Lewis Asset Management LLC Sells 1,166 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Lewis Asset Management LLC lowered its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 25.6% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,380 shares of the semiconductor company’s stock after selling 1,166 shares during the period. Lewis Asset Management LLC’s holdings in Marvell Technology were worth $373,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. True Wealth Design LLC raised its holdings in shares of Marvell Technology by 1,481.8% during the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock valued at $25,000 after acquiring an additional 326 shares in the last quarter. ORG Partners LLC raised its holdings in Marvell Technology by 175.3% in the 4th quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 149 shares in the last quarter. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Marvell Technology in the 2nd quarter worth about $32,000. Quarry LP bought a new stake in shares of Marvell Technology during the 2nd quarter valued at about $32,000. Finally, Kieckhefer Group LLC purchased a new position in shares of Marvell Technology during the fourth quarter valued at about $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 research reports. Barclays lifted their price objective on Marvell Technology from $115.00 to $150.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Benchmark restated a “buy” rating and set a $135.00 price target (up from $115.00) on shares of Marvell Technology in a research report on Wednesday, December 4th. Melius Research upgraded Marvell Technology to a “strong-buy” rating in a report on Monday. Susquehanna boosted their target price on shares of Marvell Technology from $110.00 to $125.00 and gave the company a “positive” rating in a report on Wednesday, December 4th. Finally, Melius started coverage on shares of Marvell Technology in a research note on Monday. They issued a “buy” rating and a $188.00 price target for the company. Three analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $127.60.

Marvell Technology Stock Performance

Shares of NASDAQ MRVL opened at $106.79 on Thursday. 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 firm’s 50-day moving average price is $110.97 and its 200-day moving average price is $86.99. Marvell Technology, Inc. has a 52-week low of $53.19 and a 52-week high of $127.48.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Friday, January 10th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.22%. The ex-dividend date of this dividend is Friday, January 10th. Marvell Technology’s dividend payout ratio (DPR) is presently -14.12%.

Insider Buying and Selling at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $89.14, for a total transaction of $133,710.00. Following the completion of the sale, the chief financial officer now owns 114,211 shares of the company’s stock, valued at $10,180,768.54. This represents a 1.30 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $122.50, for a total transaction of $735,000.00. Following the sale, the executive vice president now owns 97,244 shares of the company’s stock, valued at $11,912,390. This trade represents a 5.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 37,755 shares of company stock worth $4,361,430. Insiders own 0.33% of the company’s stock.

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.