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

Principal Financial Group Inc. reduced its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 75.3% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 27,848 shares of the semiconductor company’s stock after selling 84,705 shares during the period. Principal Financial Group Inc.’s holdings in Marvell Technology were worth $2,008,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. True Wealth Design LLC boosted its holdings in shares of Marvell Technology by 1,481.8% in the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock worth $25,000 after buying an additional 326 shares during the last quarter. Quarry LP bought a new position in Marvell Technology in the second quarter worth approximately $32,000. Strategic Investment Solutions Inc. IL purchased a new position in shares of Marvell Technology during the 2nd quarter worth $32,000. Whittier Trust Co. boosted its stake in shares of Marvell Technology by 74.5% during the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock worth $35,000 after acquiring an additional 210 shares during the last quarter. Finally, Goodman Advisory Group LLC bought a new stake in shares of Marvell Technology during the 3rd quarter valued at $37,000. Institutional investors own 83.51% of the company’s stock.

Insider Transactions at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $122.50, for a total value of $183,750.00. Following the transaction, the chief financial officer now owns 112,711 shares of the company’s stock, valued at $13,807,097.50. This represents a 1.31 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $80.77, for a total value of $484,620.00. Following the completion of the sale, the executive vice president now owns 109,244 shares of the company’s stock, valued at $8,823,637.88. The trade was a 5.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 172,500 shares of company stock worth $14,267,670. 0.33% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have commented on MRVL. Wells Fargo & Company upped their price target on Marvell Technology from $110.00 to $130.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Piper Sandler reissued an “overweight” rating and issued a $120.00 target price (up from $100.00) on shares of Marvell Technology in a report on Wednesday, December 4th. StockNews.com cut shares of Marvell Technology from a “hold” rating to a “sell” rating in a research note on Wednesday. Loop Capital upped their price target on shares of Marvell Technology from $95.00 to $110.00 and gave the stock a “hold” rating in a research report on Wednesday, December 4th. Finally, The Goldman Sachs Group raised their price objective on shares of Marvell Technology from $87.00 to $115.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $119.76.

Marvell Technology Trading Up 4.1 %

MRVL opened at $118.18 on Friday. Marvell Technology, Inc. has a one year low of $53.19 and a one year high of $126.15. 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 stock has a market cap of $102.26 billion, a price-to-earnings ratio of -69.52, a P/E/G ratio of 4.03 and a beta of 1.46. The stock’s 50 day moving average price is $100.53 and its 200-day moving average price is $81.20.

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Friday, January 10th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a yield of 0.20%. Marvell Technology’s payout ratio is -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.