abrdn plc Trims Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

abrdn plc lessened its holdings in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 52.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,693,850 shares of the semiconductor company's stock after selling 1,904,170 shares during the quarter. abrdn plc owned 0.20% of Marvell Technology worth $102,156,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. Greenleaf Trust lifted its position in shares of Marvell Technology by 4.6% during the 4th quarter. Greenleaf Trust now owns 6,327 shares of the semiconductor company's stock valued at $382,000 after buying an additional 280 shares during the last quarter. Fidelis Capital Partners LLC purchased a new position in shares of Marvell Technology during the 4th quarter valued at $281,000. Xponance Inc. lifted its position in shares of Marvell Technology by 1.6% during the 4th quarter. Xponance Inc. now owns 33,556 shares of the semiconductor company's stock valued at $2,024,000 after buying an additional 513 shares during the last quarter. Cambridge Trust Co. purchased a new position in shares of Marvell Technology during the 4th quarter valued at $302,000. Finally, Oliver Lagore Vanvalin Investment Group lifted its position in shares of Marvell Technology by 46.2% during the 4th quarter. Oliver Lagore Vanvalin Investment Group now owns 522 shares of the semiconductor company's stock valued at $31,000 after buying an additional 165 shares during the last quarter. Institutional investors own 83.51% of the company's stock.

Marvell Technology Price Performance

Shares of NASDAQ MRVL traded down $3.11 during trading hours on Friday, reaching $62.13. 14,886,800 shares of the stock traded hands, compared to its average volume of 11,990,799. The company has a market capitalization of $53.80 billion, a P/E ratio of -57.53, a price-to-earnings-growth ratio of 4.54 and a beta of 1.50. The company has a quick ratio of 1.21, a current ratio of 1.69 and a debt-to-equity ratio of 0.27. Marvell Technology, Inc. has a 52-week low of $36.90 and a 52-week high of $85.76. The company's 50-day simple moving average is $70.12 and its two-hundred day simple moving average is $62.33.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last announced its quarterly earnings data on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share for the quarter, meeting analysts' consensus estimates of $0.46. The company had revenue of $1.43 billion for the quarter, compared to analysts' expectations of $1.42 billion. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. Marvell Technology's revenue for the quarter was up .6% compared to the same quarter last year. During the same period last year, the firm posted $0.34 EPS. Equities research analysts forecast that Marvell Technology, Inc. will post 0.72 EPS for the current year.

Marvell Technology declared that its board has initiated a stock buyback plan on Thursday, March 7th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the semiconductor company to repurchase up to 4.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board believes its shares are undervalued.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Friday, April 12th will be paid a $0.06 dividend. The ex-dividend date is Thursday, April 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.39%. Marvell Technology's dividend payout ratio (DPR) is currently -22.22%.

Insiders Place Their Bets

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $68.20, for a total value of $68,200.00. Following the transaction, the chief financial officer now directly owns 103,986 shares of the company's stock, valued at approximately $7,091,845.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Chris Koopmans sold 5,000 shares of the business's stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $71.25, for a total transaction of $356,250.00. Following the transaction, the executive vice president now directly owns 109,117 shares of the company's stock, valued at $7,774,586.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Willem A. Meintjes sold 1,000 shares of the business's stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $68.20, for a total value of $68,200.00. Following the transaction, the chief financial officer now directly owns 103,986 shares in the company, valued at $7,091,845.20. The disclosure for this sale can be found here. Insiders have sold 108,000 shares of company stock valued at $7,315,640 in the last ninety days. Company insiders own 0.45% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Raymond James upped their price target on Marvell Technology from $62.00 to $78.00 and gave the company an "outperform" rating in a research report on Friday, January 19th. Barclays increased their price objective on Marvell Technology from $70.00 to $75.00 and gave the stock an "overweight" rating in a report on Tuesday, January 16th. Rosenblatt Securities reissued a "buy" rating and set a $100.00 price objective on shares of Marvell Technology in a report on Monday, March 4th. Needham & Company LLC reissued a "buy" rating and set a $95.00 price objective on shares of Marvell Technology in a report on Friday, April 12th. Finally, Stifel Nicolaus reissued a "buy" rating and set a $86.00 price objective on shares of Marvell Technology in a report on Friday, April 12th. Two investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $81.13.

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.