Bleakley Financial Group LLC Trims Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Bleakley Financial Group LLC cut its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 8.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 12,510 shares of the semiconductor company’s stock after selling 1,204 shares during the period. Bleakley Financial Group LLC’s holdings in Marvell Technology were worth $1,382,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Temasek Holdings Private Ltd lifted its stake in shares of Marvell Technology by 581.8% in the 3rd quarter. Temasek Holdings Private Ltd now owns 2,240,085 shares of the semiconductor company’s stock valued at $161,555,000 after purchasing an additional 1,911,532 shares during the period. Holocene Advisors LP bought a new position in Marvell Technology in the third quarter worth $120,116,000. Van ECK Associates Corp lifted its position in Marvell Technology by 26.6% during the third quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock valued at $538,868,000 after buying an additional 1,570,050 shares during the period. Perpetual Ltd boosted its holdings in shares of Marvell Technology by 3,405.3% during the 4th quarter. Perpetual Ltd now owns 702,498 shares of the semiconductor company’s stock valued at $77,591,000 after buying an additional 682,457 shares in the last quarter. Finally, Nordea Investment Management AB grew its position in shares of Marvell Technology by 14.0% in the 4th quarter. Nordea Investment Management AB now owns 4,652,983 shares of the semiconductor company’s stock worth $518,435,000 after buying an additional 571,005 shares during the period. 83.51% of the stock is owned by institutional investors.

Marvell Technology Trading Down 7.2 %

Shares of NASDAQ:MRVL opened at $110.62 on Friday. Marvell Technology, Inc. has a 52-week low of $53.19 and a 52-week high of $127.48. The stock has a market capitalization of $95.72 billion, a price-to-earnings ratio of -65.07, a PEG ratio of 3.71 and a beta of 1.40. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. The stock’s 50-day simple moving average is $113.59 and its two-hundred day simple moving average is $88.68.

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 30th. Investors of record on Friday, January 10th were given a dividend of $0.06 per share. The ex-dividend date was Friday, January 10th. This represents a $0.24 annualized dividend and a yield of 0.22%. Marvell Technology’s dividend payout ratio (DPR) is -14.12%.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Evercore ISI lifted their price target on shares of Marvell Technology from $98.00 to $122.00 and gave the company an “outperform” rating in a research report on Monday, December 2nd. Cantor Fitzgerald boosted their price target on Marvell Technology from $120.00 to $135.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Melius Research raised Marvell Technology to a “strong-buy” rating in a research report on Monday, January 27th. Melius started coverage on Marvell Technology in a research note on Monday, January 27th. They set a “buy” rating and a $188.00 price objective for the company. Finally, Piper Sandler reissued an “overweight” rating and issued a $120.00 target price (up from $100.00) on shares of Marvell Technology in a research note on Wednesday, December 4th. Three 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 company’s stock. Based on data from MarketBeat.com, Marvell Technology has a consensus rating of “Moderate Buy” and an average price target of $127.60.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $89.14, for a total value of $133,710.00. Following the completion of the sale, the chief financial officer now owns 114,211 shares in the company, valued at $10,180,768.54. This represents a 1.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $124.40, for a total value of $746,400.00. Following the transaction, the executive vice president now directly owns 93,931 shares in the company, valued at approximately $11,685,016.40. The trade was a 6.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 37,755 shares of company stock valued at $4,361,430. Insiders own 0.33% of the company’s stock.

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.