RMR Wealth Builders Sells 493 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

RMR Wealth Builders reduced its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 6.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,840 shares of the semiconductor company’s stock after selling 493 shares during the period. RMR Wealth Builders’ holdings in Marvell Technology were worth $755,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in MRVL. Citizens Financial Group Inc. RI grew its position in shares of Marvell Technology by 1.5% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 7,842 shares of the semiconductor company’s stock worth $566,000 after buying an additional 116 shares during the period. Crumly & Associates Inc. boosted its position in shares of Marvell Technology by 1.5% during the 3rd quarter. Crumly & Associates Inc. now owns 8,223 shares of the semiconductor company’s stock worth $593,000 after purchasing an additional 121 shares in the last quarter. United Capital Management of KS Inc. grew its stake in shares of Marvell Technology by 0.4% in the 3rd quarter. United Capital Management of KS Inc. now owns 34,251 shares of the semiconductor company’s stock valued at $2,470,000 after buying an additional 131 shares during the period. Integrated Wealth Concepts LLC increased its position in Marvell Technology by 1.4% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 9,931 shares of the semiconductor company’s stock valued at $716,000 after buying an additional 139 shares in the last quarter. Finally, ASB Consultores LLC raised its stake in Marvell Technology by 3.8% during the 3rd quarter. ASB Consultores LLC now owns 3,824 shares of the semiconductor company’s stock worth $276,000 after buying an additional 140 shares during the period. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Marvell Technology Stock Down 3.3 %

Shares of MRVL traded down $3.85 on Friday, hitting $114.32. 10,765,872 shares of the stock traded hands, compared to its average volume of 10,988,122. The company has a market capitalization of $98.92 billion, a PE ratio of -67.25, a P/E/G ratio of 4.03 and a beta of 1.41. Marvell Technology, Inc. has a one year low of $53.19 and a one year high of $126.15. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. The business has a 50 day simple moving average of $103.34 and a 200 day simple moving average of $82.45.

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Friday, January 10th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.21%. Marvell Technology’s dividend payout ratio (DPR) is currently -14.12%.

Wall Street Analyst Weigh In

A number of brokerages have commented on MRVL. Susquehanna boosted their price target on shares of Marvell Technology from $110.00 to $125.00 and gave the company a “positive” rating in a research note on Wednesday, December 4th. TD Cowen upped their target price on Marvell Technology from $90.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Piper Sandler reiterated an “overweight” rating and set a $120.00 price target (up from $100.00) on shares of Marvell Technology in a report on Wednesday, December 4th. Cantor Fitzgerald raised their target price on Marvell Technology from $120.00 to $135.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Finally, Needham & Company LLC lifted their price target on shares of Marvell Technology from $95.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $121.28.

Insider Buying and Selling

In related news, CEO Matthew J. Murphy acquired 13,000 shares of the firm’s stock in a transaction on Monday, October 14th. The shares were acquired at an average cost of $77.63 per share, for a total transaction of $1,009,190.00. Following the completion of the transaction, the chief executive officer now directly owns 221,915 shares in the company, valued at approximately $17,227,261.45. This trade represents a 6.22 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total transaction of $120,750.00. Following the transaction, the chief financial officer now owns 110,253 shares in the company, valued at $8,875,366.50. This trade represents a 1.34 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 180,000 shares of company stock valued at $15,163,420 over the last 90 days. Company 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.