Voya Investment Management LLC Reduces Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Voya Investment Management LLC reduced its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 54.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,149,750 shares of the semiconductor company’s stock after selling 2,581,201 shares during the quarter. Voya Investment Management LLC’s holdings in Marvell Technology were worth $237,375,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in Marvell Technology in the fourth quarter valued at about $1,138,354,000. GQG Partners LLC acquired a new stake in shares of Marvell Technology in the fourth quarter valued at about $802,410,000. Wellington Management Group LLP grew its holdings in Marvell Technology by 43.1% in the 4th 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 in the last quarter. Invesco Ltd. increased its holdings in shares of Marvell Technology by 30.1% during the 4th 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 during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in Marvell Technology during the fourth quarter worth about $366,896,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Marvell Technology Trading Up 6.2 %

Shares of MRVL opened at $53.76 on Thursday. 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 market cap of $46.56 billion, a PE ratio of -31.63, a PEG ratio of 1.61 and a beta of 1.78. Marvell Technology, Inc. has a 1 year low of $47.09 and a 1 year high of $127.48. The stock has a 50 day simple moving average of $70.48 and a 200-day simple moving average of $90.80.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be issued 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 0.45%. Marvell Technology’s payout ratio is presently -23.53%.

Wall Street Analyst Weigh In

Several research firms have commented on MRVL. Piper Sandler dropped their price target on shares of Marvell Technology from $120.00 to $95.00 and set an “overweight” rating for the company in a research note on Thursday, March 6th. Rosenblatt Securities restated a “buy” rating and set a $140.00 price target on shares of Marvell Technology in a report on Thursday, March 6th. Melius Research upgraded Marvell Technology to a “strong-buy” rating in a research note on Monday, January 27th. The Goldman Sachs Group upped their target price on shares of Marvell Technology from $115.00 to $131.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Finally, Barclays decreased their price target on shares of Marvell Technology from $130.00 to $80.00 and set an “overweight” rating for the company in a research note on Tuesday. Three equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Marvell Technology has an average rating of “Moderate Buy” and an average target price of $114.56.

Insider Activity

In other news, Director Brad W. Buss bought 3,000 shares of the business’s stock in a transaction dated Friday, March 7th. The stock was bought 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 owns 87,113 shares of the company’s stock, valued at approximately $6,010,797. The trade was a 3.57 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Chris Koopmans sold 6,000 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $106.35, for a total value of $638,100.00. Following the sale, the chief operating officer now owns 87,931 shares in the company, valued at approximately $9,351,461.85. This trade represents a 6.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 14,930 shares of company stock worth $1,252,638. Corporate insiders own 0.33% of the company’s stock.

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.