Synovus Financial Corp Has $468,000 Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Synovus Financial Corp grew its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 60.5% during the 3rd quarter, Holdings Channel.com reports. The firm owned 6,489 shares of the semiconductor company’s stock after buying an additional 2,445 shares during the quarter. Synovus Financial Corp’s holdings in Marvell Technology were worth $468,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MRVL. Citizens Financial Group Inc. RI lifted its stake in shares of Marvell Technology by 1.5% in the third quarter. Citizens Financial Group Inc. RI now owns 7,842 shares of the semiconductor company’s stock valued at $566,000 after buying an additional 116 shares in the last quarter. Crumly & Associates Inc. raised its holdings in shares of Marvell Technology by 1.5% in the 3rd quarter. Crumly & Associates Inc. now owns 8,223 shares of the semiconductor company’s stock worth $593,000 after acquiring an additional 121 shares during the last quarter. United Capital Management of KS Inc. lifted its position in Marvell Technology by 0.4% in the 3rd quarter. United Capital Management of KS Inc. now owns 34,251 shares of the semiconductor company’s stock valued at $2,470,000 after acquiring an additional 131 shares in the last quarter. Integrated Wealth Concepts LLC boosted its stake in Marvell Technology by 1.4% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 9,931 shares of the semiconductor company’s stock valued at $716,000 after purchasing an additional 139 shares during the last quarter. Finally, ASB Consultores LLC increased its holdings in Marvell Technology by 3.8% during the 3rd quarter. ASB Consultores LLC now owns 3,824 shares of the semiconductor company’s stock worth $276,000 after purchasing an additional 140 shares in the last quarter. 83.51% of the stock is owned by institutional investors.

Analysts Set New Price Targets

MRVL has been the topic of a number of recent research reports. Barclays raised their target price on Marvell Technology from $85.00 to $115.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Stifel Nicolaus reaffirmed a “buy” rating and set a $125.00 price objective (up from $114.00) on shares of Marvell Technology in a report on Wednesday, December 4th. Rosenblatt Securities upped their target price on shares of Marvell Technology from $120.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Susquehanna raised their price target on shares of Marvell Technology from $110.00 to $125.00 and gave the company a “positive” rating in a research report on Wednesday, December 4th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $120.00 price objective (up from $100.00) on shares of Marvell Technology in a research report on Wednesday, December 4th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $119.04.

Marvell Technology Stock Down 6.2 %

Marvell Technology stock opened at $105.28 on Thursday. The firm has a 50 day simple moving average of $91.79 and a 200 day simple moving average of $77.46. 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, Inc. has a 1-year low of $53.19 and a 1-year high of $126.15. The firm has a market capitalization of $91.10 billion, a price-to-earnings ratio of -61.93, a P/E/G ratio of 3.72 and a beta of 1.46.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Friday, January 10th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.23%. Marvell Technology’s payout ratio is -14.12%.

Insider Buying and Selling

In related news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total transaction of $120,750.00. Following the sale, the chief financial officer now owns 110,253 shares of the company’s stock, valued at approximately $8,875,366.50. This represents a 1.34 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $122.50, for a total transaction of $735,000.00. Following the completion of the transaction, the executive vice president now directly owns 97,244 shares of the company’s stock, valued at approximately $11,912,390. The trade was a 5.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 175,000 shares of company stock valued at $14,444,745. Corporate 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.