Contour Asset Management LLC Sells 513,566 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Contour Asset Management LLC trimmed its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 22.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,731,652 shares of the semiconductor company's stock after selling 513,566 shares during the quarter. Marvell Technology makes up approximately 5.5% of Contour Asset Management LLC's investment portfolio, making the stock its 5th largest position. Contour Asset Management LLC owned approximately 0.20% of Marvell Technology worth $191,261,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. ORG Partners LLC raised its position in Marvell Technology by 175.3% during the fourth quarter. ORG Partners LLC now owns 234 shares of the semiconductor company's stock worth $26,000 after acquiring an additional 149 shares during the period. Centricity Wealth Management LLC acquired a new position in shares of Marvell Technology during the 4th quarter worth about $26,000. Rialto Wealth Management LLC purchased a new position in Marvell Technology in the 4th quarter valued at about $27,000. Kieckhefer Group LLC purchased a new position in Marvell Technology in the 4th quarter valued at about $33,000. Finally, Financial Life Planners acquired a new stake in Marvell Technology in the 4th quarter worth about $33,000. Hedge funds and other institutional investors own 83.51% of the company's stock.

Insider Activity

In other Marvell Technology news, EVP Mark Casper sold 12,460 shares of the stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $55.00, for a total value of $685,300.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm's stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $60.00, for a total transaction of $90,000.00. Following the sale, the chief financial officer now directly owns 124,348 shares in the company, valued at approximately $7,460,880. The trade was a 1.19 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,890 shares of company stock worth $2,027,938. 0.33% of the stock is currently owned by insiders.

Marvell Technology Price Performance

Marvell Technology stock opened at $61.22 on Wednesday. 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 fifty day simple moving average of $63.04 and a 200-day simple moving average of $89.85. The stock has a market cap of $52.88 billion, a P/E ratio of -36.01, a price-to-earnings-growth ratio of 1.61 and a beta of 1.83. Marvell Technology, Inc. has a 12-month low of $47.09 and a 12-month high of $127.48.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Friday, April 11th were given 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 0.39%. Marvell Technology's dividend payout ratio is currently -23.53%.

Analyst Upgrades and Downgrades

MRVL has been the subject of a number of research analyst reports. Summit Insights cut Marvell Technology from a "buy" rating to a "hold" rating in a report on Thursday, March 6th. Needham & Company LLC reduced their price objective on Marvell Technology from $120.00 to $100.00 and set a "buy" rating for the company in a research note on Thursday, March 6th. Melius started coverage on shares of Marvell Technology in a research note on Monday, January 27th. They set a "buy" rating and a $188.00 target price on the stock. Raymond James set a $110.00 target price on shares of Marvell Technology in a research report on Thursday, March 6th. Finally, Loop Capital raised shares of Marvell Technology from a "hold" rating to a "buy" rating and set a $110.00 price target on the stock in a research note on Thursday, March 6th. Three investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $114.56.

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.

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