Alight Capital Management LP Acquires 20,000 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Alight Capital Management LP grew its position in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 33.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 80,000 shares of the semiconductor company's stock after purchasing an additional 20,000 shares during the period. Marvell Technology makes up approximately 2.9% of Alight Capital Management LP's investment portfolio, making the stock its 12th largest holding. Alight Capital Management LP's holdings in Marvell Technology were worth $8,836,000 at the end of the most recent reporting period.

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

Insider Buying and Selling

In other news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $60.00, for a total value of $90,000.00. Following the completion of the sale, the chief financial officer now directly owns 124,348 shares of the company's stock, valued at $7,460,880. This represents a 1.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Mark Casper sold 12,460 shares of Marvell Technology stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $55.00, for a total value of $685,300.00. The disclosure for this sale can be found here. Insiders have sold 28,890 shares of company stock worth $2,027,938 in the last quarter. Insiders own 0.33% of the company's stock.

Marvell Technology Trading Down 0.6 %

Marvell Technology stock traded down $0.35 during mid-day trading on Monday, hitting $61.98. 9,083,504 shares of the stock were exchanged, compared to its average volume of 13,693,890. Marvell Technology, Inc. has a 12 month low of $47.09 and a 12 month high of $127.48. 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 $64.22 and its two-hundred day simple moving average is $90.18. The stock has a market capitalization of $53.68 billion, a price-to-earnings ratio of -36.46, a PEG ratio of 1.61 and a beta of 1.83.

Marvell Technology Announces Dividend

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

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Benchmark reaffirmed a "buy" rating and set a $135.00 price target on shares of Marvell Technology in a research report on Thursday, March 6th. Loop Capital upgraded Marvell Technology from a "hold" rating to a "buy" rating and set a $110.00 price target for the company in a report on Thursday, March 6th. Rosenblatt Securities restated a "buy" rating and issued a $140.00 price objective on shares of Marvell Technology in a research note on Thursday, March 6th. Stifel Nicolaus cut their price objective on Marvell Technology from $115.00 to $80.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. Finally, Morgan Stanley decreased their target price on Marvell Technology from $113.00 to $90.00 and set an "equal weight" rating on the stock in a report on Thursday, March 6th. Three research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $114.56.

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.