Franklin Resources Inc. Sells 667,221 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Franklin Resources Inc. decreased its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 20.2% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 2,628,211 shares of the semiconductor company’s stock after selling 667,221 shares during the period. Franklin Resources Inc.’s holdings in Marvell Technology were worth $204,159,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Citizens Financial Group Inc. RI boosted its holdings in shares of Marvell Technology by 1.5% during the third quarter. Citizens Financial Group Inc. RI now owns 7,842 shares of the semiconductor company’s stock worth $566,000 after acquiring an additional 116 shares during the period. Crumly & Associates Inc. boosted its stake in Marvell Technology by 1.5% in the 3rd quarter. Crumly & Associates Inc. now owns 8,223 shares of the semiconductor company’s stock valued at $593,000 after purchasing an additional 121 shares during the period. United Capital Management of KS Inc. grew its holdings in 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 in the last quarter. Integrated Wealth Concepts LLC increased its position in Marvell Technology by 1.4% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 9,931 shares of the semiconductor company’s stock worth $716,000 after buying an additional 139 shares during the period. Finally, ASB Consultores LLC lifted its holdings in shares of Marvell Technology by 3.8% during the third quarter. ASB Consultores LLC now owns 3,824 shares of the semiconductor company’s stock worth $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.

Marvell Technology Trading Up 10.8 %

Shares of MRVL stock opened at $120.77 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $104.50 billion, a P/E ratio of -71.04, a P/E/G ratio of 3.72 and a beta of 1.46. Marvell Technology, Inc. has a twelve month low of $53.19 and a twelve month high of $121.86. The stock’s fifty day simple moving average is $89.98 and its 200 day simple moving average is $76.81.

Marvell Technology Dividend Announcement

The company also recently disclosed 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. This represents a $0.24 annualized dividend and a dividend yield of 0.20%. Marvell Technology’s dividend payout ratio is currently -14.12%.

Insider Activity at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $89.14, for a total value of $133,710.00. Following the completion of the sale, the chief financial officer now owns 114,211 shares of the company’s stock, valued at approximately $10,180,768.54. This represents a 1.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Matthew J. Murphy sold 6,000 shares of Marvell Technology stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $73.29, for a total value of $439,740.00. Following the completion of the transaction, the chief executive officer now directly owns 208,915 shares in the company, valued at approximately $15,311,380.35. This represents a 2.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 175,000 shares of company stock worth $14,076,540 in the last quarter. 0.33% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. B. Riley raised their price target on shares of Marvell Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Citigroup raised their target price on shares of Marvell Technology from $91.00 to $112.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Cantor Fitzgerald boosted their price target on Marvell Technology from $120.00 to $135.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. The Goldman Sachs Group raised their price objective on Marvell Technology from $87.00 to $115.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th. Finally, Needham & Company LLC lifted their price objective on Marvell Technology from $95.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. According to data from MarketBeat.com, Marvell Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $119.04.

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.