Bridgefront Capital LLC Takes $887,000 Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Bridgefront Capital LLC acquired a new position in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 8,033 shares of the semiconductor company's stock, valued at approximately $887,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in Marvell Technology during the fourth quarter valued at approximately $1,138,354,000. GQG Partners LLC bought a new stake in Marvell Technology during the fourth quarter worth about $802,410,000. Wellington Management Group LLP boosted its holdings in shares of 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 valued at $1,374,252,000 after buying an additional 3,747,982 shares during the last quarter. Invesco Ltd. grew its position 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 acquiring an additional 3,737,705 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in Marvell Technology during the fourth quarter worth approximately $366,896,000. 83.51% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Mark Casper sold 12,460 shares of the business's stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $55.00, for a total transaction of $685,300.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Panteha Dixon sold 1,430 shares of the firm'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 in the company, valued at approximately $2,138,125. The trade was a 4.40 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,890 shares of company stock valued at $2,027,938 over the last 90 days. 0.33% of the stock is owned by company insiders.

Marvell Technology Price Performance

MRVL traded down $4.91 on Wednesday, reaching $56.31. 40,338,206 shares of the company's stock were exchanged, compared to its average volume of 13,841,028. The stock has a market cap of $48.64 billion, a PE ratio of -33.12, a P/E/G ratio of 1.61 and a beta of 1.83. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. Marvell Technology, Inc. has a twelve month low of $47.09 and a twelve month high of $127.48. The stock's fifty day moving average price is $62.33 and its 200-day moving average price is $89.62.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Friday, April 11th were paid a dividend of $0.06 per share. The ex-dividend date was Friday, April 11th. This represents a $0.24 annualized dividend and a yield of 0.43%. Marvell Technology's dividend payout ratio (DPR) is -23.53%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on MRVL shares. Barclays decreased their price target on shares of Marvell Technology from $130.00 to $80.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. Cantor Fitzgerald cut Marvell Technology from an "overweight" rating to a "neutral" rating and lowered their target price for the stock from $125.00 to $60.00 in a report on Wednesday. Citigroup dropped their price objective on shares of Marvell Technology from $122.00 to $96.00 and set a "buy" rating for the company in a report on Friday, April 11th. Piper Sandler reduced their target price on Marvell Technology from $120.00 to $95.00 and set an "overweight" rating on the stock in a report on Thursday, March 6th. Finally, Needham & Company LLC cut their target price on shares of Marvell Technology from $120.00 to $100.00 and set a "buy" rating on the stock in a research note on Thursday, March 6th. Four analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Marvell Technology presently has an average rating of "Moderate Buy" and a consensus price target of $110.30.

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.