Truist Financial Corp Has $44.43 Million Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Truist Financial Corp decreased its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 3.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 402,262 shares of the semiconductor company’s stock after selling 12,592 shares during the quarter. Truist Financial Corp’s holdings in Marvell Technology were worth $44,430,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of MRVL. Exchange Traded Concepts LLC increased its stake in shares of Marvell Technology by 125.4% during the 3rd quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company’s stock worth $44,000 after purchasing an additional 336 shares during the last quarter. Creative Planning boosted its holdings in shares of Marvell Technology by 37.5% during the 3rd quarter. Creative Planning now owns 103,740 shares of the semiconductor company’s stock worth $7,482,000 after buying an additional 28,286 shares during the period. Swedbank AB boosted its holdings in shares of Marvell Technology by 1.0% during the 3rd quarter. Swedbank AB now owns 2,357,695 shares of the semiconductor company’s stock worth $170,037,000 after buying an additional 23,680 shares during the period. Blue Trust Inc. boosted its holdings in shares of Marvell Technology by 19.6% during the 3rd quarter. Blue Trust Inc. now owns 7,102 shares of the semiconductor company’s stock worth $496,000 after buying an additional 1,164 shares during the period. Finally, Cyndeo Wealth Partners LLC boosted its holdings in shares of Marvell Technology by 15.2% during the 3rd quarter. Cyndeo Wealth Partners LLC now owns 3,934 shares of the semiconductor company’s stock worth $284,000 after buying an additional 519 shares during the period. Institutional investors and hedge funds own 83.51% of the company’s stock.

Wall Street Analyst Weigh In

MRVL has been the subject of several recent analyst reports. TD Cowen upped their price objective on shares of Marvell Technology from $90.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Evercore ISI upped their price objective 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. Morgan Stanley decreased their price objective on shares of Marvell Technology from $120.00 to $113.00 and set an “equal weight” rating for the company in a report on Tuesday, January 28th. UBS Group upped their price objective on shares of Marvell Technology from $110.00 to $115.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Finally, Bank of America increased their price target on shares of Marvell Technology from $108.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Three analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $127.60.

Marvell Technology Price Performance

NASDAQ:MRVL opened at $107.29 on Wednesday. The company has a 50-day moving average of $113.93 and a 200-day moving average of $91.10. The company has a market capitalization of $92.84 billion, a price-to-earnings ratio of -63.11, a PEG ratio of 1.77 and a beta of 1.40. Marvell Technology, Inc. has a 52 week low of $53.19 and a 52 week 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.

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 given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.22%. The ex-dividend date of this dividend was Friday, January 10th. Marvell Technology’s dividend payout ratio (DPR) is currently -14.12%.

Insider Buying and Selling

In related news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $122.50, for a total transaction of $183,750.00. Following the completion of the sale, the chief financial officer now owns 112,711 shares in the company, valued at $13,807,097.50. This trade represents a 1.31 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $122.50, for a total transaction of $735,000.00. Following the sale, the executive vice president now owns 97,244 shares of the company’s stock, valued at $11,912,390. This trade represents a 5.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 30,255 shares of company stock worth $3,692,880 in the last quarter. 0.33% of the stock is owned by corporate insiders.

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.