Nan Shan Life Insurance Co. Ltd. Trims Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Nan Shan Life Insurance Co. Ltd. cut its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 57.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 64,367 shares of the semiconductor company’s stock after selling 85,162 shares during the period. Nan Shan Life Insurance Co. Ltd.’s holdings in Marvell Technology were worth $7,109,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Norges Bank purchased a new position in Marvell Technology during the 4th quarter worth approximately $1,138,354,000. GQG Partners LLC acquired a new stake in shares of Marvell Technology during the fourth quarter worth about $802,410,000. Nuveen Asset Management LLC grew its holdings in shares of Marvell Technology by 232.2% during the fourth quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company’s stock worth $1,033,859,000 after buying an additional 6,543,132 shares during the last quarter. Wellington Management Group LLP increased its position 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 acquiring an additional 3,747,982 shares during the period. Finally, Invesco Ltd. increased its position in Marvell Technology by 30.1% in the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock valued at $1,784,649,000 after acquiring an additional 3,737,705 shares during the period. Institutional investors and hedge funds own 83.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Benchmark lowered their target price on Marvell Technology from $135.00 to $95.00 and set a “buy” rating on the stock in a research note on Wednesday, May 7th. Melius began coverage on shares of Marvell Technology in a research note on Monday, January 27th. They issued a “buy” rating and a $188.00 price objective on the stock. Morgan Stanley cut their price objective on shares of Marvell Technology from $113.00 to $90.00 and set an “equal weight” rating for the company in a research report on Thursday, March 6th. Piper Sandler lowered their target price on shares of Marvell Technology from $120.00 to $95.00 and set an “overweight” rating on the stock in a report on Thursday, March 6th. Finally, Summit Insights cut shares of Marvell Technology from a “buy” rating to a “hold” rating in a report on Thursday, March 6th. Four research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $111.27.

Insiders Place Their Bets

In other Marvell Technology news, Director Brad W. Buss purchased 3,000 shares of the business’s stock in a transaction on Friday, March 7th. The stock was bought at an average cost of $69.00 per share, for a total transaction of $207,000.00. Following the acquisition, 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 acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $68.83, for a total value of $103,245.00. Following the transaction, the chief financial officer now directly owns 113,592 shares in the company, valued at approximately $7,818,537.36. This represents a 1.30% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 30,176 shares of company stock valued at $2,111,528 in the last ninety days. Insiders own 0.19% of the company’s stock.

Marvell Technology Stock Up 1.5%

Shares of NASDAQ:MRVL opened at $65.48 on Wednesday. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $56.56 billion, a P/E ratio of -38.52, a P/E/G ratio of 1.61 and a beta of 1.83. Marvell Technology, Inc. has a 52-week low of $47.09 and a 52-week high of $127.48. The stock’s fifty day simple moving average is $60.54 and its 200-day simple moving average is $89.11.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Friday, April 11th were paid a dividend of $0.06 per share. The ex-dividend date was Friday, April 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.37%. Marvell Technology’s dividend payout ratio is currently -23.53%.

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.