UniSuper Management Pty Ltd Lowers Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

UniSuper Management Pty Ltd cut its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 20.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 16,600 shares of the semiconductor company’s stock after selling 4,200 shares during the period. UniSuper Management Pty Ltd’s holdings in Marvell Technology were worth $1,833,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Centricity Wealth Management LLC acquired a new stake in shares of Marvell Technology during the fourth quarter worth $26,000. ORG Partners LLC lifted its stake in shares of Marvell Technology by 175.3% in 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 during the period. Rialto Wealth Management LLC purchased a new stake in shares of Marvell Technology in the fourth quarter valued at about $27,000. Kieckhefer Group LLC acquired a new position in shares of Marvell Technology during the fourth quarter worth about $33,000. Finally, Financial Life Planners acquired a new position in shares of Marvell Technology during the fourth quarter worth about $33,000. 83.51% of the stock is owned by institutional investors and hedge funds.

Marvell Technology Stock Performance

Marvell Technology stock opened at $62.04 on Monday. The stock has a fifty day moving average price of $94.05 and a 200 day moving average price of $93.75. Marvell Technology, Inc. has a 52 week low of $53.19 and a 52 week high of $127.48. The firm has a market capitalization of $53.73 billion, a P/E ratio of -36.49, a PEG ratio of 1.61 and a beta of 1.42. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30.

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Friday, April 11th will be issued a dividend of $0.06 per share. The ex-dividend date is Friday, April 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.39%. Marvell Technology’s payout ratio is currently -23.53%.

Insider Buying and Selling

In other news, Director Brad W. Buss bought 3,000 shares of Marvell Technology stock in a transaction that occurred on Friday, March 7th. The shares were purchased at an average price of $69.00 per share, for a total transaction of $207,000.00. Following the completion of the acquisition, the director now owns 87,113 shares of the company’s stock, valued at $6,010,797. The trade was a 3.57 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $68.83, for a total value of $103,245.00. Following the sale, the chief financial officer now directly owns 113,592 shares of the company’s stock, valued at approximately $7,818,537.36. This trade represents a 1.30 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 37,685 shares of company stock valued at $4,026,768. Insiders own 0.33% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on MRVL. B. Riley lifted their price objective on Marvell Technology from $105.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. TD Cowen cut their price objective on Marvell Technology from $125.00 to $95.00 and set a “buy” rating for the company in a research report on Thursday, March 6th. Citigroup decreased their target price on shares of Marvell Technology from $136.00 to $122.00 and set a “buy” rating on the stock in a research report on Thursday, March 6th. Piper Sandler cut their price target on shares of Marvell Technology from $120.00 to $95.00 and set an “overweight” rating for the company in a report on Thursday, March 6th. Finally, The Goldman Sachs Group boosted their price objective on shares of Marvell Technology from $115.00 to $131.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Three research 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. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $120.44.

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.