Ameriprise Financial Inc. Sells 2,678,772 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Ameriprise Financial Inc. lowered its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 23.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,714,749 shares of the semiconductor company’s stock after selling 2,678,772 shares during the period. Ameriprise Financial Inc. owned approximately 1.01% of Marvell Technology worth $963,033,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in MRVL. Norges Bank bought a new position in Marvell Technology in the 4th quarter worth about $1,138,354,000. GQG Partners LLC purchased a new stake in shares of Marvell Technology in the fourth quarter valued at approximately $802,410,000. Wellington Management Group LLP grew its stake in Marvell Technology by 43.1% in the fourth quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock worth $1,374,252,000 after purchasing an additional 3,747,982 shares in the last quarter. Invesco Ltd. increased its holdings in 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 purchasing an additional 3,737,705 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in Marvell Technology during the 4th quarter valued at $366,896,000. 83.51% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Morgan Stanley cut their price target on Marvell Technology from $113.00 to $90.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 6th. Craig Hallum boosted their price target on shares of Marvell Technology from $132.00 to $149.00 and gave the company a “buy” rating in a report on Monday, January 6th. Piper Sandler dropped their price objective on shares of Marvell Technology from $120.00 to $95.00 and set an “overweight” rating on the stock in a research note on Thursday, March 6th. TD Cowen reduced their price objective on shares of Marvell Technology from $125.00 to $95.00 and set a “buy” rating for the company in a research note on Thursday, March 6th. Finally, Loop Capital upgraded Marvell Technology from a “hold” rating to a “buy” rating and set a $110.00 target price for the company in a 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 issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $114.56.

Marvell Technology Price Performance

Shares of NASDAQ:MRVL opened at $62.33 on Friday. 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, Inc. has a twelve month low of $47.09 and a twelve month high of $127.48. The company’s 50 day moving average is $64.22 and its 200 day moving average is $90.11. The company has a market cap of $53.98 billion, a PE ratio of -36.66, a price-to-earnings-growth ratio of 1.61 and a beta of 1.83.

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Friday, April 11th were given a dividend of $0.06 per share. The ex-dividend date was 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 is presently -23.53%.

Insider Buying and Selling at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $68.83, for a total value of $103,245.00. Following the sale, the chief financial officer now owns 113,592 shares in the company, valued at $7,818,537.36. This represents a 1.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Mark Casper sold 12,460 shares of the firm’s stock in a transaction dated 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 three months, insiders have sold 28,890 shares of company stock valued at $2,027,938. 0.33% of the stock is owned by insiders.

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.