Baker Avenue Asset Management LP Has $23.17 Million Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Baker Avenue Asset Management LP reduced its holdings in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 7.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 209,745 shares of the semiconductor company's stock after selling 17,463 shares during the period. Baker Avenue Asset Management LP's holdings in Marvell Technology were worth $23,166,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in MRVL. Banque Transatlantique SA bought a new stake in Marvell Technology in the fourth quarter valued at approximately $55,000. Bayesian Capital Management LP bought a new stake in shares of Marvell Technology in the 4th quarter valued at $3,961,000. Beaconlight Capital LLC acquired a new stake in Marvell Technology during the 4th quarter worth $2,377,000. Benjamin Edwards Inc. lifted its holdings in Marvell Technology by 53.0% during the fourth quarter. Benjamin Edwards Inc. now owns 6,882 shares of the semiconductor company's stock worth $761,000 after acquiring an additional 2,383 shares in the last quarter. Finally, BIP Wealth LLC acquired a new position in Marvell Technology in the fourth quarter valued at about $317,000. Institutional investors and hedge funds own 83.51% of the company's stock.

Marvell Technology Stock Performance

Shares of NASDAQ MRVL traded down $0.35 during midday trading on Monday, hitting $61.98. 9,090,005 shares of the company's stock were exchanged, compared to its average volume of 13,693,952. Marvell Technology, Inc. has a 12 month low of $47.09 and a 12 month high of $127.48. The company's 50 day moving average price is $63.56 and its 200 day moving average price is $90.05. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $53.68 billion, a PE ratio of -36.46, a price-to-earnings-growth ratio of 1.61 and a beta of 1.83.

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Friday, April 11th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.39%. The ex-dividend date was Friday, April 11th. Marvell Technology's payout ratio is presently -23.53%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on MRVL. Wells Fargo & Company reiterated an "overweight" rating on shares of Marvell Technology in a report on Thursday, March 6th. Summit Insights lowered shares of Marvell Technology from a "buy" rating to a "hold" rating in a research note on Thursday, March 6th. TD Cowen reduced their price target on shares of Marvell Technology from $125.00 to $95.00 and set a "buy" rating for the company in a report on Thursday, March 6th. Roth Capital set a $100.00 price objective on shares of Marvell Technology in a report on Thursday, March 6th. Finally, William Blair raised shares of Marvell Technology to a "strong-buy" rating in a research note on Wednesday, February 5th. Three research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $114.56.

Insider Transactions at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,500 shares of the company's stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $60.00, for a total value of $90,000.00. Following the transaction, the chief financial officer now owns 124,348 shares of the company's stock, valued at approximately $7,460,880. This represents a 1.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Panteha Dixon sold 1,430 shares of the business's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $68.75, for a total value of $98,312.50. Following the completion of the sale, the chief accounting officer now 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 28,890 shares of company stock worth $2,027,938. 0.33% of the stock is owned by insiders.

About Marvell Technology

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.