Marvell Technology, Inc. (NASDAQ:MRVL) Stock Position Lessened by First Pacific Financial

First Pacific Financial reduced its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 4.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,868 shares of the semiconductor company’s stock after selling 585 shares during the quarter. First Pacific Financial’s holdings in Marvell Technology were worth $1,421,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of MRVL. Federated Hermes Inc. lifted its position in Marvell Technology by 21.3% in the second quarter. Federated Hermes Inc. now owns 49,412 shares of the semiconductor company’s stock worth $3,454,000 after purchasing an additional 8,666 shares during the period. Citizens Financial Group Inc. RI acquired a new stake in shares of Marvell Technology in the second quarter valued at $540,000. E Fund Management Co. Ltd. boosted its stake in Marvell Technology by 7.9% during the second quarter. E Fund Management Co. Ltd. now owns 7,803 shares of the semiconductor company’s stock valued at $545,000 after buying an additional 572 shares in the last quarter. Argent Trust Co raised its position in Marvell Technology by 4.2% in the second quarter. Argent Trust Co now owns 6,753 shares of the semiconductor company’s stock worth $472,000 after acquiring an additional 275 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV lifted its holdings in Marvell Technology by 21.6% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 33,540 shares of the semiconductor company’s stock valued at $2,344,000 after acquiring an additional 5,969 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

MRVL has been the topic of several recent research reports. KeyCorp lifted their price objective on shares of Marvell Technology from $95.00 to $125.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Bank of America upped their price target on Marvell Technology from $108.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Citigroup raised their price objective on Marvell Technology from $91.00 to $112.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Loop Capital boosted their target price on Marvell Technology from $95.00 to $110.00 and gave the stock a “hold” rating in a research report on Wednesday, December 4th. Finally, Barclays upped their target price on Marvell Technology from $115.00 to $150.00 and gave the company an “overweight” rating in a report on Friday. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $123.08.

Marvell Technology Stock Up 1.4 %

MRVL opened at $117.58 on Friday. The company has a market capitalization of $101.74 billion, a PE ratio of -69.16, a price-to-earnings-growth ratio of 3.76 and a beta of 1.41. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. Marvell Technology, Inc. has a fifty-two week low of $53.19 and a fifty-two week high of $126.15. The business has a 50-day moving average of $106.09 and a 200-day moving average of $84.09.

Marvell Technology Dividend Announcement

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

Insider Buying and Selling at Marvell Technology

In other news, EVP Mark Casper sold 2,500 shares of the company’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $113.00, for a total transaction of $282,500.00. Following the completion of the sale, the executive vice president now owns 24,706 shares in the company, valued at approximately $2,791,778. This represents a 9.19 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Michael G. Strachan sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $122.65, for a total value of $613,250.00. Following the completion of the transaction, the director now directly owns 30,959 shares in the company, valued at $3,797,121.35. The trade was a 13.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 28,500 shares of company stock worth $2,967,670 over the last ninety days. 0.33% of the stock is currently owned by insiders.

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.