Marvell Technology, Inc. (NASDAQ:MRVL) Stock Position Lessened by Knightsbridge Asset Management LLC

Knightsbridge Asset Management LLC cut its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 4.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 111,409 shares of the semiconductor company’s stock after selling 5,406 shares during the quarter. Marvell Technology comprises approximately 2.9% of Knightsbridge Asset Management LLC’s portfolio, making the stock its 8th largest holding. Knightsbridge Asset Management LLC’s holdings in Marvell Technology were worth $12,305,000 as of its most recent SEC filing.

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

Insiders Place Their Bets

In related news, EVP Mark Casper sold 12,460 shares of the company’s stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $55.00, for a total transaction of $685,300.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Brad W. Buss purchased 3,000 shares of the 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 purchase, the director now directly owns 87,113 shares of the company’s stock, valued at approximately $6,010,797. This trade represents a 3.57 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 27,390 shares of company stock valued at $1,937,938 over the last quarter. Insiders own 0.33% of the company’s stock.

Analyst Upgrades and Downgrades

MRVL has been the subject of several research analyst reports. The Goldman Sachs Group boosted their target price on shares of Marvell Technology from $115.00 to $131.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Needham & Company LLC cut their price objective on Marvell Technology from $120.00 to $100.00 and set a “buy” rating on the stock in a research note on Thursday, March 6th. Melius began coverage on Marvell Technology in a research report on Monday, January 27th. They set a “buy” rating and a $188.00 price target on the stock. Roth Capital set a $100.00 target price on shares of Marvell Technology in a research note on Thursday, March 6th. Finally, Benchmark restated a “buy” rating and issued a $135.00 price target on shares of Marvell Technology in a research report on Thursday, March 6th. Three research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $114.56.

Marvell Technology Stock Performance

Shares of MRVL stock opened at $57.33 on Friday. The firm has a market cap of $49.65 billion, a P/E ratio of -33.72, a PEG ratio of 1.61 and a beta of 1.78. The stock’s 50-day moving average is $69.50 and its two-hundred day moving average is $90.68. 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 $47.09 and a fifty-two week high of $127.48.

Marvell Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Friday, April 11th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.42%. The ex-dividend date of this dividend is Friday, April 11th. Marvell Technology’s payout ratio is presently -23.53%.

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.