PointState Capital LP Has $76.47 Million Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

PointState Capital LP reduced its stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 75.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 692,302 shares of the semiconductor company's stock after selling 2,165,780 shares during the period. Marvell Technology makes up about 1.4% of PointState Capital LP's investment portfolio, making the stock its 23rd biggest holding. PointState Capital LP owned approximately 0.08% of Marvell Technology worth $76,465,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MRVL. Centricity Wealth Management LLC acquired a new position in shares of Marvell Technology during the fourth quarter valued at $26,000. Rialto Wealth Management LLC acquired a new stake in Marvell Technology in the 4th quarter valued at approximately $27,000. Financial Life Planners bought a new stake in Marvell Technology during the 4th quarter valued at $33,000. Lee Danner & Bass Inc. acquired a new position in Marvell Technology during the 4th quarter worth $35,000. Finally, GHP Investment Advisors Inc. increased its holdings 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 purchasing an additional 112 shares during the period. 83.51% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently issued reports on MRVL. Rosenblatt Securities reiterated a "buy" rating and issued a $140.00 target price on shares of Marvell Technology in a research report on Thursday, March 6th. Summit Insights lowered shares of Marvell Technology from a "buy" rating to a "hold" rating in a research note on Thursday, March 6th. Cantor Fitzgerald downgraded Marvell Technology from an "overweight" rating to a "neutral" rating and cut their target price for the stock from $125.00 to $60.00 in a research report on Wednesday, May 7th. KeyCorp lowered their price target on Marvell Technology from $135.00 to $115.00 and set an "overweight" rating on the stock in a research report on Thursday, March 6th. Finally, Piper Sandler decreased their target price on Marvell Technology from $120.00 to $95.00 and set an "overweight" rating for the company in a research note on Thursday, March 6th. Four investment 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. Based on data from MarketBeat, Marvell Technology has an average rating of "Moderate Buy" and a consensus target price of $110.69.

Marvell Technology Trading Down 1.8%

MRVL stock traded down $1.15 during trading on Monday, hitting $62.61. The company had a trading volume of 8,040,964 shares, compared to its average volume of 14,013,043. The firm has a 50-day moving average price of $60.36 and a 200-day moving average price of $88.78. 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 stock has a market cap of $54.08 billion, a price-to-earnings ratio of -36.81, a PEG ratio of 1.61 and a beta of 1.83.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Friday, April 11th were given a dividend of $0.06 per share. The ex-dividend date was Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.38%. Marvell Technology's payout ratio is currently -23.53%.

Insider Activity

In other Marvell Technology news, COO Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $106.35, for a total transaction of $638,100.00. Following the completion of the sale, the chief operating officer now owns 87,931 shares of the company's stock, valued at approximately $9,351,461.85. The trade was a 6.39% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Brad W. Buss purchased 3,000 shares of the business's stock in a transaction dated Friday, March 7th. The stock was bought at an average cost of $69.00 per share, for a total transaction of $207,000.00. Following the purchase, the director now owns 87,113 shares in the company, valued at $6,010,797. This trade represents a 3.57% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 38,915 shares of company stock valued at $2,679,800 over the last 90 days. 0.19% of the stock is owned by company insiders.

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.