Kovitz Investment Group Partners LLC bought a new stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 6,125 shares of the semiconductor company's stock, valued at approximately $677,000.
A number of other large investors have also recently added to or reduced their stakes in the business. Norges Bank bought a new stake in shares of Marvell Technology during the 4th quarter worth $1,138,354,000. GQG Partners LLC acquired a new position in shares of Marvell Technology in the 4th quarter valued at $802,410,000. Wellington Management Group LLP increased its stake in Marvell Technology by 43.1% in the 4th 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 in the last quarter. 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 valued at $1,784,649,000 after buying an additional 3,737,705 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Marvell Technology in the fourth quarter worth about $366,896,000. 83.51% of the stock is currently owned by institutional investors.
Insider Buying and Selling
In related news, CAO Panteha Dixon sold 1,430 shares of the company's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $68.75, for a total transaction of $98,312.50. Following the completion of the transaction, the chief accounting officer now directly owns 31,100 shares in the company, valued at $2,138,125. This represents a 4.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Mark Casper sold 12,460 shares of the firm's stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total transaction of $685,300.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 27,390 shares of company stock valued at $1,937,938. Insiders own 0.33% of the company's stock.
Analysts Set New Price Targets
MRVL has been the topic of a number of recent analyst reports. Loop Capital upgraded shares of Marvell Technology from a "hold" rating to a "buy" rating and set a $110.00 price target on the stock in a report on Thursday, March 6th. The Goldman Sachs Group increased their target price on Marvell Technology from $115.00 to $131.00 and gave the company a "buy" rating in a report on Friday, January 10th. Benchmark reiterated a "buy" rating and set a $135.00 price target on shares of Marvell Technology in a report on Thursday, March 6th. StockNews.com raised Marvell Technology from a "sell" rating to a "hold" rating in a research note on Thursday, January 9th. Finally, Morgan Stanley lowered their target price on Marvell Technology from $113.00 to $90.00 and set an "equal weight" rating on the stock in a research note 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 company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $114.56.
Get Our Latest Research Report on Marvell Technology
Marvell Technology Stock Performance
NASDAQ:MRVL opened at $58.37 on Thursday. The firm has a market capitalization of $50.55 billion, a PE ratio of -34.34, a PEG ratio of 1.61 and a beta of 1.78. Marvell Technology, Inc. has a 1 year low of $47.09 and a 1 year high of $127.48. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. The firm's fifty day simple moving average is $65.58 and its 200 day simple moving average is $90.28.
Marvell Technology Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Friday, April 11th will be paid a $0.06 dividend. The ex-dividend date is Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.41%. Marvell Technology's payout ratio is presently -23.53%.
About Marvell Technology
(
Free Report)
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.
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