Lazard Asset Management LLC Sells 4,056,351 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Lazard Asset Management LLC cut its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 37.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,854,191 shares of the semiconductor company’s stock after selling 4,056,351 shares during the period. Marvell Technology accounts for about 1.1% of Lazard Asset Management LLC’s investment portfolio, making the stock its 16th biggest position. Lazard Asset Management LLC’s holdings in Marvell Technology were worth $757,043,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the company. ORG Partners LLC boosted its stake in Marvell Technology by 175.3% in the fourth 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 acquired a new position in shares of Marvell Technology in the 4th quarter valued at $26,000. Rialto Wealth Management LLC bought a new position in shares of Marvell Technology in the 4th quarter worth $27,000. Kieckhefer Group LLC acquired a new stake in shares of Marvell Technology during the fourth quarter worth $33,000. Finally, Financial Life Planners bought a new stake in Marvell Technology in the fourth quarter valued at about $33,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on MRVL shares. Benchmark dropped their price objective on Marvell Technology from $135.00 to $95.00 and set a “buy” rating on the stock in a research note on Wednesday, May 7th. Rosenblatt Securities reiterated a “buy” rating and set a $140.00 price objective on shares of Marvell Technology in a report on Thursday, March 6th. Citigroup lowered their target price on Marvell Technology from $122.00 to $96.00 and set a “buy” rating for the company in a research note on Friday, April 11th. Roth Capital set a $100.00 price target on shares of Marvell Technology in a research note on Thursday, March 6th. Finally, Stifel Nicolaus lowered their price objective on shares of Marvell Technology from $115.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, April 17th. Four investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Marvell Technology has an average rating of “Moderate Buy” and a consensus target price of $110.30.

Insider Activity

In other Marvell Technology news, EVP Mark Casper sold 12,460 shares of Marvell Technology stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total value of $685,300.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $60.00, for a total transaction of $90,000.00. Following the transaction, the chief financial officer now directly owns 124,348 shares in the company, valued at approximately $7,460,880. The trade was a 1.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 28,890 shares of company stock worth $2,027,938. 0.33% of the stock is owned by company insiders.

Marvell Technology Trading Up 3.5%

NASDAQ MRVL opened at $59.65 on Monday. The business’s fifty day moving average is $61.19 and its 200-day moving average is $89.40. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. Marvell Technology, Inc. has a one year low of $47.09 and a one year high of $127.48. The stock has a market capitalization of $51.53 billion, a price-to-earnings ratio of -35.09, a PEG ratio of 1.61 and a beta of 1.83.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Friday, April 11th were issued a dividend of $0.06 per share. The ex-dividend date was Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.40%. Marvell Technology’s dividend payout ratio (DPR) is -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.