EDENTREE ASSET MANAGEMENT Ltd Has $8.08 Million Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

EDENTREE ASSET MANAGEMENT Ltd cut its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 32.8% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 73,130 shares of the semiconductor company’s stock after selling 35,690 shares during the period. Marvell Technology makes up approximately 2.3% of EDENTREE ASSET MANAGEMENT Ltd’s investment portfolio, making the stock its 16th largest position. EDENTREE ASSET MANAGEMENT Ltd’s holdings in Marvell Technology were worth $8,077,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Centricity Wealth Management LLC bought a new stake in Marvell Technology during the fourth quarter worth about $26,000. Rialto Wealth Management LLC bought a new stake in Marvell Technology during the fourth quarter worth about $27,000. Financial Life Planners bought a new stake in Marvell Technology during the fourth quarter worth about $33,000. Lee Danner & Bass Inc. bought a new stake in Marvell Technology during the fourth quarter worth about $35,000. Finally, GHP Investment Advisors Inc. lifted its position in Marvell Technology by 48.3% during the fourth quarter. GHP Investment Advisors Inc. now owns 344 shares of the semiconductor company’s stock worth $38,000 after purchasing an additional 112 shares during the period. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently weighed in on MRVL. William Blair raised shares of Marvell Technology to a “strong-buy” rating in a research report on Wednesday, February 5th. Citigroup cut their price objective on shares of Marvell Technology from $122.00 to $96.00 and set a “buy” rating for the company in a research report on Friday, April 11th. KeyCorp dropped their target price on shares of Marvell Technology from $135.00 to $115.00 and set an “overweight” rating for the company in a report on Thursday, March 6th. Needham & Company LLC dropped their target price on shares of Marvell Technology from $120.00 to $100.00 and set a “buy” rating for the company in a report on Thursday, March 6th. Finally, UBS Group dropped their target price on shares of Marvell Technology from $110.00 to $100.00 and set a “buy” rating for the company in a report on Monday. Four analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Marvell Technology has a consensus rating of “Moderate Buy” and an average price target of $110.69.

Insider Buying and Selling at Marvell Technology

In other news, Director Brad W. Buss bought 3,000 shares of the firm’s stock in a transaction on Friday, March 7th. The stock was acquired at an average price of $69.00 per share, with a total value of $207,000.00. Following the transaction, the director now owns 87,113 shares of the company’s stock, valued at $6,010,797. This trade represents a 3.57% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Mark Casper sold 626 shares of the stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $61.10, for a total transaction of $38,248.60. Following the sale, the executive vice president now directly owns 626 shares of the company’s stock, valued at $38,248.60. This represents a 50.00% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 33,541 shares of company stock valued at $2,079,948. 0.19% of the stock is currently owned by company insiders.

Marvell Technology Stock Down 2.1%

Shares of NASDAQ MRVL opened at $60.11 on Thursday. The company has a 50 day simple moving average of $59.90 and a 200 day simple moving average of $88.24. The firm has a market cap of $51.92 billion, a PE ratio of -35.36, a price-to-earnings-growth ratio of 1.61 and a beta of 1.83. Marvell Technology, Inc. has a 1 year low of $47.09 and a 1 year high of $127.48. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Friday, April 11th were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date was Friday, April 11th. Marvell Technology’s dividend payout ratio is presently -23.53%.

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.