Nomura Asset Management Co. Ltd. Sells 763,229 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Nomura Asset Management Co. Ltd. decreased its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 26.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,098,922 shares of the semiconductor company’s stock after selling 763,229 shares during the period. Marvell Technology makes up about 0.7% of Nomura Asset Management Co. Ltd.’s investment portfolio, making the stock its 17th largest holding. Nomura Asset Management Co. Ltd. owned about 0.24% of Marvell Technology worth $231,826,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in MRVL. Centricity Wealth Management LLC bought a new position in Marvell Technology during the 4th quarter worth about $26,000. ORG Partners LLC raised its position in Marvell Technology by 175.3% in the 4th quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 149 shares during the last quarter. Rialto Wealth Management LLC bought a new stake in Marvell Technology in the 4th quarter valued at approximately $27,000. Kieckhefer Group LLC acquired a new position in Marvell Technology during the 4th quarter worth approximately $33,000. Finally, Financial Life Planners bought a new position in shares of Marvell Technology during the 4th quarter worth approximately $33,000. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on MRVL. Piper Sandler lowered their target price on Marvell Technology from $120.00 to $95.00 and set an “overweight” rating on the stock in a research report on Thursday, March 6th. UBS Group boosted their price target on Marvell Technology from $110.00 to $115.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Summit Insights cut shares of Marvell Technology from a “buy” rating to a “hold” rating in a research note on Thursday, March 6th. Raymond James set a $110.00 target price on shares of Marvell Technology in a report on Thursday, March 6th. Finally, JPMorgan Chase & Co. raised their target price on shares of Marvell Technology from $90.00 to $130.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Three investment 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $120.44.

Insider Buying and Selling at Marvell Technology

In other news, EVP Mark Casper sold 2,500 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $113.00, for a total value of $282,500.00. Following the completion of the transaction, the executive vice president now owns 24,706 shares of the company’s stock, valued at approximately $2,791,778. This represents a 9.19 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $124.40, for a total transaction of $746,400.00. Following the sale, the executive vice president now directly owns 93,931 shares in the company, valued at $11,685,016.40. This trade represents a 6.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 37,685 shares of company stock valued at $4,026,768. 0.33% of the stock is currently owned by corporate insiders.

Marvell Technology Stock Performance

Shares of Marvell Technology stock opened at $64.86 on Friday. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. The company has a market cap of $56.17 billion, a PE ratio of -38.15, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42. The company has a 50 day moving average of $95.30 and a 200-day moving average of $93.52. Marvell Technology, Inc. has a 1-year low of $53.19 and a 1-year high of $127.48.

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.37%. The ex-dividend date of this dividend is Friday, April 11th. Marvell Technology’s payout ratio is presently -23.53%.

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.