Peapack Gladstone Financial Corp Sells 6,300 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Peapack Gladstone Financial Corp decreased its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 27.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,012 shares of the semiconductor company's stock after selling 6,300 shares during the quarter. Peapack Gladstone Financial Corp's holdings in Marvell Technology were worth $1,879,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Intrepid Financial Planning Group LLC boosted its holdings in Marvell Technology by 0.3% in the fourth quarter. Intrepid Financial Planning Group LLC now owns 25,890 shares of the semiconductor company's stock valued at $2,860,000 after purchasing an additional 90 shares during the period. PDS Planning Inc increased its position in Marvell Technology by 3.3% during the fourth 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 period. Lodestone Wealth Management LLC boosted its stake in Marvell Technology by 2.0% during the 4th quarter. Lodestone Wealth Management LLC now owns 4,655 shares of the semiconductor company's stock worth $514,000 after purchasing an additional 93 shares during the period. Valley National Advisers Inc. increased its position in Marvell Technology by 0.4% in the 4th quarter. Valley National Advisers Inc. now owns 25,135 shares of the semiconductor company's stock valued at $2,775,000 after acquiring an additional 96 shares during the period. Finally, Private Trust Co. NA raised its stake in shares of Marvell Technology by 2.7% during the fourth quarter. Private Trust Co. NA now owns 3,744 shares of the semiconductor company's stock worth $414,000 after purchasing an additional 97 shares during the last quarter. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

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Marvell Technology Trading Down 0.4 %

Shares of MRVL traded down $0.23 during trading hours on Friday, reaching $52.58. 6,817,088 shares of the company traded hands, compared to its average volume of 13,438,715. Marvell Technology, Inc. has a 12 month low of $47.09 and a 12 month 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. The company's fifty day moving average price is $80.99 and its two-hundred day moving average price is $92.17. The company has a market capitalization of $45.54 billion, a price-to-earnings ratio of -31.00, a price-to-earnings-growth ratio of 1.61 and a beta of 1.78.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Friday, April 11th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.46%. The ex-dividend date of this dividend is Friday, April 11th. Marvell Technology's payout ratio is presently -23.53%.

Analyst Ratings Changes

MRVL has been the topic of several recent analyst reports. Raymond James set a $110.00 target price on Marvell Technology in a research report on Thursday, March 6th. Craig Hallum lifted their price objective on Marvell Technology from $132.00 to $149.00 and gave the stock a "buy" rating in a research report on Monday, January 6th. Rosenblatt Securities restated a "buy" rating and set a $140.00 price objective on shares of Marvell Technology in a report on Thursday, March 6th. Piper Sandler decreased their price target on shares of Marvell Technology from $120.00 to $95.00 and set an "overweight" rating on the stock in a report on Thursday, March 6th. Finally, Melius Research upgraded shares of Marvell Technology to a "strong-buy" rating in a report on Monday, January 27th. Three research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $120.44.

Insider Activity at Marvell Technology

In other Marvell Technology news, CAO Panteha Dixon sold 1,430 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $68.75, for a total transaction of $98,312.50. Following the sale, the chief accounting officer now directly owns 31,100 shares in the company, valued at approximately $2,138,125. This trade represents a 4.40 % decrease in their position. The sale was disclosed in a document filed 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 on Wednesday, January 15th. The stock was sold at an average price of $118.33, for a total value of $177,495.00. Following the completion of the transaction, the chief financial officer now owns 111,211 shares of the company's stock, valued at $13,159,597.63. This represents a 1.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 30,185 shares of company stock worth $3,131,018 over the last ninety days. 0.33% of the stock is owned by corporate insiders.

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.