Baird Financial Group Inc. Cuts Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Baird Financial Group Inc. lessened its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 26.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,255 shares of the semiconductor company’s stock after selling 4,303 shares during the quarter. Baird Financial Group Inc.’s holdings in Marvell Technology were worth $1,354,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of MRVL. Norges Bank acquired a new position in shares of Marvell Technology during the fourth quarter worth about $1,138,354,000. GQG Partners LLC acquired a new position in shares of Marvell Technology during the fourth quarter worth about $802,410,000. 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 worth $1,374,252,000 after purchasing an additional 3,747,982 shares in the last quarter. Invesco Ltd. lifted its stake 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 purchasing an additional 3,737,705 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Marvell Technology during the fourth quarter worth about $366,896,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

Marvell Technology Stock Up 1.5%

NASDAQ:MRVL opened at $65.48 on Wednesday. The firm has a market capitalization of $56.56 billion, a PE ratio of -38.52, a price-to-earnings-growth ratio of 1.61 and a beta of 1.83. The stock has a 50 day moving average of $60.54 and a 200-day moving average of $89.11. 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.

Marvell Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Friday, April 11th were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.37%. The ex-dividend date of this dividend was Friday, April 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -23.53%.

Wall Street Analysts Forecast Growth

MRVL has been the topic of a number of recent research reports. Raymond James set a $110.00 price objective on Marvell Technology in a research note on Thursday, March 6th. Bank of America dropped their target price on Marvell Technology from $120.00 to $72.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Stifel Nicolaus dropped their target price on Marvell Technology from $115.00 to $80.00 and set a “buy” rating on the stock in a research report on Thursday, April 17th. Citigroup dropped their target price on Marvell Technology from $122.00 to $96.00 and set a “buy” rating on the stock in a research report on Friday, April 11th. Finally, Melius Research raised Marvell Technology to a “strong-buy” rating in a research report on Monday, January 27th. Four research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $111.27.

Insider Activity

In other Marvell Technology news, Director Brad W. Buss acquired 3,000 shares of Marvell Technology stock in a transaction dated Friday, March 7th. The stock was acquired 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 in the company, valued at approximately $6,010,797. This represents a 3.57% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Chris Koopmans sold 6,000 shares of the business’s 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 transaction, the chief operating officer now owns 87,931 shares of the company’s stock, valued at approximately $9,351,461.85. This represents a 6.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 30,176 shares of company stock valued at $2,111,528. 0.19% of the stock is currently owned by insiders.

Marvell Technology Company 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.