Point72 Italy S.r.l. increased its stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 353.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 124,296 shares of the semiconductor company's stock after buying an additional 96,896 shares during the quarter. Marvell Technology comprises approximately 7.6% of Point72 Italy S.r.l.'s holdings, making the stock its 4th largest holding. Point72 Italy S.r.l.'s holdings in Marvell Technology were worth $13,728,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Centricity Wealth Management LLC purchased a new stake in shares of Marvell Technology during the fourth quarter valued at $26,000. Rialto Wealth Management LLC purchased a new stake in Marvell Technology in the 4th quarter valued at about $27,000. Financial Life Planners bought a new position in Marvell Technology in the 4th quarter worth about $33,000. Lee Danner & Bass Inc. purchased a new position in shares of Marvell Technology during the fourth quarter worth approximately $35,000. Finally, GHP Investment Advisors Inc. raised its stake in shares of 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 acquiring an additional 112 shares in the last quarter. 83.51% of the stock is owned by hedge funds and other institutional investors.
Marvell Technology Stock Performance
NASDAQ:MRVL traded down $1.44 during trading hours on Friday, hitting $63.76. 18,619,351 shares of the company were exchanged, compared to its average volume of 14,010,583. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. Marvell Technology, Inc. has a 52-week low of $47.09 and a 52-week high of $127.48. The stock has a market capitalization of $55.08 billion, a price-to-earnings ratio of -37.51, a PEG ratio of 1.61 and a beta of 1.83. The company's 50 day moving average price is $60.36 and its 200-day moving average price is $88.68.
Marvell Technology Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Friday, April 11th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.38%. The ex-dividend date was Friday, April 11th. Marvell Technology's payout ratio is -23.53%.
Insider Buying and Selling
In other news, EVP Mark Casper sold 12,460 shares of the stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total value of $685,300.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, COO Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $65.10, for a total value of $390,600.00. Following the sale, the chief operating officer now directly owns 92,065 shares of the company's stock, valued at $5,993,431.50. This trade represents a 6.12% decrease in their position. The disclosure for this sale can be found here. Insiders sold 38,915 shares of company stock worth $2,679,800 in the last 90 days. Insiders own 0.19% of the company's stock.
Wall Street Analyst Weigh In
MRVL has been the topic of several research analyst reports. Stifel Nicolaus dropped their price objective on Marvell Technology from $115.00 to $80.00 and set a "buy" rating on the stock in a research note on Thursday, April 17th. Roth Capital set a $100.00 price target on Marvell Technology in a research note on Thursday, March 6th. Piper Sandler lowered their price objective on shares of Marvell Technology from $120.00 to $95.00 and set an "overweight" rating for the company in a research note on Thursday, March 6th. Raymond James set a $110.00 target price on shares of Marvell Technology in a research report on Thursday, March 6th. Finally, TD Cowen reduced their price target on shares of Marvell Technology from $125.00 to $95.00 and set a "buy" rating for the company in a report on Thursday, March 6th. Four analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Marvell Technology currently has a consensus rating of "Moderate Buy" and a consensus price target of $111.27.
Read Our Latest Analysis on Marvell Technology
Marvell Technology Profile
(
Free Report)
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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