National Bank of Canada FI Cuts Position in Marvell Technology, Inc. (NASDAQ:MRVL)

National Bank of Canada FI lowered its stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 19.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 705,231 shares of the semiconductor company's stock after selling 170,283 shares during the quarter. National Bank of Canada FI owned approximately 0.08% of Marvell Technology worth $50,861,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in MRVL. QRG Capital Management Inc. grew its stake in Marvell Technology by 10.4% during the second quarter. QRG Capital Management Inc. now owns 31,839 shares of the semiconductor company's stock valued at $2,226,000 after acquiring an additional 3,002 shares in the last quarter. RFG Advisory LLC grew its position in shares of Marvell Technology by 8.6% during the 2nd quarter. RFG Advisory LLC now owns 25,701 shares of the semiconductor company's stock valued at $1,797,000 after purchasing an additional 2,032 shares in the last quarter. Sequoia Financial Advisors LLC increased its holdings in shares of Marvell Technology by 7.0% in the second quarter. Sequoia Financial Advisors LLC now owns 11,901 shares of the semiconductor company's stock worth $832,000 after purchasing an additional 778 shares during the period. Wedmont Private Capital boosted its stake in Marvell Technology by 76.5% during the second quarter. Wedmont Private Capital now owns 8,487 shares of the semiconductor company's stock valued at $625,000 after buying an additional 3,678 shares during the period. Finally, Meyer Handelman Co. purchased a new position in Marvell Technology during the second quarter worth about $339,000. Hedge funds and other institutional investors own 83.51% of the company's stock.

Marvell Technology Trading Up 0.1 %

Shares of NASDAQ MRVL traded up $0.14 during trading hours on Friday, hitting $113.51. The company's stock had a trading volume of 13,771,877 shares, compared to its average volume of 12,026,631. The business has a 50-day simple moving average of $86.09 and a 200-day simple moving average of $75.59. The stock has a market cap of $98.22 billion, a price-to-earnings ratio of -66.77, a P/E/G ratio of 5.11 and a beta of 1.46. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. Marvell Technology, Inc. has a 12 month low of $50.56 and a 12 month high of $119.88.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were paid a dividend of $0.06 per share. The ex-dividend date was Friday, October 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.21%. Marvell Technology's dividend payout ratio (DPR) is presently -14.12%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on MRVL. Rosenblatt Securities raised their price target on Marvell Technology from $120.00 to $140.00 and gave the company a "buy" rating in a report on Wednesday. UBS Group raised their target price on shares of Marvell Technology from $110.00 to $115.00 and gave the company a "buy" rating in a research note on Wednesday. Wells Fargo & Company boosted their price target on shares of Marvell Technology from $110.00 to $130.00 and gave the stock an "overweight" rating in a research note on Wednesday. TD Cowen increased their price target on shares of Marvell Technology from $90.00 to $125.00 and gave the stock a "buy" rating in a report on Wednesday. Finally, KeyCorp lifted their price objective on shares of Marvell Technology from $95.00 to $125.00 and gave the stock an "overweight" rating in a report on Wednesday. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $119.04.

Insider Activity at Marvell Technology

In related news, EVP Mark Casper sold 2,500 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $70.83, for a total value of $177,075.00. Following the completion of the transaction, the executive vice president now directly owns 22,494 shares of the company's stock, valued at $1,593,250.02. This represents a 10.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $89.14, for a total value of $534,840.00. Following the sale, the executive vice president now directly owns 103,244 shares in the company, valued at approximately $9,203,170.16. The trade was a 5.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 267,000 shares of company stock worth $20,899,260 over the last quarter. 0.33% of the stock is owned by corporate 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.