LGT Fund Management Co Ltd. Trims Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

LGT Fund Management Co Ltd. reduced its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 70.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,763 shares of the semiconductor company’s stock after selling 20,406 shares during the quarter. LGT Fund Management Co Ltd.’s holdings in Marvell Technology were worth $968,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. True Wealth Design LLC increased its position in Marvell Technology by 1,481.8% during the 3rd quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 326 shares during the period. ORG Partners LLC increased its position in Marvell Technology by 175.3% during the 4th quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 149 shares during the period. Centricity Wealth Management LLC purchased a new position in Marvell Technology during the 4th quarter valued at $26,000. Kieckhefer Group LLC purchased a new position in Marvell Technology during the 4th quarter valued at $33,000. Finally, Financial Life Planners purchased a new position in Marvell Technology during the 4th quarter valued at $33,000. 83.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Barclays reaffirmed an “overweight” rating on shares of Marvell Technology in a research report on Friday, February 14th. Susquehanna upped their target price on shares of Marvell Technology from $110.00 to $125.00 and gave the stock a “positive” rating in a research report on Wednesday, December 4th. Bank of America upped their target price on shares of Marvell Technology from $108.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Melius assumed coverage on shares of Marvell Technology in a research report on Monday, January 27th. They issued a “buy” rating and a $188.00 target price on the stock. Finally, Citigroup upped their target price on shares of Marvell Technology from $91.00 to $112.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Three investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Marvell Technology has a consensus rating of “Moderate Buy” and a consensus target price of $127.60.

Insider Transactions at Marvell Technology

In related news, EVP Mark Casper sold 2,500 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $113.00, for a total value of $282,500.00. Following the completion of the sale, the executive vice president now directly owns 24,706 shares of the company’s stock, valued at approximately $2,791,778. This represents a 9.19 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $122.50, for a total transaction of $183,750.00. Following the completion of the sale, the chief financial officer now directly owns 112,711 shares of the company’s stock, valued at $13,807,097.50. This represents a 1.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 36,255 shares of company stock worth $4,330,980 in the last quarter. Company insiders own 0.33% of the company’s stock.

Marvell Technology Price Performance

Shares of NASDAQ:MRVL opened at $85.83 on Tuesday. The firm’s 50 day moving average price is $111.63 and its 200-day moving average price is $93.59. Marvell Technology, Inc. has a twelve month low of $53.19 and a twelve month high of $127.48. 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 $74.27 billion, a PE ratio of -50.49, a price-to-earnings-growth ratio of 1.61 and a beta of 1.40.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 30th. Stockholders of record on Friday, January 10th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.28%. The ex-dividend date was Friday, January 10th. Marvell Technology’s dividend payout ratio (DPR) is presently -14.12%.

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.