Nippon Life Global Investors Americas Inc. Sells 59,970 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Nippon Life Global Investors Americas Inc. decreased its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 7.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 755,390 shares of the semiconductor company's stock after selling 59,970 shares during the period. Marvell Technology accounts for approximately 3.8% of Nippon Life Global Investors Americas Inc.'s holdings, making the stock its 6th biggest holding. Nippon Life Global Investors Americas Inc. owned about 0.09% of Marvell Technology worth $83,433,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in MRVL. M&T Bank Corp raised its position in Marvell Technology by 0.5% in the 3rd quarter. M&T Bank Corp now owns 87,005 shares of the semiconductor company's stock worth $6,275,000 after purchasing an additional 448 shares during the last quarter. Pine Valley Investments Ltd Liability Co increased its position in Marvell Technology by 8.0% in the third quarter. Pine Valley Investments Ltd Liability Co now owns 23,799 shares of the semiconductor company's stock worth $1,716,000 after purchasing an additional 1,773 shares during the period. World Investment Advisors LLC raised its holdings in Marvell Technology by 1.4% during the 3rd quarter. World Investment Advisors LLC now owns 40,366 shares of the semiconductor company's stock worth $2,911,000 after purchasing an additional 560 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Marvell Technology during the 3rd quarter valued at about $3,432,000. Finally, Synovus Financial Corp boosted its stake in shares of Marvell Technology by 60.5% in the 3rd quarter. Synovus Financial Corp now owns 6,489 shares of the semiconductor company's stock valued at $468,000 after purchasing an additional 2,445 shares during the last quarter. Institutional investors own 83.51% of the company's stock.

Analyst Ratings Changes

MRVL has been the topic of several analyst reports. Melius Research upgraded shares of Marvell Technology to a "strong-buy" rating in a report on Monday, January 27th. Stifel Nicolaus decreased their price objective on Marvell Technology from $115.00 to $80.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. Raymond James set a $110.00 target price on Marvell Technology in a research note on Thursday, March 6th. Bank of America decreased their target price on Marvell Technology from $120.00 to $72.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Finally, Benchmark reiterated a "buy" rating and issued a $135.00 price target on shares of Marvell Technology in a research report on Thursday, March 6th. Three analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Marvell Technology currently has an average rating of "Moderate Buy" and an average target price of $114.56.

Insider Transactions at Marvell Technology

In other Marvell Technology news, EVP Mark Casper sold 12,460 shares of the stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total transaction of $685,300.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 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 $103,245.00. Following the completion of the sale, the chief financial officer now directly owns 113,592 shares of the company's stock, valued at approximately $7,818,537.36. The trade was a 1.30 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 27,390 shares of company stock worth $1,937,938. 0.33% of the stock is owned by insiders.

Marvell Technology Stock Performance

NASDAQ:MRVL traded up $1.59 on Friday, hitting $58.92. The company's stock had a trading volume of 11,919,398 shares, compared to its average volume of 13,613,441. Marvell Technology, Inc. has a one year low of $47.09 and a one year high of $127.48. The firm has a market capitalization of $51.03 billion, a P/E ratio of -34.66, a price-to-earnings-growth ratio of 1.61 and a beta of 1.78. The stock has a fifty day moving average of $69.50 and a two-hundred day moving average of $90.68. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Friday, April 11th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.41%. The ex-dividend date of this dividend is Friday, April 11th. Marvell Technology's payout ratio is presently -23.53%.

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.