iA Global Asset Management Inc. Purchases 2,767 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

iA Global Asset Management Inc. lifted its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 1.8% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 159,985 shares of the semiconductor company’s stock after purchasing an additional 2,767 shares during the quarter. iA Global Asset Management Inc.’s holdings in Marvell Technology were worth $11,538,000 as of its most recent SEC filing.

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

Analyst Upgrades and Downgrades

MRVL has been the topic of several recent analyst reports. Piper Sandler reissued an “overweight” rating and issued a $120.00 target price (up from $100.00) on shares of Marvell Technology in a report on Wednesday. Evercore ISI lifted their price target on Marvell Technology from $98.00 to $122.00 and gave the company an “outperform” rating in a research note on Monday, December 2nd. Cantor Fitzgerald boosted their price objective on shares of Marvell Technology from $120.00 to $135.00 and gave the stock an “overweight” rating in a research note on Wednesday. Needham & Company LLC increased their target price on shares of Marvell Technology from $95.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, The Goldman Sachs Group lifted their price objective on Marvell Technology from $87.00 to $115.00 and gave the stock a “buy” rating in a research report on Thursday. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $119.04.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, insider Muhammad Raghib Hussain sold 150,000 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the sale, the insider now directly owns 694,487 shares of the company’s stock, valued at $55,906,203.50. This represents a 17.76 % decrease in their ownership of the stock. The transaction 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 Marvell Technology stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $89.14, for a total transaction of $133,710.00. Following the completion of the transaction, the chief financial officer now owns 114,211 shares of the company’s stock, valued at $10,180,768.54. The trade was a 1.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 267,000 shares of company stock worth $20,899,260 over the last three months. 0.33% of the stock is currently owned by insiders.

Marvell Technology Price Performance

Shares of Marvell Technology stock opened at $113.51 on Friday. Marvell Technology, Inc. has a 12 month low of $50.56 and a 12 month high of $119.88. The business’s fifty day simple moving average is $86.09 and its 200 day simple moving average is $75.57. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were given 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, October 11th. Marvell Technology’s dividend payout ratio is -14.12%.

Marvell Technology Company 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.