Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Cresset Asset Management LLC

Cresset Asset Management LLC reduced its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 19.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,065 shares of the semiconductor company’s stock after selling 13,583 shares during the period. Cresset Asset Management LLC’s holdings in Marvell Technology were worth $6,192,000 as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on MRVL shares. Needham & Company LLC cut their price target on Marvell Technology from $120.00 to $100.00 and set a “buy” rating for the company in a report on Thursday, March 6th. Raymond James set a $110.00 target price on shares of Marvell Technology in a report on Thursday, March 6th. Summit Insights downgraded shares of Marvell Technology from a “buy” rating to a “hold” rating in a report on Thursday, March 6th. KeyCorp cut their price objective on shares of Marvell Technology from $135.00 to $115.00 and set an “overweight” rating for the company in a research report on Thursday, March 6th. Finally, Morgan Stanley lowered their target price on shares of Marvell Technology from $113.00 to $90.00 and set an “equal weight” rating for the company in a research note on Thursday, March 6th. Four equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Marvell Technology currently has an average rating of “Moderate Buy” and a consensus price target of $110.30.

Insiders Place Their Bets

In other Marvell Technology news, COO Chris Koopmans sold 6,000 shares of the stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $106.35, for a total transaction of $638,100.00. Following the transaction, the chief operating officer now directly owns 87,931 shares in the company, valued at $9,351,461.85. This represents a 6.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Mark Casper sold 12,460 shares of the business’s stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total transaction of $685,300.00. The disclosure for this sale can be found here. Insiders have sold 28,890 shares of company stock worth $2,027,938 in the last three months. 0.33% of the stock is owned by insiders.

Marvell Technology Stock Performance

NASDAQ:MRVL opened at $56.31 on Thursday. The firm has a 50-day moving average of $62.33 and a two-hundred day moving average of $89.62. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. The stock has a market cap of $48.64 billion, a P/E ratio of -33.12, a PEG ratio of 1.61 and a beta of 1.83. Marvell Technology, Inc. has a 1-year low of $47.09 and a 1-year high of $127.48.

Marvell Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Friday, April 11th were paid a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.43%. Marvell Technology’s dividend payout ratio (DPR) is presently -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.