Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Keybank National Association OH

Keybank National Association OH cut its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 8.3% during the fourth quarter, HoldingsChannel.com reports. The fund owned 14,660 shares of the semiconductor company’s stock after selling 1,335 shares during the period. Keybank National Association OH’s holdings in Marvell Technology were worth $1,619,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. State Street Corp boosted its position in Marvell Technology by 0.3% during the third quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company’s stock worth $1,438,336,000 after acquiring an additional 68,893 shares during the last quarter. Geode Capital Management LLC boosted its position in Marvell Technology by 2.0% during the third quarter. Geode Capital Management LLC now owns 11,388,139 shares of the semiconductor company’s stock worth $818,916,000 after acquiring an additional 219,692 shares during the last quarter. Wellington Management Group LLP boosted its position in Marvell Technology by 4.3% during the third quarter. Wellington Management Group LLP now owns 8,694,320 shares of the semiconductor company’s stock worth $627,034,000 after acquiring an additional 359,005 shares during the last quarter. Nordea Investment Management AB boosted its position in Marvell Technology by 14.0% during the fourth quarter. Nordea Investment Management AB now owns 4,652,983 shares of the semiconductor company’s stock worth $518,435,000 after acquiring an additional 571,005 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Marvell Technology by 5.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,427,745 shares of the semiconductor company’s stock worth $378,594,000 after acquiring an additional 165,858 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Marvell Technology Price Performance

Shares of MRVL opened at $70.84 on Friday. Marvell Technology, Inc. has a fifty-two week low of $53.19 and a fifty-two week high of $127.48. The firm’s 50 day moving average price is $109.13 and its 200 day moving average price is $93.67. The company has a market cap of $61.30 billion, a P/E ratio of -41.67, a PEG ratio of 1.61 and a beta of 1.40. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 30th. Shareholders of record on Friday, January 10th were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.34%. The ex-dividend date of this dividend was Friday, January 10th. Marvell Technology’s dividend payout ratio is presently -14.12%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on MRVL shares. StockNews.com upgraded shares of Marvell Technology from a “sell” rating to a “hold” rating in a report on Thursday, January 9th. Cantor Fitzgerald boosted their target price on shares of Marvell Technology from $120.00 to $135.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Piper Sandler decreased their target price on shares of Marvell Technology from $120.00 to $95.00 and set an “overweight” rating on the stock in a report on Thursday. 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 report on Monday, January 6th. Finally, Susquehanna boosted their target price on shares of Marvell Technology from $110.00 to $125.00 and gave the company a “positive” rating in a report on Wednesday, December 4th. Three analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Marvell Technology has an average rating of “Moderate Buy” and an average target price of $121.68.

Insider Activity

In other news, EVP Mark Casper sold 7,755 shares of the stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $123.08, for a total value of $954,485.40. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $122.50, for a total value of $183,750.00. Following the sale, the chief financial officer now owns 112,711 shares of the company’s stock, valued at approximately $13,807,097.50. The trade was a 1.31 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 36,255 shares of company stock worth $4,330,980. 0.33% of the stock is currently 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.