Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Lazard Asset Management LLC

Lazard Asset Management LLC lowered its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 37.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,854,191 shares of the semiconductor company’s stock after selling 4,056,351 shares during the period. Marvell Technology comprises 1.1% of Lazard Asset Management LLC’s portfolio, making the stock its 16th largest holding. Lazard Asset Management LLC owned approximately 0.79% of Marvell Technology worth $757,043,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of MRVL. ORG Partners LLC grew its stake in Marvell Technology by 175.3% during the fourth quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock worth $26,000 after buying an additional 149 shares during the period. Centricity Wealth Management LLC acquired a new stake in Marvell Technology in the fourth quarter valued at $26,000. Rialto Wealth Management LLC bought a new position in shares of Marvell Technology during the fourth quarter worth about $27,000. Kieckhefer Group LLC acquired a new position in shares of Marvell Technology in the 4th quarter worth approximately $33,000. Finally, Financial Life Planners bought a new stake in Marvell Technology during the fourth quarter valued at $33,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Insider Buying and Selling

In other news, CAO Panteha Dixon sold 1,430 shares of the firm’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $68.75, for a total transaction of $98,312.50. Following the completion of the sale, the chief accounting officer now directly owns 31,100 shares of the company’s stock, valued at $2,138,125. This trade represents a 4.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Brad W. Buss bought 3,000 shares of the stock in a transaction on Friday, March 7th. The shares were acquired at an average cost of $69.00 per share, for a total transaction of $207,000.00. Following the completion of the transaction, the director now directly owns 87,113 shares of the company’s stock, valued at approximately $6,010,797. The trade was a 3.57% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 28,890 shares of company stock worth $2,027,938. Corporate insiders own 0.33% of the company’s stock.

Marvell Technology Stock Up 3.5%

Marvell Technology stock opened at $59.65 on Monday. Marvell Technology, Inc. has a twelve month low of $47.09 and a twelve month high of $127.48. 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 firm has a market cap of $51.53 billion, a PE ratio of -35.09, a P/E/G ratio of 1.61 and a beta of 1.83. The firm’s 50 day moving average price is $61.19 and its two-hundred day moving average price is $89.40.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Friday, April 11th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.40%. The ex-dividend date of this dividend was Friday, April 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -23.53%.

Analysts Set New Price Targets

Several research firms have recently commented on MRVL. Barclays dropped their price objective on shares of Marvell Technology from $130.00 to $80.00 and set an “overweight” rating on the stock in a report on Tuesday, April 22nd. Stifel Nicolaus reduced their price objective on Marvell Technology from $115.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, April 17th. Wells Fargo & Company restated an “overweight” rating on shares of Marvell Technology in a research report on Thursday, March 6th. Loop Capital upgraded Marvell Technology from a “hold” rating to a “buy” rating and set a $110.00 price target for the company in a research report on Thursday, March 6th. Finally, Piper Sandler lowered their price target on Marvell Technology from $120.00 to $95.00 and set an “overweight” rating on the stock in a report on Thursday, March 6th. Four analysts have rated the stock with a hold rating, twenty-three have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $110.30.

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.