FORA Capital LLC Acquires New Position in Marvell Technology, Inc. (NASDAQ:MRVL)

FORA Capital LLC bought a new position in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 74,777 shares of the semiconductor company's stock, valued at approximately $8,259,000. Marvell Technology makes up about 0.9% of FORA Capital LLC's holdings, making the stock its 22nd biggest holding.

Other institutional investors and hedge funds have also modified their holdings of the company. Centricity Wealth Management LLC acquired a new position in Marvell Technology in the 4th quarter worth about $26,000. ORG Partners LLC boosted its stake in Marvell Technology by 175.3% during the fourth quarter. ORG Partners LLC now owns 234 shares of the semiconductor company's stock valued at $26,000 after buying an additional 149 shares during the period. Rialto Wealth Management LLC bought a new position in Marvell Technology during the 4th quarter worth approximately $27,000. Kieckhefer Group LLC purchased a new position in Marvell Technology during the 4th quarter valued at about $33,000. Finally, Financial Life Planners purchased a new position in shares of Marvell Technology during the 4th quarter worth approximately $33,000. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Marvell Technology Price Performance

NASDAQ:MRVL opened at $56.31 on Thursday. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. Marvell Technology, Inc. has a 52 week low of $47.09 and a 52 week high of $127.48. The business's 50-day simple moving average is $62.33 and its two-hundred day simple moving average is $89.62. 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.

Marvell Technology Dividend Announcement

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

Insider Activity

In related news, EVP Mark Casper sold 12,460 shares of the firm's stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $55.00, for a total value of $685,300.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Panteha Dixon sold 1,430 shares of the company's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $68.75, for a total transaction of $98,312.50. Following the sale, 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 worth $2,027,938 over the last 90 days. Corporate insiders own 0.33% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on MRVL shares. Needham & Company LLC lowered their target price on shares of Marvell Technology from $120.00 to $100.00 and set a "buy" rating for the company in a report on Thursday, March 6th. Roth Capital set a $100.00 price target on Marvell Technology in a report on Thursday, March 6th. TD Cowen dropped 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. The Goldman Sachs Group lifted their target price on shares of Marvell Technology from $115.00 to $131.00 and gave the stock a "buy" rating in a report on Friday, January 10th. Finally, Melius Research raised shares of Marvell Technology to a "strong-buy" rating in a research report on Monday, January 27th. Four investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Marvell Technology has an average rating of "Moderate Buy" and an average price target of $110.30.

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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