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

Ameriprise Financial Inc. reduced its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 23.5% during the 4th quarter, according to its most recent filing with the SEC. The firm 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 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of MRVL. Aptus Capital Advisors LLC acquired a new stake in shares of Marvell Technology in the fourth quarter valued at about $366,000. Ancora Advisors LLC grew its stake in shares of Marvell Technology by 3.7% in the fourth quarter. Ancora Advisors LLC now owns 7,113 shares of the semiconductor company's stock valued at $786,000 after buying an additional 254 shares in the last quarter. Advanced Portfolio Management LLC acquired a new position in shares of Marvell Technology in the fourth quarter valued at approximately $2,209,000. Alight Capital Management LP increased its position in shares of Marvell Technology by 33.3% during the fourth quarter. Alight Capital Management LP now owns 80,000 shares of the semiconductor company's stock worth $8,836,000 after acquiring an additional 20,000 shares during the period. Finally, Gallagher Fiduciary Advisors LLC boosted its stake in shares of Marvell Technology by 10.0% in the 4th quarter. Gallagher Fiduciary Advisors LLC now owns 5,012 shares of the semiconductor company's stock valued at $554,000 after buying an additional 455 shares during the period. Institutional investors and hedge funds own 83.51% of the company's stock.

Marvell Technology Price Performance

Shares of NASDAQ:MRVL traded down $0.76 during midday trading on Tuesday, hitting $61.22. 9,624,386 shares of the stock were exchanged, compared to its average volume of 13,705,141. Marvell Technology, Inc. has a twelve month low of $47.09 and a twelve month 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. The company has a 50 day moving average price of $63.56 and a 200-day moving average price of $90.05. The stock has a market cap of $53.02 billion, a P/E ratio of -36.01, a PEG ratio of 1.61 and a beta of 1.83.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Friday, April 11th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.39%. The ex-dividend date of this dividend was Friday, April 11th. Marvell Technology's dividend payout ratio (DPR) is presently -23.53%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on MRVL shares. Bank of America cut their price target on Marvell Technology from $120.00 to $72.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. 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 report on Thursday, March 6th. Needham & Company LLC cut their price target on shares of Marvell Technology from $120.00 to $100.00 and set a "buy" rating on the stock in a research note on Thursday, March 6th. Citigroup dropped their price target on Marvell Technology from $122.00 to $96.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Finally, KeyCorp decreased their price objective on Marvell Technology from $135.00 to $115.00 and set an "overweight" rating 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 assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $114.56.

Insider Transactions at Marvell Technology

In related news, CAO Panteha Dixon sold 1,430 shares of Marvell Technology stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $68.75, for a total transaction of $98,312.50. Following the completion of the sale, the chief accounting officer now owns 31,100 shares in the company, valued at approximately $2,138,125. This trade represents a 4.40 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Mark Casper sold 12,460 shares of the firm's stock in a transaction on 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. Insiders sold a total of 28,890 shares of company stock valued at $2,027,938 in the last ninety days. Corporate insiders own 0.33% of the company's stock.

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.