Marvell Technology, Inc. (NASDAQ:MRVL) Stake Raised by Prudential Financial Inc.

Prudential Financial Inc. grew its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 1,006.0% in the 4th quarter, HoldingsChannel.com reports. The firm owned 806,027 shares of the semiconductor company’s stock after purchasing an additional 733,147 shares during the period. Prudential Financial Inc.’s holdings in Marvell Technology were worth $89,026,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in MRVL. True Wealth Design LLC boosted its holdings in Marvell Technology by 1,481.8% during the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock worth $25,000 after buying an additional 326 shares in the last quarter. ORG Partners LLC boosted its stake in shares of Marvell Technology by 175.3% during the 4th quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock worth $26,000 after acquiring an additional 149 shares in the last quarter. Centricity Wealth Management LLC acquired a new position in shares of Marvell Technology in the 4th quarter worth $26,000. Rialto Wealth Management LLC acquired a new stake in shares of Marvell Technology during the fourth quarter worth $27,000. Finally, Kieckhefer Group LLC purchased a new stake in shares of Marvell Technology during the fourth quarter valued at $33,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Stifel Nicolaus dropped their price target on Marvell Technology from $130.00 to $115.00 and set a “buy” rating on the stock in a research note on Thursday, March 6th. Morgan Stanley reduced their price target on shares of Marvell Technology from $113.00 to $90.00 and set an “equal weight” rating for the company in a research report on Thursday, March 6th. Oppenheimer lifted their price objective on shares of Marvell Technology from $110.00 to $125.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. KeyCorp reduced their target price on Marvell Technology from $135.00 to $115.00 and set an “overweight” rating for the company in a report on Thursday, March 6th. Finally, Benchmark reiterated a “buy” rating and set a $135.00 price target on shares of Marvell Technology in a report on Thursday, March 6th. Three investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Marvell Technology currently has an average rating of “Moderate Buy” and an average price target of $120.44.

Marvell Technology Price Performance

Shares of Marvell Technology stock opened at $72.76 on Tuesday. 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 firm has a fifty day simple moving average of $98.21 and a 200-day simple moving average of $93.87. The stock has a market capitalization of $63.01 billion, a price-to-earnings ratio of -42.80, a PEG ratio of 1.61 and a beta of 1.42. Marvell Technology, Inc. has a 1-year low of $53.19 and a 1-year high of $127.48.

Marvell Technology Announces Dividend

The company 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 dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.33%. The ex-dividend date of this dividend is Friday, April 11th. Marvell Technology’s dividend payout ratio (DPR) is -23.53%.

Insider Activity

In other news, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $124.40, for a total value of $746,400.00. Following the sale, the executive vice president now owns 93,931 shares in the company, valued at approximately $11,685,016.40. This trade represents a 6.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Brad W. Buss bought 3,000 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The shares were bought at an average price of $69.00 per share, with a total value of $207,000.00. Following the completion of the purchase, the director now owns 87,113 shares in the company, valued at approximately $6,010,797. The trade was a 3.57 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 37,685 shares of company stock valued at $4,026,768. 0.33% of the stock is owned by 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.