Arlington Trust Co LLC Cuts Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Arlington Trust Co LLC lowered its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 29.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 928 shares of the semiconductor company’s stock after selling 390 shares during the period. Arlington Trust Co LLC’s holdings in Marvell Technology were worth $102,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. State Street Corp boosted its stake in Marvell Technology by 0.3% in the third quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company’s stock worth $1,438,336,000 after buying an additional 68,893 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Marvell Technology by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 11,388,139 shares of the semiconductor company’s stock valued at $818,916,000 after purchasing an additional 219,692 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Marvell Technology by 4.3% in the 3rd quarter. Wellington Management Group LLP now owns 8,694,320 shares of the semiconductor company’s stock valued at $627,034,000 after purchasing an additional 359,005 shares in the last quarter. Van ECK Associates Corp grew its holdings in shares of Marvell Technology by 26.6% during the 3rd quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock valued at $538,868,000 after purchasing an additional 1,570,050 shares during the last quarter. Finally, Nordea Investment Management AB raised its position in 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 purchasing an additional 571,005 shares during the period. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Marvell Technology Stock Down 7.2 %

Shares of NASDAQ:MRVL opened at $110.62 on Monday. 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 stock has a fifty day simple moving average of $113.95 and a two-hundred day simple moving average of $89.29. Marvell Technology, Inc. has a 12-month low of $53.19 and a 12-month 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 1.77 and a beta of 1.40.

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 30th. Investors of record on Friday, January 10th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.22%. The ex-dividend date was Friday, January 10th. Marvell Technology’s payout ratio is -14.12%.

Insider Activity at Marvell Technology

In related news, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $89.14, for a total value of $534,840.00. Following the completion of the sale, the executive vice president now directly owns 103,244 shares in the company, valued at approximately $9,203,170.16. This trade represents a 5.49 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $89.14, for a total transaction of $133,710.00. Following the transaction, 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 position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 37,755 shares of company stock valued at $4,361,430. 0.33% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on MRVL. Cantor Fitzgerald raised their price objective on Marvell Technology from $120.00 to $135.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Piper Sandler restated an “overweight” rating and set a $120.00 price target (up from $100.00) on shares of Marvell Technology in a research report on Wednesday, December 4th. Rosenblatt Securities boosted their price objective on Marvell Technology from $120.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. TD Cowen raised their target price on shares of Marvell Technology from $90.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Finally, Citigroup upped their price target on shares of Marvell Technology from $91.00 to $112.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Three investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $127.60.

Marvell Technology Company 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.