Grove Bank & Trust Sells 6,154 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Grove Bank & Trust lessened its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 79.3% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,610 shares of the semiconductor company’s stock after selling 6,154 shares during the quarter. Grove Bank & Trust’s holdings in Marvell Technology were worth $178,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MRVL. Oak Ridge Investments LLC bought a new position in shares of Marvell Technology during the 4th quarter valued at about $419,000. Aaron Wealth Advisors LLC bought a new position in Marvell Technology during the fourth quarter valued at approximately $322,000. Moss Adams Wealth Advisors LLC grew its holdings in Marvell Technology by 83.8% during the 4th quarter. Moss Adams Wealth Advisors LLC now owns 6,775 shares of the semiconductor company’s stock valued at $748,000 after buying an additional 3,089 shares in the last quarter. Smith Salley Wealth Management increased its stake in Marvell Technology by 5.6% in the 4th quarter. Smith Salley Wealth Management now owns 176,578 shares of the semiconductor company’s stock worth $19,503,000 after acquiring an additional 9,438 shares during the last quarter. Finally, Jackson Square Capital LLC raised its holdings in shares of Marvell Technology by 726.8% during the 4th quarter. Jackson Square Capital LLC now owns 31,484 shares of the semiconductor company’s stock worth $3,477,000 after acquiring an additional 27,676 shares in the last quarter. Institutional investors own 83.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on MRVL shares. TD Cowen raised their target price on shares of Marvell Technology from $90.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Evercore ISI boosted their target price on shares of Marvell Technology from $98.00 to $122.00 and gave the stock an “outperform” rating in a report on Monday, December 2nd. KeyCorp upped their target price on shares of Marvell Technology from $95.00 to $125.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. JPMorgan Chase & Co. lifted their price target on Marvell Technology from $90.00 to $130.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Finally, Barclays upped 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. Three equities research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $124.96.

Insider Activity

In related news, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $89.14, for a total transaction of $534,840.00. Following the sale, the executive vice president now owns 103,244 shares of the company’s stock, valued at $9,203,170.16. This trade represents a 5.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction dated 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 transaction, the chief financial officer now 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. In the last three months, insiders have sold 31,755 shares of company stock worth $3,615,030. 0.33% of the stock is currently owned by company insiders.

Marvell Technology Price Performance

Shares of MRVL opened at $124.76 on Monday. 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 company has a 50 day moving average price of $106.70 and a 200-day moving average price of $84.64. Marvell Technology, Inc. has a fifty-two week low of $53.19 and a fifty-two week high of $126.15. The stock has a market capitalization of $107.95 billion, a PE ratio of -73.39, a PEG ratio of 3.76 and a beta of 1.41.

Marvell Technology Announces Dividend

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 issued a dividend of $0.06 per share. The ex-dividend date is Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a yield of 0.19%. Marvell Technology’s dividend payout ratio is currently -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.