Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. reduced its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 0.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 56,329 shares of the semiconductor company’s stock after selling 307 shares during the period. Corebridge Financial Inc.’s holdings in Marvell Technology were worth $6,222,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. True Wealth Design LLC raised its holdings in shares of Marvell Technology by 1,481.8% in the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock worth $25,000 after acquiring an additional 326 shares during the last quarter. ORG Partners LLC increased its position in Marvell Technology by 175.3% during the 4th quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 149 shares in the last quarter. Centricity Wealth Management LLC acquired a new position in Marvell Technology in the 4th quarter valued at about $26,000. Rialto Wealth Management LLC purchased a new position in Marvell Technology in the 4th quarter valued at about $27,000. Finally, Kieckhefer Group LLC acquired a new stake in shares of Marvell Technology during the 4th quarter worth about $33,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on MRVL. Roth Capital set a $100.00 price objective on shares of Marvell Technology in a research report on Thursday, March 6th. Rosenblatt Securities reiterated a “buy” rating and issued a $140.00 price target on shares of Marvell Technology in a report on Thursday, March 6th. Oppenheimer raised their price objective on Marvell Technology from $110.00 to $125.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. TD Cowen dropped their target price on 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, Evercore ISI raised their price target on Marvell Technology from $98.00 to $122.00 and gave the stock an “outperform” rating in a research note on Monday, December 2nd. Three research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Marvell Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $120.44.

Marvell Technology Trading Down 4.3 %

NASDAQ MRVL opened at $62.04 on Friday. The stock has a market cap of $53.73 billion, a P/E ratio of -36.49, a PEG ratio of 1.61 and a beta of 1.42. The company’s fifty day simple moving average is $94.05 and its 200-day simple moving average is $93.62. 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 52 week low of $53.19 and a 52 week high of $127.48.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be given a $0.06 dividend. The ex-dividend date of this dividend is Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.39%. Marvell Technology’s payout ratio is currently -23.53%.

Insider Activity

In other Marvell Technology news, EVP Mark Casper sold 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $113.00, for a total transaction of $282,500.00. Following the completion of the sale, the executive vice president now owns 24,706 shares in the company, valued at $2,791,778. This trade represents a 9.19 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Panteha Dixon sold 1,430 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $68.75, for a total value of $98,312.50. Following the completion of the transaction, the chief accounting officer now directly owns 31,100 shares in the company, valued at approximately $2,138,125. The trade was a 4.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 37,685 shares of company stock worth $4,026,768 over the last ninety days. Corporate insiders own 0.33% of the company’s stock.

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.