Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Franklin Resources Inc.

Franklin Resources Inc. decreased its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 87.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 337,246 shares of the semiconductor company’s stock after selling 2,290,965 shares during the period. Franklin Resources Inc.’s holdings in Marvell Technology were worth $37,249,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of the stock. Centricity Wealth Management LLC purchased a new stake in Marvell Technology during the 4th quarter worth about $26,000. ORG Partners LLC increased its stake in shares of 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 buying an additional 149 shares during the period. Rialto Wealth Management LLC acquired a new stake in Marvell Technology in the fourth quarter valued at approximately $27,000. Kieckhefer Group LLC purchased a new position in Marvell Technology in the fourth quarter worth approximately $33,000. Finally, Financial Life Planners acquired a new position in Marvell Technology during the 4th quarter worth approximately $33,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on MRVL. Roth Capital set a $100.00 price objective on shares of Marvell Technology in a report on Thursday, March 6th. The Goldman Sachs Group lifted their price target on Marvell Technology from $115.00 to $131.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Piper Sandler dropped their price objective on Marvell Technology from $120.00 to $95.00 and set an “overweight” rating on the stock in a report on Thursday, March 6th. Bank of America decreased their target price on Marvell Technology from $150.00 to $120.00 and set a “buy” rating for the company in a research note on Thursday, March 6th. Finally, Raymond James set a $110.00 target price on shares of Marvell Technology in a report on Thursday, March 6th. Three analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $120.44.

Insider Activity

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $118.33, for a total transaction of $177,495.00. Following the sale, the chief financial officer now directly owns 111,211 shares in the company, valued at approximately $13,159,597.63. The trade was a 1.33 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael G. Strachan sold 5,000 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $122.65, for a total transaction of $613,250.00. Following the completion of the transaction, the director now owns 30,959 shares of the company’s stock, valued at $3,797,121.35. This represents a 13.90 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 35,185 shares of company stock valued at $3,744,268 in the last three months. 0.33% of the stock is currently owned by company insiders.

Marvell Technology Trading Down 11.2 %

NASDAQ MRVL opened at $49.43 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $42.81 billion, a P/E ratio of -29.08, a P/E/G ratio of 1.61 and a beta of 1.42. Marvell Technology, Inc. has a 52-week low of $47.31 and a 52-week high of $127.48. The firm has a 50-day moving average price of $87.42 and a 200 day moving average price of $93.08.

Marvell Technology Dividend Announcement

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 0.49%. The ex-dividend date is Friday, April 11th. Marvell Technology’s dividend payout ratio (DPR) is -23.53%.

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.