Beaconlight Capital LLC Takes Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Beaconlight Capital LLC bought a new position in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 21,524 shares of the semiconductor company's stock, valued at approximately $2,377,000. Marvell Technology comprises about 0.9% of Beaconlight Capital LLC's portfolio, making the stock its 22nd largest position.

A number of other large investors also recently modified their holdings of MRVL. Norges Bank acquired a new position in shares of Marvell Technology in the 4th quarter valued at approximately $1,138,354,000. GQG Partners LLC acquired a new stake in Marvell Technology in the 4th quarter valued at $802,410,000. Wellington Management Group LLP grew its stake in Marvell Technology by 43.1% in the fourth quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company's stock valued at $1,374,252,000 after purchasing an additional 3,747,982 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of Marvell Technology by 30.1% in the 4th 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 during the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Marvell Technology in the 4th quarter valued at about $366,896,000. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Marvell Technology Price Performance

MRVL traded down $0.76 during trading on Tuesday, hitting $61.22. The company's stock had a trading volume of 9,624,386 shares, compared to its average volume of 13,705,141. The firm has a market capitalization of $53.02 billion, a price-to-earnings ratio of -36.01, a P/E/G ratio of 1.61 and a beta of 1.83. The business's fifty day simple moving average is $63.04 and its 200 day simple moving average is $89.85. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. Marvell Technology, Inc. has a twelve month low of $47.09 and a twelve month high of $127.48.

Marvell Technology Announces Dividend

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

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on MRVL shares. William Blair raised Marvell Technology to a "strong-buy" rating in a report on Wednesday, February 5th. Barclays dropped 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 report on Tuesday, April 22nd. StockNews.com raised shares of Marvell Technology from a "sell" rating to a "hold" rating in a research report on Thursday, January 9th. Bank of America reduced their target price on Marvell Technology from $120.00 to $72.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Finally, Piper Sandler lowered their price objective on shares of Marvell Technology from $120.00 to $95.00 and set an "overweight" rating for the company in a research report on Thursday, March 6th. Three equities 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 company. According to MarketBeat, Marvell Technology currently has an average rating of "Moderate Buy" and an average target price of $114.56.

Insider Activity

In related news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $68.83, for a total value of $103,245.00. Following the completion of the transaction, the chief financial officer now owns 113,592 shares in the company, valued at approximately $7,818,537.36. The trade was a 1.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Panteha Dixon sold 1,430 shares of the business's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $68.75, for a total value of $98,312.50. Following the transaction, the chief accounting officer now directly owns 31,100 shares of the company's stock, valued at approximately $2,138,125. This represents a 4.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 28,890 shares of company stock worth $2,027,938 over the last ninety days. Corporate insiders own 0.33% of the company's stock.

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.