Thrivent Financial for Lutherans Sells 72,423 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Thrivent Financial for Lutherans trimmed its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 29.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 174,862 shares of the semiconductor company’s stock after selling 72,423 shares during the period. Thrivent Financial for Lutherans’ holdings in Marvell Technology were worth $18,635,000 at the end of the most recent quarter.

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

Marvell Technology Stock Performance

MRVL opened at $70.39 on Friday. The firm has a fifty day moving average price of $99.06 and a 200 day moving average price of $93.52. Marvell Technology, Inc. has a 1 year low of $53.19 and a 1 year high of $127.48. The stock has a market cap of $60.96 billion, a P/E ratio of -41.41, a P/E/G ratio of 1.61 and a beta of 1.42. 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 Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.34%. Marvell Technology’s dividend payout ratio (DPR) is currently -23.53%.

Insider Transactions at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $68.83, for a total transaction of $103,245.00. Following the transaction, the chief financial officer now owns 113,592 shares in the company, valued at $7,818,537.36. This trade represents a 1.30 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Brad W. Buss purchased 3,000 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The stock was bought at an average cost of $69.00 per share, with a total value of $207,000.00. Following the acquisition, the director now owns 87,113 shares in the company, valued at $6,010,797. This represents a 3.57 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 37,685 shares of company stock valued at $4,026,768 in the last ninety days. 0.33% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on MRVL shares. Cantor Fitzgerald upped their price target on Marvell Technology from $120.00 to $135.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. JPMorgan Chase & Co. upped their target price on Marvell Technology from $90.00 to $130.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. TD Cowen lowered their price target on Marvell Technology from $125.00 to $95.00 and set a “buy” rating for the company in a report on Thursday, March 6th. Barclays cut their price objective on shares of Marvell Technology from $150.00 to $130.00 and set an “overweight” rating on the stock in a report on Thursday, March 6th. Finally, Stifel Nicolaus lowered their target price on shares of Marvell Technology from $130.00 to $115.00 and set a “buy” rating for the company in a research note on Thursday, March 6th. Three research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Marvell Technology currently 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.