Aviva PLC Reduces Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Aviva PLC lessened its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 23.0% during the fourth quarter, Holdings Channel reports. The firm owned 521,537 shares of the semiconductor company’s stock after selling 155,642 shares during the quarter. Aviva PLC’s holdings in Marvell Technology were worth $57,604,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. ORG Partners LLC increased its stake in shares of Marvell Technology by 175.3% during the fourth quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 149 shares during the period. Centricity Wealth Management LLC purchased a new position in Marvell Technology during the 4th quarter valued at $26,000. Rialto Wealth Management LLC purchased a new position in Marvell Technology during the 4th quarter valued at $27,000. Kieckhefer Group LLC bought a new position in Marvell Technology in the 4th quarter worth $33,000. Finally, Financial Life Planners purchased a new stake in shares of Marvell Technology in the 4th quarter worth about $33,000. Institutional investors own 83.51% of the company’s stock.

Insider Transactions at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $68.83, for a total transaction of $103,245.00. Following the sale, the chief financial officer now directly owns 113,592 shares of the company’s stock, valued at $7,818,537.36. The trade was a 1.30 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Mark Casper sold 7,755 shares of the company’s stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $123.08, for a total value of $954,485.40. The disclosure for this sale can be found here. Insiders have sold a total of 35,185 shares of company stock worth $3,744,268 in the last three months. Insiders own 0.33% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on MRVL shares. Stifel Nicolaus decreased their price target on shares of Marvell Technology from $130.00 to $115.00 and set a “buy” rating for the company in a research note on Thursday, March 6th. Morgan Stanley lowered their target price on Marvell Technology from $113.00 to $90.00 and set an “equal weight” rating for the company in a research note on Thursday, March 6th. KeyCorp reduced their price target on Marvell Technology from $135.00 to $115.00 and set an “overweight” rating on the stock in a research note on Thursday, March 6th. Barclays lowered their price objective on Marvell Technology from $150.00 to $130.00 and set an “overweight” rating for the company in a research report on Thursday, March 6th. Finally, Melius Research raised shares of Marvell Technology to a “strong-buy” rating in a research report on Monday, January 27th. 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. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $120.44.

Marvell Technology Trading Down 11.2 %

Shares of Marvell Technology stock opened at $49.43 on Friday. 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 firm has a market cap of $42.81 billion, a price-to-earnings ratio of -29.08, a PEG ratio of 1.61 and a beta of 1.42. Marvell Technology, Inc. has a twelve month low of $47.31 and a twelve month high of $127.48. The business has a 50-day moving average price of $87.42 and a 200-day moving average price of $93.08.

Marvell Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.49%. Marvell Technology’s payout ratio is currently -23.53%.

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.