Diametric Capital LP Sells 3,532 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Diametric Capital LP lessened its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 54.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,901 shares of the semiconductor company’s stock after selling 3,532 shares during the period. Diametric Capital LP’s holdings in Marvell Technology were worth $320,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. True Wealth Design LLC raised its position in Marvell Technology by 1,481.8% in the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock worth $25,000 after acquiring an additional 326 shares during the period. ORG Partners LLC increased its position in Marvell Technology by 175.3% in the fourth quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock worth $26,000 after buying an additional 149 shares in the last quarter. Centricity Wealth Management LLC bought a new position in shares of Marvell Technology in the fourth quarter worth about $26,000. Rialto Wealth Management LLC purchased a new position in shares of Marvell Technology during the 4th quarter valued at about $27,000. Finally, Kieckhefer Group LLC bought a new position in shares of Marvell Technology during the 4th quarter valued at approximately $33,000. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Marvell Technology

In other Marvell Technology news, CAO Panteha Dixon sold 1,430 shares of the business’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $68.75, for a total value of $98,312.50. Following the completion of the sale, the chief accounting officer now directly owns 31,100 shares of the company’s stock, valued at $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 available at this hyperlink. Also, Director Brad W. Buss bought 3,000 shares of Marvell Technology stock in a transaction dated Friday, March 7th. The shares were bought at an average cost of $69.00 per share, for a total transaction of $207,000.00. Following the completion of the transaction, the director now owns 87,113 shares of the company’s stock, valued at approximately $6,010,797. This trade represents a 3.57 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 37,685 shares of company stock worth $4,026,768. 0.33% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages have weighed in on MRVL. Barclays lowered their price target on shares of Marvell Technology from $150.00 to $130.00 and set an “overweight” rating on the stock in a report on Thursday, March 6th. Citigroup dropped their target price on shares of Marvell Technology from $136.00 to $122.00 and set a “buy” rating for the company in a report on Thursday, March 6th. Stifel Nicolaus decreased their price target on Marvell Technology from $130.00 to $115.00 and set a “buy” rating on the stock in a report on Thursday, March 6th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $140.00 price objective on shares of Marvell Technology in a research note on Thursday, March 6th. Finally, JPMorgan Chase & Co. increased their target price on Marvell Technology from $90.00 to $130.00 and gave the stock an “overweight” rating in a research 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 issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $120.44.

Marvell Technology Price Performance

MRVL stock opened at $62.67 on Wednesday. The stock has a market cap of $54.28 billion, a PE ratio of -36.86, a P/E/G ratio of 1.61 and a beta of 1.42. Marvell Technology, Inc. has a 12 month low of $53.19 and a 12 month high of $127.48. The company has a 50-day moving average price of $91.56 and a 200 day moving average price of $93.58. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Friday, April 11th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.38%. Marvell Technology’s dividend payout ratio is -23.53%.

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.