Prudential PLC Raises Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Prudential PLC lifted its stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 3.6% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 149,624 shares of the semiconductor company's stock after purchasing an additional 5,214 shares during the quarter. Prudential PLC's holdings in Marvell Technology were worth $16,526,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Captrust Financial Advisors lifted its stake in shares of Marvell Technology by 3.5% during the third quarter. Captrust Financial Advisors now owns 37,040 shares of the semiconductor company's stock worth $2,671,000 after buying an additional 1,260 shares during the period. Benjamin Edwards Inc. raised its stake in Marvell Technology by 1,231.1% in the 3rd 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 during the last quarter. Hilltop Holdings Inc. lifted its position in Marvell Technology by 83.7% during the 3rd quarter. Hilltop Holdings Inc. now owns 5,713 shares of the semiconductor company's stock worth $412,000 after acquiring an additional 2,603 shares during the period. Investment Management Corp of Ontario lifted its position in Marvell Technology by 48.7% during the 3rd quarter. Investment Management Corp of Ontario now owns 28,718 shares of the semiconductor company's stock worth $2,071,000 after acquiring an additional 9,400 shares during the period. Finally, Integrated Wealth Concepts LLC grew its stake in Marvell Technology by 1.4% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 9,931 shares of the semiconductor company's stock valued at $716,000 after purchasing an additional 139 shares during the last quarter. 83.51% of the stock is owned by hedge funds and other institutional investors.

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Marvell Technology Price Performance

Shares of Marvell Technology stock traded down $6.21 during mid-day trading on Friday, reaching $49.43. 37,267,485 shares of the stock traded hands, compared to its average volume of 13,088,703. The stock has a market capitalization of $42.81 billion, a PE ratio of -29.08, a PEG ratio of 1.61 and a beta of 1.42. The business has a 50-day moving average of $87.42 and a 200 day moving average of $92.94. Marvell Technology, Inc. has a fifty-two week low of $47.34 and a fifty-two week high of $127.48. 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 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 $0.06 dividend. The ex-dividend date of this dividend is Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.49%. Marvell Technology's payout ratio is currently -23.53%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on MRVL shares. The Goldman Sachs Group lifted their target price on Marvell Technology from $115.00 to $131.00 and gave the stock a "buy" rating in a report on Friday, January 10th. TD Cowen reduced their price target on shares of Marvell Technology from $125.00 to $95.00 and set a "buy" rating for the company in a research report on Thursday, March 6th. Barclays dropped their price objective on shares of Marvell Technology from $150.00 to $130.00 and set an "overweight" rating on the stock in a report on Thursday, March 6th. Loop Capital raised shares of Marvell Technology from a "hold" rating to a "buy" rating and set a $110.00 target price for the company in a report on Thursday, March 6th. Finally, Bank of America lowered their price target on shares of Marvell Technology from $150.00 to $120.00 and set a "buy" rating on the stock in a report on Thursday, March 6th. Three equities research 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 MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $120.44.

Insiders Place Their Bets

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the firm's stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $118.33, for a total value of $177,495.00. Following the transaction, the chief financial officer now directly owns 111,211 shares of the company's stock, valued at $13,159,597.63. This trade represents a 1.33 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Michael G. Strachan sold 5,000 shares of the company's stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $122.65, for a total value of $613,250.00. Following the completion of the sale, the director now owns 30,959 shares of the company's stock, valued at $3,797,121.35. This trade represents a 13.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 35,185 shares of company stock valued at $3,744,268 in the last 90 days. 0.33% of the stock is owned by insiders.

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.