Westerly Capital Management LLC Trims Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Westerly Capital Management LLC lessened its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 52.4% in the fourth quarter, HoldingsChannel reports. The firm owned 50,000 shares of the semiconductor company’s stock after selling 55,000 shares during the quarter. Marvell Technology makes up approximately 2.5% of Westerly Capital Management LLC’s holdings, making the stock its 14th biggest holding. Westerly Capital Management LLC’s holdings in Marvell Technology were worth $5,522,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Invesco Ltd. grew its holdings in shares of Marvell Technology by 30.1% during the fourth quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock worth $1,784,649,000 after buying an additional 3,737,705 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of Marvell Technology by 43.1% during the fourth quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock valued at $1,374,252,000 after buying an additional 3,747,982 shares during the period. Geode Capital Management LLC boosted its position in Marvell Technology by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 11,468,144 shares of the semiconductor company’s stock worth $1,263,755,000 after acquiring an additional 80,005 shares during the last quarter. Norges Bank purchased a new stake in Marvell Technology in the 4th quarter worth approximately $1,138,354,000. Finally, Massachusetts Financial Services Co. MA raised its holdings in Marvell Technology by 28.7% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 7,592,726 shares of the semiconductor company’s stock valued at $838,617,000 after acquiring an additional 1,691,242 shares during the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

Insider Transactions at Marvell Technology

In other news, COO Chris Koopmans sold 6,000 shares of Marvell Technology 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 sale, the chief operating officer now owns 87,931 shares of the company’s stock, valued at approximately $9,351,461.85. The trade was a 6.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Mark Casper sold 12,460 shares of the stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total value of $685,300.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 27,390 shares of company stock worth $1,937,938. Insiders own 0.33% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Wells Fargo & Company restated an “overweight” rating on shares of Marvell Technology in a report on Thursday, March 6th. Summit Insights lowered Marvell Technology from a “buy” rating to a “hold” rating in a research note on Thursday, March 6th. StockNews.com raised shares of Marvell Technology from a “sell” rating to a “hold” rating in a research note on Thursday, January 9th. Rosenblatt Securities reissued a “buy” rating and issued a $140.00 target price on shares of Marvell Technology in a research report on Thursday, March 6th. Finally, KeyCorp dropped their price target on shares of Marvell Technology from $135.00 to $115.00 and set an “overweight” rating for the company in a research report on Thursday, March 6th. Three equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $114.56.

Marvell Technology Stock Down 0.0 %

NASDAQ:MRVL opened at $58.68 on Wednesday. The firm has a market capitalization of $50.82 billion, a PE ratio of -34.52, a price-to-earnings-growth ratio of 1.61 and a beta of 1.78. Marvell Technology, Inc. has a 52 week low of $47.09 and a 52 week high of $127.48. 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 has a 50 day moving average of $66.49 and a 200-day moving average of $90.50.

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Friday, April 11th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.41%. The ex-dividend date is Friday, April 11th. Marvell Technology’s dividend payout ratio (DPR) is -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.