GF Fund Management CO. LTD. Takes $26.78 Million Position in Marvell Technology, Inc. (NASDAQ:MRVL)

GF Fund Management CO. LTD. purchased a new position in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 242,464 shares of the semiconductor company's stock, valued at approximately $26,780,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Centricity Wealth Management LLC acquired a new position in shares of Marvell Technology in the fourth quarter valued at approximately $26,000. Rialto Wealth Management LLC purchased a new position in shares of Marvell Technology in the fourth quarter worth approximately $27,000. Financial Life Planners acquired a new stake in shares of Marvell Technology during the fourth quarter worth approximately $33,000. Lee Danner & Bass Inc. acquired a new stake in Marvell Technology in the fourth quarter valued at approximately $35,000. Finally, GHP Investment Advisors Inc. increased its position in Marvell Technology by 48.3% during the fourth quarter. GHP Investment Advisors Inc. now owns 344 shares of the semiconductor company's stock worth $38,000 after acquiring an additional 112 shares during the period. Hedge funds and other institutional investors own 83.51% of the company's stock.

Insiders Place Their Bets

In other Marvell Technology news, Director Brad W. Buss bought 3,000 shares of the business's stock in a transaction that occurred on Friday, March 7th. The stock was purchased at an average cost of $69.00 per share, with a total value of $207,000.00. Following the completion of the acquisition, the director now owns 87,113 shares in the company, valued at $6,010,797. This trade represents a 3.57% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Mark Casper sold 626 shares of the stock in a transaction that occurred 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 approximately $38,248.60. This represents a 50.00% 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 worth $2,079,948 over the last 90 days. Corporate insiders own 0.33% of the company's stock.

Marvell Technology Trading Up 2.3%

Marvell Technology stock traded up $1.48 during mid-day trading on Wednesday, hitting $65.30. 11,602,096 shares of the stock were exchanged, compared to its average volume of 17,347,160. The stock has a market capitalization of $56.41 billion, a price-to-earnings ratio of -38.41, a PEG ratio of 1.61 and a beta of 1.83. 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's fifty day simple moving average is $59.26 and its two-hundred day simple moving average is $87.45. Marvell Technology, Inc. has a 12 month low of $47.08 and a 12 month high of $127.48.

Marvell Technology Announces Dividend

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

Analyst Ratings Changes

Several research analysts recently issued reports on MRVL shares. Morgan Stanley reduced their price target on shares of Marvell Technology from $113.00 to $90.00 and set an "equal weight" rating on the stock in a research report on Thursday, March 6th. Loop Capital raised Marvell Technology from a "hold" rating to a "buy" rating and set a $110.00 price target for the company in a research note on Thursday, March 6th. Raymond James set a $110.00 price target on Marvell Technology in a report on Thursday, March 6th. Summit Insights lowered Marvell Technology from a "buy" rating to a "hold" rating in a research report on Thursday, March 6th. Finally, Redburn Atlantic began coverage on Marvell Technology in a research report on Wednesday. They issued a "neutral" rating and a $67.00 target price for the company. Seven investment analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Marvell Technology has a consensus rating of "Moderate Buy" and an average target price of $101.93.

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.