000 after buying an additional 12,700 shares during the last quarter. Berbice Capital Management LLC acquired a new stake in Marvell Technology during the fourth quarter worth $637,000. RFG Advisory LLC raised its position in Marvell Technology by 6.2% in the fourth quarter. RFG Advisory LLC now owns 42,621 shares of the semiconductor company's stock valued at $4,708,000 after purchasing an additional 2,507 shares during the period. Nomura Asset Management Co. Ltd. lifted its stake in shares of Marvell Technology by 23.0% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 2,862,151 shares of the semiconductor company's stock valued at $206,418,000 after purchasing an additional 535,203 shares during the last quarter. Finally, Franchise Capital Ltd purchased a new position in shares of Marvell Technology during the 4th quarter worth $1,476,000. 83.51% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of research firms have commented on MRVL. Loop Capital raised shares of Marvell Technology from a "hold" rating to a "buy" rating and set a $110.00 target price on the stock in a research report on Thursday, March 6th. KeyCorp decreased their price objective on shares of Marvell Technology from $135.00 to $115.00 and set an "overweight" rating on the stock in a report on Thursday, March 6th. Wells Fargo & Company reaffirmed an "overweight" rating on shares of Marvell Technology in a research report on Thursday, March 6th. Piper Sandler decreased their price target on Marvell Technology from $120.00 to $95.00 and set an "overweight" rating on the stock in a research note on Thursday, March 6th. Finally, Summit Insights cut Marvell Technology from a "buy" rating to a "hold" rating in a research note on Thursday, March 6th. Three investment 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's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $120.44.
Get Our Latest Analysis on MRVL
Insider Buying and Selling
In other news, COO Chris Koopmans sold 6,000 shares of the business's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $68.83, for a total transaction of $412,980.00. Following the transaction, the chief operating officer now directly owns 81,931 shares in the company, valued at $5,639,310.73. The trade was a 6.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Panteha Dixon sold 1,430 shares of the business's stock in a transaction that occurred 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 transaction, the chief accounting officer now owns 31,100 shares in the company, valued at $2,138,125. The trade was a 4.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 30,185 shares of company stock worth $3,131,018 in the last quarter. 0.33% of the stock is owned by insiders.
Marvell Technology Stock Down 0.3 %
Shares of Marvell Technology stock traded down $0.17 during trading hours on Friday, hitting $52.64. The company had a trading volume of 8,112,759 shares, compared to its average volume of 13,443,736. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. The company's 50-day moving average is $80.99 and its two-hundred day moving average is $92.17. The company has a market cap of $45.59 billion, a P/E ratio of -30.72, a price-to-earnings-growth ratio of 1.61 and a beta of 1.78. Marvell Technology, Inc. has a twelve month low of $47.09 and a twelve month high of $127.48.
Marvell Technology Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.46%. The ex-dividend date of this dividend is Friday, April 11th. Marvell Technology's payout ratio is -23.53%.
About Marvell Technology
(
Free Report)
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.
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