Principal Financial Group Inc. Sells 84,705 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Principal Financial Group Inc. cut its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 75.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 27,848 shares of the semiconductor company’s stock after selling 84,705 shares during the quarter. Principal Financial Group Inc.’s holdings in Marvell Technology were worth $2,008,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Davidson Kempner Capital Management LP raised its holdings in Marvell Technology by 26.5% during the 2nd quarter. Davidson Kempner Capital Management LP now owns 250,000 shares of the semiconductor company’s stock valued at $17,482,000 after acquiring an additional 52,365 shares during the period. Braun Stacey Associates Inc. purchased a new position in shares of Marvell Technology in the third quarter valued at $16,435,000. Charles Schwab Investment Management Inc. raised its stake in shares of Marvell Technology by 2.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,261,887 shares of the semiconductor company’s stock valued at $235,247,000 after purchasing an additional 66,654 shares during the period. Nomura Asset Management Co. Ltd. lifted its holdings in Marvell Technology by 23.0% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 2,862,151 shares of the semiconductor company’s stock worth $206,418,000 after purchasing an additional 535,203 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB bought a new position in Marvell Technology in the 3rd quarter worth about $3,432,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Insider Activity

In related news, CEO Matthew J. Murphy bought 13,000 shares of the business’s stock in a transaction dated Monday, October 14th. The shares were purchased at an average cost of $77.63 per share, with a total value of $1,009,190.00. Following the completion of the purchase, the chief executive officer now owns 221,915 shares in the company, valued at approximately $17,227,261.45. The trade was a 6.22 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $122.50, for a total transaction of $183,750.00. Following the sale, the chief financial officer now owns 112,711 shares of the company’s stock, valued at approximately $13,807,097.50. This represents a 1.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 172,500 shares of company stock worth $14,267,670. Corporate insiders own 0.33% of the company’s stock.

Analyst Upgrades and Downgrades

MRVL has been the topic of a number of analyst reports. JPMorgan Chase & Co. upped their target price on shares of Marvell Technology from $90.00 to $130.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Benchmark reaffirmed a “buy” rating and issued a $135.00 price target (up previously from $115.00) on shares of Marvell Technology in a report on Wednesday, December 4th. Bank of America increased their price objective on Marvell Technology from $108.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Oppenheimer boosted their target price on Marvell Technology from $110.00 to $125.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Finally, Rosenblatt Securities raised their price target on Marvell Technology from $120.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have issued a buy rating to the company. According to MarketBeat, Marvell Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $119.76.

Marvell Technology Price Performance

MRVL stock opened at $118.18 on Friday. The firm has a 50-day moving average of $100.53 and a 200 day moving average of $81.20. 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 company has a market cap of $102.26 billion, a P/E ratio of -69.52, a PEG ratio of 4.03 and a beta of 1.46. Marvell Technology, Inc. has a 1 year low of $53.19 and a 1 year high of $126.15.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Friday, January 10th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.20%. The ex-dividend date is Friday, January 10th. Marvell Technology’s dividend payout ratio is currently -14.12%.

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.