Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by OVERSEA CHINESE BANKING Corp Ltd

OVERSEA CHINESE BANKING Corp Ltd decreased its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 64.3% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 10,381 shares of the semiconductor company's stock after selling 18,697 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd's holdings in Marvell Technology were worth $1,179,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Intrepid Financial Planning Group LLC lifted its stake in Marvell Technology by 0.3% in the 4th quarter. Intrepid Financial Planning Group LLC now owns 25,890 shares of the semiconductor company's stock worth $2,860,000 after purchasing an additional 90 shares in the last quarter. PDS Planning Inc increased its holdings in shares of Marvell Technology by 3.3% in the 4th quarter. PDS Planning Inc now owns 2,888 shares of the semiconductor company's stock worth $319,000 after buying an additional 92 shares during the last quarter. Lodestone Wealth Management LLC increased its holdings in shares of Marvell Technology by 2.0% in the 4th quarter. Lodestone Wealth Management LLC now owns 4,655 shares of the semiconductor company's stock worth $514,000 after buying an additional 93 shares during the last quarter. Valley National Advisers Inc. increased its holdings in shares of Marvell Technology by 0.4% in the 4th quarter. Valley National Advisers Inc. now owns 25,135 shares of the semiconductor company's stock worth $2,775,000 after buying an additional 96 shares during the last quarter. Finally, Private Trust Co. NA increased its holdings in shares of Marvell Technology by 2.7% in the 4th quarter. Private Trust Co. NA now owns 3,744 shares of the semiconductor company's stock worth $414,000 after buying an additional 97 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company's stock.

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Wall Street Analyst Weigh In

Several equities analysts recently commented on MRVL shares. JPMorgan Chase & Co. upped their price target on shares of Marvell Technology from $90.00 to $130.00 and gave the company an "overweight" rating in a report on Wednesday, December 4th. Loop Capital upgraded shares of Marvell Technology from a "hold" rating to a "buy" rating and set a $110.00 price target on the stock in a report on Thursday, March 6th. Evercore ISI upped their price target on shares of Marvell Technology from $98.00 to $122.00 and gave the company an "outperform" rating in a report on Monday, December 2nd. Morgan Stanley cut their price target on shares of Marvell Technology from $113.00 to $90.00 and set an "equal weight" rating on the stock in a report on Thursday, March 6th. Finally, Bank of America cut 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 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 company. According to data from MarketBeat, Marvell Technology currently has a consensus rating of "Moderate Buy" and an average price target of $120.44.

Marvell Technology Stock Performance

Marvell Technology stock traded down $0.10 during mid-day trading on Friday, reaching $70.39. 11,931,502 shares of the company traded hands, compared to its average volume of 12,606,196. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. Marvell Technology, Inc. has a fifty-two week low of $53.19 and a fifty-two week high of $127.48. The company has a market capitalization of $60.96 billion, a price-to-earnings ratio of -41.41, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42. The firm's fifty day moving average is $99.06 and its two-hundred day moving average is $93.69.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.34%. Marvell Technology's dividend payout ratio (DPR) is presently -23.53%.

Insiders Place Their Bets

In related news, CAO Panteha Dixon sold 1,430 shares of Marvell Technology stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $68.75, for a total value of $98,312.50. Following the completion of the transaction, the chief accounting officer now owns 31,100 shares in the company, valued at $2,138,125. The trade was a 4.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $124.40, for a total transaction of $746,400.00. Following the completion of the transaction, the executive vice president now owns 93,931 shares of the company's stock, valued at $11,685,016.40. This represents a 6.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 37,685 shares of company stock valued at $4,026,768 over the last ninety days. Company insiders own 0.33% of the company's stock.

Marvell Technology 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.