Vanguard Group Inc. Decreases Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Vanguard Group Inc. reduced its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 16.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 62,557,784 shares of the semiconductor company’s stock after selling 12,125,423 shares during the period. Vanguard Group Inc. owned about 7.23% of Marvell Technology worth $6,909,507,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the company. Hill Island Financial LLC purchased a new stake in Marvell Technology during the 4th quarter valued at $289,000. LPL Financial LLC raised its stake in Marvell Technology by 20.2% during the 4th quarter. LPL Financial LLC now owns 675,332 shares of the semiconductor company’s stock valued at $74,590,000 after buying an additional 113,389 shares during the last quarter. Fox Run Management L.L.C. purchased a new stake in Marvell Technology during the 4th quarter valued at $537,000. KLP Kapitalforvaltning AS purchased a new stake in Marvell Technology during the 4th quarter valued at $45,211,000. Finally, Knights of Columbus Asset Advisors LLC purchased a new stake in Marvell Technology during the 4th quarter valued at $60,000. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Marvell Technology Stock Down 0.1 %

Shares of MRVL stock opened at $70.39 on Monday. The stock has a market cap of $60.96 billion, a P/E ratio of -41.41, a PEG ratio of 1.61 and a beta of 1.42. Marvell Technology, Inc. has a 52 week low of $53.19 and a 52 week 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 simple moving average is $99.06 and its two-hundred day simple moving average is $93.85.

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Friday, April 11th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.34%. Marvell Technology’s dividend payout ratio is -23.53%.

Insider Activity

In other news, EVP Mark Casper sold 2,500 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $113.00, for a total transaction of $282,500.00. Following the sale, the executive vice president now directly owns 24,706 shares in the company, valued at approximately $2,791,778. This represents a 9.19 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Brad W. Buss bought 3,000 shares of the firm’s stock in a transaction dated Friday, March 7th. The shares were acquired at an average price of $69.00 per share, for a total transaction of $207,000.00. Following the completion of the transaction, the director now directly owns 87,113 shares in the company, valued at approximately $6,010,797. This represents a 3.57 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have sold 37,685 shares of company stock worth $4,026,768. 0.33% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on MRVL shares. KeyCorp decreased their target price on shares of Marvell Technology from $135.00 to $115.00 and set an “overweight” rating for the company in a research note on Thursday, March 6th. Craig Hallum boosted their target price on shares of Marvell Technology from $132.00 to $149.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Oppenheimer boosted their target price on shares of Marvell Technology from $110.00 to $125.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Morgan Stanley cut their price objective 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. Finally, Wells Fargo & Company reissued an “overweight” rating on shares of Marvell Technology in a research report on Thursday, March 6th. Three equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Marvell Technology has an average rating of “Moderate Buy” and an average price target of $120.44.

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.