Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd reduced its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 64.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,486 shares of the semiconductor company’s stock after selling 11,560 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in Marvell Technology were worth $468,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. MML Investors Services LLC increased its holdings in shares of Marvell Technology by 7.2% during the third quarter. MML Investors Services LLC now owns 144,967 shares of the semiconductor company’s stock valued at $10,455,000 after purchasing an additional 9,727 shares during the period. K2 Principal Fund L.P. grew its position in Marvell Technology by 4.4% in the 3rd quarter. K2 Principal Fund L.P. now owns 21,468 shares of the semiconductor company’s stock valued at $1,548,000 after buying an additional 913 shares in the last quarter. Kensington Investment Counsel LLC grew its position in Marvell Technology by 17.5% in the 3rd quarter. Kensington Investment Counsel LLC now owns 3,834 shares of the semiconductor company’s stock valued at $277,000 after buying an additional 571 shares in the last quarter. Tenere Capital LLC increased its stake in Marvell Technology by 28.8% during the 3rd quarter. Tenere Capital LLC now owns 170,323 shares of the semiconductor company’s stock valued at $12,284,000 after buying an additional 38,055 shares during the period. Finally, Orion Portfolio Solutions LLC raised its position in shares of Marvell Technology by 1.0% during the 3rd quarter. Orion Portfolio Solutions LLC now owns 25,289 shares of the semiconductor company’s stock worth $1,824,000 after buying an additional 249 shares in the last quarter. Institutional investors own 83.51% of the company’s stock.

Marvell Technology Stock Performance

Shares of MRVL stock opened at $120.77 on Monday. The company has a market capitalization of $104.50 billion, a price-to-earnings ratio of -71.04, a P/E/G ratio of 3.72 and a beta of 1.46. Marvell Technology, Inc. has a 1-year low of $53.19 and a 1-year high of $121.86. 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’s fifty day simple moving average is $89.98 and its 200-day simple moving average is $76.82.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Friday, January 10th will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.20%. Marvell Technology’s dividend payout ratio is -14.12%.

Insider Activity

In other Marvell Technology news, insider Muhammad Raghib Hussain sold 150,000 shares of Marvell Technology stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the completion of the sale, the insider now owns 694,487 shares of the company’s stock, valued at $55,906,203.50. This trade represents a 17.76 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Mark Casper sold 2,500 shares of the company’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $70.83, for a total transaction of $177,075.00. Following the completion of the transaction, the executive vice president now directly owns 22,494 shares in the company, valued at $1,593,250.02. This trade represents a 10.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 167,500 shares of company stock worth $13,525,995 in the last 90 days. Company insiders own 0.33% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on MRVL. Loop Capital increased their price objective on shares of Marvell Technology from $95.00 to $110.00 and gave the company a “hold” rating in a report on Wednesday, December 4th. TD Cowen increased their price target on Marvell Technology from $90.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Stifel Nicolaus reissued a “buy” rating and issued a $125.00 price objective (up previously from $114.00) on shares of Marvell Technology in a research note on Wednesday, December 4th. Piper Sandler restated an “overweight” rating and issued a $120.00 price objective (up previously from $100.00) on shares of Marvell Technology in a report on Wednesday, December 4th. Finally, Needham & Company LLC lifted their target price on Marvell Technology from $95.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $119.04.

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.