Meeder Asset Management Inc. Trims Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Meeder Asset Management Inc. trimmed its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 93.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 534 shares of the semiconductor company's stock after selling 7,170 shares during the period. Meeder Asset Management Inc.'s holdings in Marvell Technology were worth $39,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in MRVL. Lazard Asset Management LLC increased its position in shares of Marvell Technology by 47,934.4% during the first quarter. Lazard Asset Management LLC now owns 4,001,745 shares of the semiconductor company's stock valued at $283,643,000 after acquiring an additional 3,993,414 shares in the last quarter. Whale Rock Capital Management LLC bought a new stake in shares of Marvell Technology during the 1st quarter valued at $181,559,000. Ameriprise Financial Inc. grew its position in shares of Marvell Technology by 24.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company's stock valued at $812,509,000 after acquiring an additional 2,254,610 shares during the period. Swedbank AB grew its position in shares of Marvell Technology by 653.5% during the 2nd quarter. Swedbank AB now owns 2,334,015 shares of the semiconductor company's stock valued at $163,148,000 after acquiring an additional 2,024,269 shares during the period. Finally, Janus Henderson Group PLC grew its position in shares of Marvell Technology by 13.4% during the 1st quarter. Janus Henderson Group PLC now owns 13,478,472 shares of the semiconductor company's stock valued at $955,400,000 after acquiring an additional 1,591,874 shares during the period. Institutional investors own 83.51% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Needham & Company LLC reissued a "buy" rating and set a $95.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Piper Sandler reissued an "overweight" rating and set a $100.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. StockNews.com downgraded shares of Marvell Technology from a "hold" rating to a "sell" rating in a research report on Friday, October 18th. Bank of America lifted their target price on shares of Marvell Technology from $85.00 to $90.00 and gave the company a "buy" rating in a research note on Friday, August 30th. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $85.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $91.77.

Insider Buying and Selling

In related news, insider Muhammad Raghib Hussain sold 150,000 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total value of $12,075,000.00. Following the sale, the insider now directly owns 694,487 shares of the company's stock, valued at $55,906,203.50. This represents a 17.76 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Mark Casper sold 2,500 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $70.83, for a total transaction of $177,075.00. Following the completion of the sale, the executive vice president now directly owns 22,494 shares in the company, valued at $1,593,250.02. This trade represents a 10.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 267,000 shares of company stock valued at $20,899,260 in the last ninety days. 0.33% of the stock is owned by company insiders.

Marvell Technology Trading Up 0.6 %

Shares of NASDAQ:MRVL opened at $89.86 on Thursday. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. Marvell Technology, Inc. has a 12 month low of $50.35 and a 12 month high of $95.09. The company has a 50-day moving average price of $79.94 and a 200 day moving average price of $73.22.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last announced its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, meeting analysts' consensus estimates of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The firm had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter last year, the firm earned $0.18 EPS. The firm's revenue for the quarter was down 5.1% compared to the same quarter last year. As a group, research analysts expect that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Friday, October 11th were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.27%. The ex-dividend date was Friday, October 11th. Marvell Technology's dividend payout ratio (DPR) is currently -21.62%.

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.