Phoenix Financial Ltd. Sells 7,957 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Phoenix Financial Ltd. cut its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 40.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,515 shares of the semiconductor company’s stock after selling 7,957 shares during the quarter. Phoenix Financial Ltd.’s holdings in Marvell Technology were worth $1,272,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of MRVL. ORG Partners LLC lifted its holdings in shares of Marvell Technology by 175.3% in the 4th quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock worth $26,000 after acquiring an additional 149 shares during the last quarter. Centricity Wealth Management LLC bought a new stake in Marvell Technology in the fourth quarter worth about $26,000. Rialto Wealth Management LLC purchased a new position in shares of Marvell Technology during the fourth quarter valued at approximately $27,000. Kieckhefer Group LLC bought a new position in shares of Marvell Technology during the fourth quarter valued at approximately $33,000. Finally, Financial Life Planners purchased a new stake in shares of Marvell Technology in the fourth quarter worth approximately $33,000. 83.51% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $118.33, for a total value of $177,495.00. Following the transaction, the chief financial officer now directly owns 111,211 shares of the company’s stock, valued at approximately $13,159,597.63. This represents a 1.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Panteha Dixon sold 1,430 shares of Marvell Technology stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $68.75, for a total value of $98,312.50. Following the sale, the chief accounting officer now directly owns 31,100 shares of the company’s stock, valued at $2,138,125. This trade represents a 4.40 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 30,185 shares of company stock valued at $3,131,018. Insiders own 0.33% of the company’s stock.

Marvell Technology Price Performance

Shares of NASDAQ MRVL opened at $52.87 on Friday. Marvell Technology, Inc. has a fifty-two week low of $47.09 and a fifty-two 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. The company has a market cap of $45.79 billion, a PE ratio of -31.10, a P/E/G ratio of 1.61 and a beta of 1.78. The business has a 50-day simple moving average of $80.99 and a two-hundred day simple moving average of $92.17.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.45%. The ex-dividend date is Friday, April 11th. Marvell Technology’s dividend payout ratio is presently -23.53%.

Analyst Upgrades and Downgrades

MRVL has been the topic of several research analyst reports. Wells Fargo & Company reaffirmed an “overweight” rating on shares of Marvell Technology in a research report on Thursday, March 6th. Needham & Company LLC cut their price target on shares of Marvell Technology from $120.00 to $100.00 and set a “buy” rating on the stock in a report on Thursday, March 6th. Stifel Nicolaus decreased their price objective on shares of Marvell Technology from $130.00 to $115.00 and set a “buy” rating for the company in a report on Thursday, March 6th. TD Cowen dropped their target price on shares of Marvell Technology from $125.00 to $95.00 and set a “buy” rating on the stock in a research note on Thursday, March 6th. Finally, Summit Insights downgraded shares of Marvell Technology from a “buy” rating to a “hold” rating in a research note on Thursday, March 6th. Three research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Marvell Technology has a consensus rating of “Moderate Buy” and a consensus price target of $120.44.

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.