Castle Rock Wealth Management LLC Has $1.73 Million Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Castle Rock Wealth Management LLC grew its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 165.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 16,283 shares of the semiconductor company's stock after purchasing an additional 10,157 shares during the period. Castle Rock Wealth Management LLC's holdings in Marvell Technology were worth $1,734,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in MRVL. Norges Bank acquired a new stake in Marvell Technology during the fourth quarter worth about $1,138,354,000. GQG Partners LLC bought a new stake in shares of Marvell Technology during the 4th quarter worth approximately $802,410,000. Nuveen Asset Management LLC boosted its position in shares of Marvell Technology by 232.2% during the 4th quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company's stock worth $1,033,859,000 after acquiring an additional 6,543,132 shares in the last quarter. Wellington Management Group LLP increased 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 acquiring an additional 3,747,982 shares during the last quarter. Finally, Invesco Ltd. raised its position 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 purchasing an additional 3,737,705 shares in the last quarter. 83.51% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on MRVL shares. Rosenblatt Securities reissued a "buy" rating and set a $140.00 price target on shares of Marvell Technology in a report on Thursday, March 6th. 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 report on Tuesday, April 22nd. KeyCorp lowered their price objective on shares of Marvell Technology from $135.00 to $115.00 and set an "overweight" rating for the company in a research report on Thursday, March 6th. Melius cut shares of Marvell Technology from a "buy" rating to a "hold" rating and set a $66.00 target price on the stock. in a research note on Thursday, May 22nd. Finally, Raymond James set a $110.00 price target on shares of Marvell Technology in a report on Thursday, March 6th. Seven equities research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $101.93.

Insiders Place Their Bets

In related news, EVP Mark Casper sold 626 shares of the business's stock in a transaction on Monday, May 19th. The shares were sold at an average price of $61.10, for a total transaction of $38,248.60. Following the transaction, the executive vice president now owns 626 shares in the company, valued at $38,248.60. The trade was a 50.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $68.83, for a total transaction of $103,245.00. Following the completion of the sale, the chief financial officer now owns 113,592 shares of the company's stock, valued at $7,818,537.36. The trade was a 1.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,541 shares of company stock worth $2,079,948. Corporate insiders own 0.33% of the company's stock.

Marvell Technology Trading Up 1.2%

Shares of MRVL stock traded up $0.77 during mid-day trading on Wednesday, hitting $64.59. The company's stock had a trading volume of 23,176,762 shares, compared to its average volume of 14,285,256. The company has a market cap of $55.79 billion, a PE ratio of -37.99, 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 quick ratio of 1.11 and a current ratio of 1.60. The company's fifty day simple moving average is $59.14 and its 200-day simple moving average is $87.29. Marvell Technology, Inc. has a 52 week low of $47.09 and a 52 week high of $127.48.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Friday, April 11th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.37%. The ex-dividend date was Friday, April 11th. Marvell Technology's dividend payout ratio (DPR) is presently -23.53%.

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.