Truist Financial Corp Sells 12,592 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Truist Financial Corp decreased its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 3.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 402,262 shares of the semiconductor company's stock after selling 12,592 shares during the quarter. Truist Financial Corp's holdings in Marvell Technology were worth $44,430,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Temasek Holdings Private Ltd lifted its holdings in Marvell Technology by 581.8% in the third quarter. Temasek Holdings Private Ltd now owns 2,240,085 shares of the semiconductor company's stock worth $161,555,000 after purchasing an additional 1,911,532 shares during the period. Holocene Advisors LP acquired a new stake in shares of Marvell Technology in the 3rd quarter worth approximately $120,116,000. Van ECK Associates Corp boosted its holdings in shares of Marvell Technology by 26.6% in the third quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company's stock valued at $538,868,000 after acquiring an additional 1,570,050 shares in the last quarter. Perpetual Ltd boosted its holdings in shares of Marvell Technology by 3,405.3% in the fourth quarter. Perpetual Ltd now owns 702,498 shares of the semiconductor company's stock valued at $77,591,000 after acquiring an additional 682,457 shares in the last quarter. Finally, Nordea Investment Management AB increased its stake in shares of Marvell Technology by 14.0% during the fourth quarter. Nordea Investment Management AB now owns 4,652,983 shares of the semiconductor company's stock valued at $518,435,000 after acquiring an additional 571,005 shares during the period. Institutional investors own 83.51% of the company's stock.

Marvell Technology Stock Down 4.5 %

MRVL traded down $4.86 during trading hours on Friday, hitting $103.85. 11,006,714 shares of the company's stock were exchanged, compared to its average volume of 12,895,910. The stock has a market cap of $89.86 billion, a price-to-earnings ratio of -61.09, a PEG ratio of 1.64 and a beta of 1.40. Marvell Technology, Inc. has a 1-year low of $53.19 and a 1-year high of $127.48. The stock's 50-day moving average is $113.93 and its two-hundred day moving average is $91.69. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 30th. Shareholders of record on Friday, January 10th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.23%. The ex-dividend date was Friday, January 10th. Marvell Technology's dividend payout ratio (DPR) is -14.12%.

Insider Transactions at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the company's stock in a transaction on Monday, December 16th. The shares were sold at an average price of $122.50, for a total transaction of $183,750.00. Following the sale, the chief financial officer now directly owns 112,711 shares of the company's stock, valued at approximately $13,807,097.50. This represents a 1.31 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Michael G. Strachan sold 5,000 shares of Marvell Technology stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $122.65, for a total transaction of $613,250.00. Following the completion of the transaction, the director now directly owns 30,959 shares of the company's stock, valued at approximately $3,797,121.35. This trade represents a 13.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 36,255 shares of company stock worth $4,330,980 in the last 90 days. Corporate insiders own 0.33% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on MRVL shares. Evercore ISI increased their price target on Marvell Technology from $98.00 to $122.00 and gave the company an "outperform" rating in a research note on Monday, December 2nd. Stifel Nicolaus raised their target price on Marvell Technology from $125.00 to $130.00 and gave the company a "buy" rating in a research note on Monday, January 6th. Melius Research raised shares of Marvell Technology to a "strong-buy" rating in a report on Monday, January 27th. TD Cowen lifted their price objective on shares of Marvell Technology from $90.00 to $125.00 and gave the stock a "buy" rating in a research note on Wednesday, December 4th. Finally, KeyCorp increased their target price on shares of Marvell Technology from $125.00 to $135.00 and gave the company an "overweight" rating in a research note on Wednesday, January 22nd. Three investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $127.60.

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.