Shell Asset Management Co. Cuts Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Shell Asset Management Co. trimmed its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 24.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,467 shares of the semiconductor company’s stock after selling 4,622 shares during the period. Shell Asset Management Co.’s holdings in Marvell Technology were worth $1,598,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in MRVL. Centricity Wealth Management LLC purchased a new stake in Marvell Technology during the fourth quarter valued at about $26,000. Rialto Wealth Management LLC bought a new position in shares of Marvell Technology during the fourth quarter valued at about $27,000. Financial Life Planners bought a new position in shares of Marvell Technology during the fourth quarter valued at about $33,000. Lee Danner & Bass Inc. bought a new position in shares of Marvell Technology during the fourth quarter valued at about $35,000. Finally, GHP Investment Advisors Inc. raised its stake in shares of Marvell Technology by 48.3% during the fourth quarter. GHP Investment Advisors Inc. now owns 344 shares of the semiconductor company’s stock valued at $38,000 after acquiring an additional 112 shares during the last quarter. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Roth Capital set a $100.00 price objective on shares of Marvell Technology in a research note on Thursday, March 6th. KeyCorp lowered their price objective on shares of Marvell Technology from $135.00 to $115.00 and set an “overweight” rating for the company in a research note on Thursday, March 6th. TD Cowen lowered 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. Loop Capital raised shares of Marvell Technology from a “hold” rating to a “buy” rating and set a $110.00 price objective for the company in a research note on Thursday, March 6th. Finally, Bank of America decreased their price target on shares of Marvell Technology from $120.00 to $72.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. Four investment analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Marvell Technology has a consensus rating of “Moderate Buy” and an average target price of $111.27.

Insider Activity at Marvell Technology

In related news, CAO Panteha Dixon sold 1,239 shares of the firm’s stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $65.01, for a total transaction of $80,547.39. Following the completion of the sale, the chief accounting officer now owns 30,855 shares of the company’s stock, valued at $2,005,883.55. This trade represents a 3.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Brad W. Buss purchased 3,000 shares of Marvell Technology stock in a transaction that occurred on Friday, March 7th. The shares were purchased at an average cost of $69.00 per share, with a total value of $207,000.00. Following the transaction, the director now directly owns 87,113 shares of the company’s stock, valued at $6,010,797. This represents a 3.57% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 38,915 shares of company stock valued at $2,679,800 over the last 90 days. Corporate insiders own 0.19% of the company’s stock.

Marvell Technology Price Performance

Shares of NASDAQ MRVL opened at $63.76 on Friday. Marvell Technology, Inc. has a fifty-two week low of $47.09 and a fifty-two week high of $127.48. The company has a 50 day simple moving average of $60.36 and a two-hundred day simple moving average of $88.72. The company has a market capitalization of $55.08 billion, a price-to-earnings ratio of -37.51, a P/E/G ratio of 1.61 and a beta of 1.83. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60.

Marvell Technology Announces Dividend

The company also recently declared 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. This represents a $0.24 annualized dividend and a dividend yield of 0.38%. The ex-dividend date of this dividend was Friday, April 11th. Marvell Technology’s dividend payout ratio (DPR) is currently -23.53%.

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.