Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Pinnacle Wealth Planning Services Inc.

Pinnacle Wealth Planning Services Inc. lowered its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 5.4% during the 4th quarter, Holdings Channel.com reports. The firm owned 3,276 shares of the semiconductor company’s stock after selling 187 shares during the quarter. Pinnacle Wealth Planning Services Inc.’s holdings in Marvell Technology were worth $362,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in MRVL. Raymond James Financial Inc. acquired a new position in shares of Marvell Technology during the fourth quarter valued at approximately $366,896,000. Dana Investment Advisors Inc. increased its stake in shares of Marvell Technology by 208.6% during the fourth quarter. Dana Investment Advisors Inc. now owns 9,877 shares of the semiconductor company’s stock valued at $1,091,000 after acquiring an additional 6,676 shares during the period. Arizona State Retirement System increased its stake in shares of Marvell Technology by 0.5% during the fourth quarter. Arizona State Retirement System now owns 249,419 shares of the semiconductor company’s stock valued at $27,548,000 after acquiring an additional 1,298 shares during the period. Aigen Investment Management LP acquired a new position in shares of Marvell Technology during the fourth quarter valued at approximately $1,847,000. Finally, Proficio Capital Partners LLC acquired a new position in shares of Marvell Technology during the fourth quarter valued at approximately $361,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

Wall Street Analyst Weigh In

MRVL has been the topic of a number of research analyst reports. Citigroup lowered their price objective on shares of Marvell Technology from $136.00 to $122.00 and set a “buy” rating on the stock in a research note on Thursday. Needham & Company LLC reduced their target price on shares of Marvell Technology from $120.00 to $100.00 and set a “buy” rating for the company in a report on Thursday. Susquehanna raised their target price on shares of Marvell Technology from $110.00 to $125.00 and gave the stock a “positive” rating in a report on Wednesday, December 4th. Oppenheimer raised their target price on shares of Marvell Technology from $110.00 to $125.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Finally, B. Riley raised their target price on shares of Marvell Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Three research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $121.68.

Marvell Technology Stock Down 19.8 %

MRVL stock opened at $72.28 on Friday. Marvell Technology, Inc. has a 12-month low of $53.19 and a 12-month 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 has a market cap of $62.54 billion, a price-to-earnings ratio of -42.52, a PEG ratio of 1.61 and a beta of 1.40. The company has a 50 day moving average of $110.00 and a two-hundred day moving average of $93.82.

Marvell Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 30th. Shareholders of record on Friday, January 10th were given a $0.06 dividend. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a yield of 0.33%. Marvell Technology’s payout ratio is -14.12%.

Insider Activity

In other news, EVP Mark Casper sold 7,755 shares of the firm’s stock in a transaction on Friday, January 17th. The shares were sold at an average price of $123.08, for a total transaction of $954,485.40. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $106.35, for a total transaction of $638,100.00. Following the transaction, the chief operating officer now owns 87,931 shares in the company, valued at $9,351,461.85. This represents a 6.39 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 36,255 shares of company stock worth $4,330,980. 0.33% of the stock is owned by corporate insiders.

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.