EP Wealth Advisors LLC Lowers Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

EP Wealth Advisors LLC reduced its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 53.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,871 shares of the semiconductor company’s stock after selling 4,528 shares during the quarter. EP Wealth Advisors LLC’s holdings in Marvell Technology were worth $428,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Centricity Wealth Management LLC bought a new stake in shares of Marvell Technology in the 4th quarter worth approximately $26,000. ORG Partners LLC lifted its stake 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 purchasing an additional 149 shares during the period. Rialto Wealth Management LLC purchased a new position in shares of Marvell Technology during the 4th quarter worth $27,000. Kieckhefer Group LLC bought a new stake in Marvell Technology during the fourth quarter valued at about $33,000. Finally, Financial Life Planners purchased a new position in Marvell Technology during the fourth quarter valued at approximately $33,000. 83.51% of the stock is owned by institutional investors.

Insider Activity at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $60.00, for a total value of $90,000.00. Following the transaction, the chief financial officer now owns 124,348 shares of the company’s stock, valued at approximately $7,460,880. This represents a 1.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Panteha Dixon sold 1,430 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $68.75, for a total transaction of $98,312.50. Following the transaction, the chief accounting officer now directly owns 31,100 shares in the company, valued at $2,138,125. This represents a 4.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 28,890 shares of company stock worth $2,027,938. 0.19% of the stock is currently owned by company insiders.

Marvell Technology Stock Performance

Shares of NASDAQ:MRVL opened at $64.50 on Tuesday. 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 business has a fifty day moving average of $60.68 and a 200-day moving average of $89.28. Marvell Technology, Inc. has a twelve month low of $47.09 and a twelve month high of $127.48. The firm has a market cap of $55.72 billion, a PE ratio of -37.94, a price-to-earnings-growth ratio of 1.61 and a beta of 1.83.

Marvell Technology Announces Dividend

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

Analyst Upgrades and Downgrades

MRVL has been the topic of several research analyst reports. William Blair upgraded shares of Marvell Technology to a “strong-buy” rating in a research note on Wednesday, February 5th. Stifel Nicolaus cut their target price on Marvell Technology from $115.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday, April 17th. Cantor Fitzgerald downgraded shares of Marvell Technology from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $125.00 to $60.00 in a research note on Wednesday, May 7th. Needham & Company LLC lowered their price target on shares of Marvell Technology from $120.00 to $100.00 and set a “buy” rating for the company in a research report on Thursday, March 6th. Finally, Piper Sandler cut their price objective on shares of Marvell Technology from $120.00 to $95.00 and set an “overweight” rating on the stock in a research report on Thursday, March 6th. Four investment 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. According to MarketBeat, Marvell Technology has a consensus rating of “Moderate Buy” and an average price target of $110.30.

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.