Allstate Corp Invests $2.54 Million in Marvell Technology, Inc. (NASDAQ:MRVL)

Allstate Corp acquired a new position in Marvell Technology, Inc. (NASDAQ:MRVL) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 23,000 shares of the semiconductor company’s stock, valued at approximately $2,540,000.

Several other large investors have also added to or reduced their stakes in the business. Brown Brothers Harriman & Co. grew its holdings in shares of Marvell Technology by 182.0% in the 4th quarter. Brown Brothers Harriman & Co. now owns 626 shares of the semiconductor company’s stock valued at $69,000 after acquiring an additional 404 shares in the last quarter. DnB Asset Management AS grew its stake in Marvell Technology by 5.1% in the fourth quarter. DnB Asset Management AS now owns 159,027 shares of the semiconductor company’s stock valued at $17,565,000 after purchasing an additional 7,770 shares in the last quarter. Level Four Advisory Services LLC raised its stake in shares of Marvell Technology by 51.9% during the 4th quarter. Level Four Advisory Services LLC now owns 7,171 shares of the semiconductor company’s stock worth $792,000 after purchasing an additional 2,450 shares in the last quarter. Tree Line Advisors Hong Kong Ltd. acquired a new stake in shares of Marvell Technology in the 4th quarter valued at approximately $46,389,000. Finally, Norges Bank bought a new position in shares of Marvell Technology in the fourth quarter valued at $1,138,354,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Citigroup dropped their price target on shares of Marvell Technology from $136.00 to $122.00 and set a “buy” rating on the stock in a research report on Thursday, March 6th. Needham & Company LLC cut their target price on shares of Marvell Technology from $120.00 to $100.00 and set a “buy” rating for the company in a research note on Thursday, March 6th. Bank of America reduced their price target on Marvell Technology from $150.00 to $120.00 and set a “buy” rating for the company in a report on Thursday, March 6th. StockNews.com raised Marvell Technology from a “sell” rating to a “hold” rating in a research report on Thursday, January 9th. Finally, JPMorgan Chase & Co. boosted their target price on Marvell Technology from $90.00 to $130.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Three research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $120.44.

Marvell Technology Trading Down 4.3 %

Shares of Marvell Technology stock opened at $62.04 on Friday. The firm’s 50-day moving average price is $94.05 and its two-hundred day moving average price is $93.62. The company has a market capitalization of $53.73 billion, a price-to-earnings ratio of -36.49, a PEG ratio of 1.61 and a beta of 1.42. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. Marvell Technology, Inc. has a 12-month low of $53.19 and a 12-month high of $127.48.

Marvell Technology Announces Dividend

The company 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. The ex-dividend date is Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.39%. Marvell Technology’s dividend payout ratio (DPR) is -23.53%.

Insider Buying and Selling at Marvell Technology

In other news, CAO Panteha Dixon sold 1,430 shares of the business’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $68.75, for a total transaction of $98,312.50. Following the completion of the transaction, the chief accounting officer now owns 31,100 shares of the company’s stock, valued at approximately $2,138,125. The trade was a 4.40 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $68.83, for a total value of $412,980.00. Following the completion of the sale, the chief operating officer now directly owns 81,931 shares in the company, valued at $5,639,310.73. This trade represents a 6.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 37,685 shares of company stock worth $4,026,768 over the last three months. Corporate insiders own 0.33% of the company’s stock.

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.