Oppenheimer Asset Management Inc. Has $7.26 Million Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Oppenheimer Asset Management Inc. trimmed its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 25.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 65,684 shares of the semiconductor company’s stock after selling 22,741 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Marvell Technology were worth $7,255,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of MRVL. State Street Corp grew its position in shares of Marvell Technology by 0.3% during the 3rd quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company’s stock worth $1,438,336,000 after buying an additional 68,893 shares during the period. Geode Capital Management LLC grew its position in shares of Marvell Technology by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 11,388,139 shares of the semiconductor company’s stock worth $818,916,000 after buying an additional 219,692 shares during the period. Wellington Management Group LLP boosted its position in shares of Marvell Technology by 4.3% in the 3rd quarter. Wellington Management Group LLP now owns 8,694,320 shares of the semiconductor company’s stock worth $627,034,000 after purchasing an additional 359,005 shares during the last quarter. Van ECK Associates Corp boosted its position in shares of Marvell Technology by 26.6% in the 3rd quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock worth $538,868,000 after purchasing an additional 1,570,050 shares during the last quarter. Finally, Nordea Investment Management AB boosted its position in shares of Marvell Technology by 14.0% in the 4th quarter. Nordea Investment Management AB now owns 4,652,983 shares of the semiconductor company’s stock worth $518,435,000 after purchasing an additional 571,005 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Marvell Technology news, COO Chris Koopmans sold 6,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $106.35, for a total transaction of $638,100.00. Following the transaction, the chief operating officer now owns 87,931 shares of the company’s stock, valued at $9,351,461.85. The trade was a 6.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 transaction, the chief financial officer now directly owns 112,711 shares in the company, valued at $13,807,097.50. This trade represents a 1.31 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 36,255 shares of company stock valued at $4,330,980 in the last 90 days. 0.33% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have recently issued reports on MRVL shares. The Goldman Sachs Group raised their price target on Marvell Technology from $115.00 to $131.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Piper Sandler reiterated an “overweight” rating and issued a $120.00 price target (up from $100.00) on shares of Marvell Technology in a research report on Wednesday, December 4th. KeyCorp increased their price target on shares of Marvell Technology from $125.00 to $135.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. Evercore ISI increased their price target on shares of Marvell Technology from $98.00 to $122.00 and gave the company an “outperform” rating in a research report on Monday, December 2nd. Finally, William Blair upgraded shares of Marvell Technology to a “strong-buy” rating in a research report on Wednesday, February 5th. 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 stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $127.60.

Marvell Technology Trading Up 4.8 %

Shares of NASDAQ:MRVL opened at $91.82 on Friday. The company’s 50-day moving average price is $112.03 and its two-hundred day moving average price is $92.96. 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 one year low of $53.19 and a one year high of $127.48. The stock has a market capitalization of $79.45 billion, a PE ratio of -54.01, a price-to-earnings-growth ratio of 1.61 and a beta of 1.40.

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 30th. Shareholders of record on Friday, January 10th were given a dividend of $0.06 per share. The ex-dividend date was Friday, January 10th. This represents a $0.24 annualized dividend and a yield of 0.26%. Marvell Technology’s dividend payout ratio (DPR) is presently -14.12%.

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.