Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Cigna Investments Inc. New

Cigna Investments Inc. New trimmed its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 1.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,756 shares of the semiconductor company’s stock after selling 101 shares during the period. Cigna Investments Inc. New’s holdings in Marvell Technology were worth $967,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MRVL. State Street Corp increased its stake in shares of Marvell Technology by 0.3% in the third quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company’s stock worth $1,438,336,000 after buying an additional 68,893 shares during the last quarter. Geode Capital Management LLC increased its stake in Marvell Technology by 2.0% during the third quarter. Geode Capital Management LLC now owns 11,388,139 shares of the semiconductor company’s stock valued at $818,916,000 after purchasing an additional 219,692 shares during the last quarter. Wellington Management Group LLP increased its stake in Marvell Technology by 4.3% during the third quarter. Wellington Management Group LLP now owns 8,694,320 shares of the semiconductor company’s stock valued at $627,034,000 after purchasing an additional 359,005 shares during the last quarter. Van ECK Associates Corp increased its stake in Marvell Technology by 26.6% during the third quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock valued at $538,868,000 after purchasing an additional 1,570,050 shares during the last quarter. Finally, Nordea Investment Management AB boosted its holdings in shares of Marvell Technology by 14.0% during the fourth quarter. Nordea Investment Management AB now owns 4,652,983 shares of the semiconductor company’s stock valued at $518,435,000 after acquiring an additional 571,005 shares during the period. 83.51% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Marvell Technology

In other Marvell Technology news, EVP Chris Koopmans sold 6,000 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $89.14, for a total value of $534,840.00. Following the completion of the transaction, the executive vice president now owns 103,244 shares in the company, valued at $9,203,170.16. This represents a 5.49 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’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 value of $183,750.00. Following the completion of the transaction, the chief financial officer now directly owns 112,711 shares in the company, valued at approximately $13,807,097.50. The trade was a 1.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 37,755 shares of company stock valued at $4,361,430. 0.33% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on MRVL shares. Craig Hallum upped their price objective on shares of Marvell Technology from $132.00 to $149.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Citigroup boosted their price objective on Marvell Technology from $91.00 to $112.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. B. Riley lifted their price objective on Marvell Technology from $105.00 to $135.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. JPMorgan Chase & Co. lifted their price objective on Marvell Technology from $90.00 to $130.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Finally, The Goldman Sachs Group upped their price target on Marvell Technology from $115.00 to $131.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Three investment 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 company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $127.60.

Marvell Technology Trading Up 2.0 %

Marvell Technology stock opened at $112.80 on Tuesday. Marvell Technology, Inc. has a one year low of $53.19 and a one 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. The business has a fifty day moving average of $114.26 and a two-hundred day moving average of $89.63.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 30th. Investors of record on Friday, January 10th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.21%. The ex-dividend date of this dividend was Friday, January 10th. Marvell Technology’s payout ratio is -14.12%.

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.