20,000 Shares in Marvell Technology, Inc. (NASDAQ:MRVL) Purchased by Pinnacle Investment Management Ltd

Pinnacle Investment Management Ltd bought a new stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 20,000 shares of the semiconductor company's stock, valued at approximately $2,209,000. Marvell Technology accounts for approximately 1.6% of Pinnacle Investment Management Ltd's investment portfolio, making the stock its 10th biggest position.

Other large investors also recently added to or reduced their stakes in the company. Centricity Wealth Management LLC purchased a new position in shares of Marvell Technology in the fourth quarter worth $26,000. Rialto Wealth Management LLC purchased a new position in shares of Marvell Technology during the fourth quarter valued at about $27,000. Financial Life Planners bought a new stake in shares of Marvell Technology in the fourth quarter worth about $33,000. Lee Danner & Bass Inc. purchased a new stake in shares of Marvell Technology in the fourth quarter worth about $35,000. Finally, GHP Investment Advisors Inc. boosted its stake in Marvell Technology by 48.3% during the fourth quarter. GHP Investment Advisors Inc. now owns 344 shares of the semiconductor company's stock valued at $38,000 after buying an additional 112 shares during the last quarter. 83.51% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Brad W. Buss acquired 3,000 shares of the firm's stock in a transaction that occurred on Friday, March 7th. The stock was purchased at an average cost of $69.00 per share, for a total transaction of $207,000.00. Following the completion of the acquisition, the director now directly owns 87,113 shares of the company's stock, valued at $6,010,797. The trade was a 3.57% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Panteha Dixon sold 1,430 shares of the stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $68.75, for a total transaction of $98,312.50. Following the transaction, the chief accounting officer now owns 31,100 shares in the company, valued at approximately $2,138,125. The trade was a 4.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 33,541 shares of company stock valued at $2,079,948 over the last quarter. 0.19% of the stock is owned by corporate insiders.

Marvell Technology Trading Down 1.8%

NASDAQ MRVL opened at $61.42 on Wednesday. The stock has a market cap of $53.06 billion, a PE ratio of -36.13, a PEG ratio of 1.61 and a beta of 1.83. 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 $60.07 and its 200-day moving average price is $88.44. 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 Dividend Announcement

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

Analysts Set New Price Targets

A number of analysts have issued reports on the company. William Blair raised Marvell Technology to a "strong-buy" rating in a research note on Wednesday, February 5th. Benchmark reduced their price target on shares of Marvell Technology from $135.00 to $95.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. TD Cowen decreased their price target on shares of Marvell Technology from $125.00 to $95.00 and set a "buy" rating on the stock in a research note on Thursday, March 6th. Cantor Fitzgerald cut shares of Marvell Technology from an "overweight" rating to a "neutral" rating and dropped their price objective for the stock from $125.00 to $60.00 in a research note on Wednesday, May 7th. Finally, Morgan Stanley reduced their target price on shares of Marvell Technology from $113.00 to $90.00 and set an "equal weight" rating on the stock in a report on Thursday, March 6th. Four research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $110.69.

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.

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