Thrivent Financial for Lutherans Decreases Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Thrivent Financial for Lutherans decreased its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 29.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 174,862 shares of the semiconductor company’s stock after selling 72,423 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Marvell Technology were worth $18,635,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the business. SSI Investment Management LLC acquired a new position in Marvell Technology during the fourth quarter worth about $259,000. PDS Planning Inc lifted its stake in Marvell Technology by 3.3% in the 4th quarter. PDS Planning Inc now owns 2,888 shares of the semiconductor company’s stock worth $319,000 after purchasing an additional 92 shares in the last quarter. Primecap Management Co. CA boosted its holdings in shares of Marvell Technology by 10.5% during the 4th quarter. Primecap Management Co. CA now owns 2,098,430 shares of the semiconductor company’s stock worth $231,772,000 after purchasing an additional 198,830 shares during the last quarter. Axxcess Wealth Management LLC grew its position in shares of Marvell Technology by 4.7% in the fourth quarter. Axxcess Wealth Management LLC now owns 6,217 shares of the semiconductor company’s stock valued at $687,000 after purchasing an additional 279 shares in the last quarter. Finally, TCTC Holdings LLC increased its holdings in shares of Marvell Technology by 448.6% in the fourth quarter. TCTC Holdings LLC now owns 1,152 shares of the semiconductor company’s stock valued at $127,000 after purchasing an additional 942 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Wall Street Analyst Weigh In

MRVL has been the subject of several analyst reports. Citigroup dropped their target price on Marvell Technology from $136.00 to $122.00 and set a “buy” rating for the company in a report on Thursday, March 6th. Melius initiated coverage on shares of Marvell Technology in a research report on Monday, January 27th. They set a “buy” rating and a $188.00 price objective for the company. Loop Capital upgraded shares of Marvell Technology from a “hold” rating to a “buy” rating and set a $110.00 target price on the stock in a report on Thursday, March 6th. Rosenblatt Securities restated a “buy” rating and set a $140.00 price target on shares of Marvell Technology in a report on Thursday, March 6th. Finally, Needham & Company LLC decreased their price objective on Marvell Technology from $120.00 to $100.00 and set a “buy” rating on the stock in a report on Thursday, March 6th. Three investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, Marvell Technology currently has a consensus rating of “Moderate Buy” and an average target price of $120.44.

Insider Activity

In related news, CAO Panteha Dixon sold 1,430 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $68.75, for a total value of $98,312.50. Following the sale, the chief accounting officer now owns 31,100 shares of the company’s stock, valued at $2,138,125. This trade represents a 4.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Brad W. Buss purchased 3,000 shares of the stock in a transaction on Friday, March 7th. The shares were purchased at an average price of $69.00 per share, with a total value of $207,000.00. Following the acquisition, the director now directly owns 87,113 shares in the company, valued at $6,010,797. This represents a 3.57 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders sold 37,685 shares of company stock worth $4,026,768. 0.33% of the stock is currently owned by company insiders.

Marvell Technology Stock Down 0.1 %

Shares of NASDAQ MRVL opened at $70.39 on Friday. The stock has a market cap of $60.96 billion, a P/E ratio of -41.41, a PEG ratio of 1.61 and a beta of 1.42. The business’s fifty day simple moving average is $99.06 and its 200-day simple moving average is $93.52. Marvell Technology, Inc. has a 12-month low of $53.19 and a 12-month high of $127.48. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.34%. Marvell Technology’s dividend payout ratio is currently -23.53%.

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.