Hudson Bay Capital Management LP Acquires New Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Hudson Bay Capital Management LP bought a new position in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 27,520 shares of the semiconductor company's stock, valued at approximately $3,040,000.

A number of other institutional investors have also added to or reduced their stakes in MRVL. Norges Bank acquired a new stake in Marvell Technology during the fourth quarter worth about $1,138,354,000. GQG Partners LLC bought a new position in Marvell Technology during the fourth quarter worth about $802,410,000. Wellington Management Group LLP lifted its stake in Marvell Technology by 43.1% during the fourth quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company's stock worth $1,374,252,000 after purchasing an additional 3,747,982 shares during the period. Invesco Ltd. lifted its stake in Marvell Technology by 30.1% during the fourth quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company's stock worth $1,784,649,000 after purchasing an additional 3,737,705 shares during the period. Finally, Raymond James Financial Inc. bought a new position in Marvell Technology during the fourth quarter worth about $366,896,000. 83.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on MRVL shares. Cantor Fitzgerald cut shares of Marvell Technology from an "overweight" rating to a "neutral" rating and cut their price target for the stock from $125.00 to $60.00 in a research note on Wednesday, May 7th. Stifel Nicolaus cut their price target on shares of Marvell Technology from $115.00 to $80.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. Citigroup cut their price target on shares of Marvell Technology from $122.00 to $96.00 and set a "buy" rating for the company in a research note on Friday, April 11th. Summit Insights cut shares of Marvell Technology from a "buy" rating to a "hold" rating in a research note on Thursday, March 6th. Finally, Barclays cut their price target on shares of Marvell Technology from $130.00 to $80.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Four research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Marvell Technology has a consensus rating of "Moderate Buy" and an average price target of $111.27.

Insiders Place Their Bets

In other news, COO Chris Koopmans sold 6,000 shares of the business's stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $106.35, for a total value of $638,100.00. Following the completion of the transaction, the chief operating officer now owns 87,931 shares of the company's stock, valued at $9,351,461.85. The trade was a 6.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Panteha Dixon sold 1,286 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $65.00, for a total transaction of $83,590.00. Following the completion of the transaction, the chief accounting officer now directly owns 32,094 shares of the company's stock, valued at $2,086,110. This trade represents a 3.85% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 30,176 shares of company stock valued at $2,111,528. Company insiders own 0.19% of the company's stock.

Marvell Technology Trading Up 0.6%

MRVL stock traded up $0.42 during trading on Wednesday, hitting $65.90. The company had a trading volume of 11,447,080 shares, compared to its average volume of 14,008,379. The firm has a 50-day moving average price of $60.44 and a 200-day moving average price of $88.95. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. Marvell Technology, Inc. has a 12 month low of $47.09 and a 12 month high of $127.48. The stock has a market cap of $56.93 billion, a price-to-earnings ratio of -38.76, a PEG ratio of 1.61 and a beta of 1.83.

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Friday, April 11th were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.36%. The ex-dividend date was Friday, April 11th. Marvell Technology's dividend payout ratio is presently -23.53%.

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.