Vanguard Group Inc. trimmed its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 16.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 62,557,784 shares of the semiconductor company's stock after selling 12,125,423 shares during the quarter. Vanguard Group Inc. owned 7.23% of Marvell Technology worth $6,909,507,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in MRVL. True Wealth Design LLC lifted its stake in shares of Marvell Technology by 1,481.8% in the 3rd quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company's stock valued at $25,000 after purchasing an additional 326 shares during the last quarter. ORG Partners LLC boosted its stake in Marvell Technology by 175.3% during the fourth quarter. ORG Partners LLC now owns 234 shares of the semiconductor company's stock worth $26,000 after buying an additional 149 shares during the period. Centricity Wealth Management LLC bought a new position in Marvell Technology during the fourth quarter valued at $26,000. Rialto Wealth Management LLC bought a new position in Marvell Technology during the fourth quarter valued at $27,000. Finally, Kieckhefer Group LLC purchased a new stake in shares of Marvell Technology in the fourth quarter valued at $33,000. Institutional investors own 83.51% of the company's stock.
Insider Transactions at Marvell Technology
In related news, Director Brad W. Buss acquired 3,000 shares of the company's stock in a transaction dated Friday, March 7th. The shares were purchased at an average cost of $69.00 per share, with a total value of $207,000.00. Following the completion of the acquisition, the director now directly owns 87,113 shares of the company's stock, valued at $6,010,797. This represents a 3.57 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Mark Casper sold 7,755 shares of the firm's stock in a transaction on Friday, January 17th. The stock was sold at an average price of $123.08, for a total value of $954,485.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 37,685 shares of company stock worth $4,026,768. Insiders own 0.33% of the company's stock.
Marvell Technology Stock Down 2.8 %
Shares of MRVL stock traded down $1.90 during trading hours on Thursday, reaching $64.86. 14,935,255 shares of the company's stock were exchanged, compared to its average volume of 12,627,940. Marvell Technology, Inc. has a fifty-two week low of $53.19 and a fifty-two week high of $127.48. The stock's 50 day moving average is $95.30 and its 200-day moving average is $93.52. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. The company has a market cap of $56.17 billion, a price-to-earnings ratio of -38.15, a P/E/G ratio of 1.61 and a beta of 1.42.
Marvell Technology Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.37%. The ex-dividend date of this dividend is Friday, April 11th. Marvell Technology's dividend payout ratio is presently -23.53%.
Analysts Set New Price Targets
Several brokerages recently commented on MRVL. 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. Evercore ISI increased their price target on Marvell Technology from $98.00 to $122.00 and gave the stock an "outperform" rating in a report on Monday, December 2nd. Susquehanna raised their price target on Marvell Technology from $110.00 to $125.00 and gave the stock a "positive" rating in a research note on Wednesday, December 4th. Loop Capital raised Marvell Technology from a "hold" rating to a "buy" rating and set a $110.00 price objective on the stock in a research report on Thursday, March 6th. Finally, Cantor Fitzgerald lifted their target price on Marvell Technology from $120.00 to $135.00 and gave the stock an "overweight" rating in a research report on Wednesday, December 4th. Three research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $120.44.
Check Out Our Latest Analysis on MRVL
Marvell Technology Company Profile
(
Free Report)
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.
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