Needham Investment Management LLC Sells 10,000 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Needham Investment Management LLC lowered its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 14.3% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 60,000 shares of the semiconductor company's stock after selling 10,000 shares during the period. Needham Investment Management LLC's holdings in Marvell Technology were worth $6,627,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Moore Capital Management LP bought a new position in shares of Marvell Technology during the fourth quarter valued at about $8,464,000. Light Street Capital Management LLC bought a new stake in Marvell Technology in the 4th quarter worth about $29,782,000. J. Goldman & Co LP purchased a new stake in Marvell Technology in the 4th quarter valued at about $27,688,000. Janus Henderson Group PLC increased its stake in Marvell Technology by 6.9% in the 4th quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company's stock valued at $1,462,274,000 after buying an additional 857,087 shares during the last quarter. Finally, Hudson Bay Capital Management LP bought a new position in shares of Marvell Technology during the 4th quarter worth approximately $3,040,000. 83.51% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

MRVL has been the subject of several recent analyst reports. Stifel Nicolaus reduced their target price on Marvell Technology from $115.00 to $80.00 and set a "buy" rating for the company in a report on Thursday, April 17th. Citigroup reduced their price objective on Marvell Technology from $122.00 to $96.00 and set a "buy" rating for the company in a research note on Friday, April 11th. Morgan Stanley decreased their target price on Marvell Technology from $113.00 to $90.00 and set an "equal weight" rating for the company in a research report 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 target on the stock in a report on Thursday, March 6th. Finally, TD Cowen reduced their price target 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. Four analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $111.27.

Marvell Technology Stock Performance

Shares of NASDAQ:MRVL traded down $0.70 during trading on Thursday, hitting $65.20. 9,947,544 shares of the company were exchanged, compared to its average volume of 13,992,250. Marvell Technology, Inc. has a 52-week low of $47.09 and a 52-week high of $127.48. The stock has a 50 day moving average of $60.44 and a 200 day moving average of $88.95. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. The company has a market cap of $56.32 billion, a PE ratio of -38.35, a P/E/G ratio of 1.61 and a beta of 1.83.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Friday, April 11th were paid a $0.06 dividend. The ex-dividend date of this dividend was Friday, April 11th. This represents a $0.24 annualized dividend and a yield of 0.37%. Marvell Technology's dividend payout ratio is currently -23.53%.

Insiders Place Their Bets

In other news, EVP Mark Casper sold 12,460 shares of the company's stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $55.00, for a total value of $685,300.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $60.00, for a total value of $90,000.00. Following the completion of the sale, the chief financial officer now owns 124,348 shares in the company, valued at $7,460,880. This trade represents a 1.19% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 30,176 shares of company stock worth $2,111,528 in the last quarter. 0.19% of the stock is owned by company insiders.

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.