Point72 Asset Management L.P. Acquires New Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Point72 Asset Management L.P. bought 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 disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 1,509,888 shares of the semiconductor company's stock, valued at approximately $166,767,000. Point72 Asset Management L.P. owned approximately 0.17% of Marvell Technology as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of MRVL. Brookstone Capital Management grew its holdings in Marvell Technology by 16.0% in the 4th quarter. Brookstone Capital Management now owns 3,473 shares of the semiconductor company's stock valued at $384,000 after buying an additional 478 shares in the last quarter. Capital Investment Advisors LLC acquired a new position in shares of Marvell Technology during the 4th quarter valued at about $250,000. Cooper Financial Group purchased a new stake in shares of Marvell Technology in the fourth quarter valued at about $321,000. Courier Capital LLC acquired a new stake in Marvell Technology during the fourth quarter worth about $221,000. Finally, Accurate Wealth Management LLC purchased a new position in Marvell Technology during the fourth quarter worth about $280,000. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Marvell Technology Price Performance

MRVL stock opened at $65.90 on Thursday. The business has a 50 day simple moving average of $60.44 and a 200-day simple moving average of $88.95. The company has a market capitalization of $56.93 billion, a P/E ratio of -38.76, a PEG ratio of 1.61 and a beta of 1.83. Marvell Technology, Inc. has a twelve month low of $47.09 and a twelve month high of $127.48. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30.

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 paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.36%. The ex-dividend date of this dividend was Friday, April 11th. Marvell Technology's dividend payout ratio is presently -23.53%.

Insiders Place Their Bets

In related news, Director Brad W. Buss acquired 3,000 shares of the firm's stock in a transaction that occurred on Friday, March 7th. The shares were purchased at an average price 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 approximately $6,010,797. This represents a 3.57% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Mark Casper sold 12,460 shares of the firm's 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. In the last ninety days, insiders sold 30,176 shares of company stock valued at $2,111,528. 0.19% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on MRVL shares. Barclays cut their price target on shares of Marvell Technology from $130.00 to $80.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Citigroup cut their target price on Marvell Technology from $122.00 to $96.00 and set a "buy" rating for the company in a research note on Friday, April 11th. Loop Capital raised Marvell Technology from a "hold" rating to a "buy" rating and set a $110.00 price target on the stock in a research note on Thursday, March 6th. Piper Sandler cut their price objective on Marvell Technology from $120.00 to $95.00 and set an "overweight" rating for the company in a research report on Thursday, March 6th. Finally, Wells Fargo & Company restated an "overweight" rating on shares of Marvell Technology in a report on Thursday, March 6th. Four research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $111.27.

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.

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