Corebridge Financial Inc. Lowers Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

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

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

Wall Street Analysts Forecast Growth

MRVL has been the topic of several analyst reports. Piper Sandler reduced their price objective on Marvell Technology from $120.00 to $95.00 and set an “overweight” rating on the stock in a research note on Thursday, March 6th. Morgan Stanley decreased their price objective on Marvell Technology from $113.00 to $90.00 and set an “equal weight” rating for the company in a research note on Thursday, March 6th. Benchmark reissued a “buy” rating and set a $135.00 price objective on shares of Marvell Technology in a research report on Thursday, March 6th. Raymond James set a $110.00 target price on shares of Marvell Technology in a report on Thursday, March 6th. Finally, Craig Hallum increased their price objective on shares of Marvell Technology from $132.00 to $149.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Three research 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 company’s stock. According to MarketBeat.com, Marvell Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $120.44.

Marvell Technology Trading Down 4.3 %

Shares of Marvell Technology stock opened at $62.04 on Friday. The firm has a market cap of $53.73 billion, a price-to-earnings ratio of -36.49, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42. Marvell Technology, Inc. has a 52-week low of $53.19 and a 52-week high of $127.48. The company’s 50-day simple moving average is $94.05 and its 200-day simple moving average is $93.62. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Friday, April 11th will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.39%. The ex-dividend date of this dividend is Friday, April 11th. Marvell Technology’s dividend payout ratio (DPR) is -23.53%.

Insider Activity

In related news, EVP Mark Casper sold 2,500 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $113.00, for a total transaction of $282,500.00. Following the sale, the executive vice president now owns 24,706 shares of the company’s stock, valued at approximately $2,791,778. The trade was a 9.19 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $118.33, for a total transaction of $177,495.00. Following the completion of the transaction, the chief financial officer now directly owns 111,211 shares of the company’s stock, valued at approximately $13,159,597.63. This trade represents a 1.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 37,685 shares of company stock valued at $4,026,768 in the last three months. 0.33% of the stock is currently owned by company insiders.

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.