Allstate Corp Takes $2.54 Million Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Allstate Corp acquired a new stake in Marvell Technology, Inc. (NASDAQ:MRVL) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 23,000 shares of the semiconductor company’s stock, valued at approximately $2,540,000.

Other large investors have also added to or reduced their stakes in the company. True Wealth Design LLC raised its stake in shares of Marvell Technology by 1,481.8% during the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock valued at $25,000 after acquiring an additional 326 shares during the last quarter. ORG Partners LLC increased its holdings 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 purchasing an additional 149 shares during the period. Centricity Wealth Management LLC bought a new position in Marvell Technology during the 4th quarter worth $26,000. Rialto Wealth Management LLC acquired a new position in Marvell Technology during the 4th quarter worth about $27,000. Finally, Kieckhefer Group LLC bought a new stake in shares of Marvell Technology in the 4th quarter valued at about $33,000. Institutional investors own 83.51% of the company’s stock.

Wall Street Analysts Forecast Growth

MRVL has been the topic of a number of recent analyst reports. Evercore ISI lifted their price objective on Marvell Technology from $98.00 to $122.00 and gave the stock an “outperform” rating in a research note on Monday, December 2nd. Citigroup dropped their price target on shares of Marvell Technology from $136.00 to $122.00 and set a “buy” rating on the stock in a research report on Thursday, March 6th. Stifel Nicolaus decreased their price objective on shares of Marvell Technology from $130.00 to $115.00 and set a “buy” rating for the company in a research report on Thursday, March 6th. Cantor Fitzgerald boosted their target price on shares of Marvell Technology from $120.00 to $135.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Finally, Summit Insights downgraded Marvell Technology from a “buy” rating to a “hold” rating in a report on Thursday, March 6th. Three investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $120.44.

Marvell Technology Stock Performance

Shares of MRVL opened at $62.04 on Friday. The firm has a market capitalization of $53.73 billion, a P/E ratio of -36.49, a P/E/G ratio of 1.61 and a beta of 1.42. Marvell Technology, Inc. has a 52 week low of $53.19 and a 52 week high of $127.48. The stock has a 50 day moving average price of $94.05 and a two-hundred day moving average price of $93.62. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Friday, April 11th will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, April 11th. This represents a $0.24 annualized dividend and a yield of 0.39%. Marvell Technology’s dividend payout ratio (DPR) is currently -23.53%.

Insider Buying and Selling at Marvell Technology

In related news, CAO Panteha Dixon sold 1,430 shares of the firm’s stock in a transaction dated Monday, March 17th. The shares were 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 of the company’s stock, valued at $2,138,125. This trade represents a 4.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $118.33, for a total transaction of $177,495.00. Following the completion of the sale, the chief financial officer now directly owns 111,211 shares of the company’s stock, valued at $13,159,597.63. The trade was a 1.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 37,685 shares of company stock worth $4,026,768. Corporate insiders own 0.33% of the company’s stock.

Marvell Technology Company 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.