Raiffeisen Bank International AG Takes Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Raiffeisen Bank International AG purchased a new position in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 121,622 shares of the semiconductor company's stock, valued at approximately $13,580,000.

Several other hedge funds and other institutional investors have also modified their holdings of MRVL. Point72 Asia Singapore Pte. Ltd. acquired a new position in Marvell Technology in the 4th quarter valued at about $234,000. Rivermont Capital Management LP purchased a new stake in shares of Marvell Technology during the fourth quarter worth approximately $12,588,000. Point72 Asset Management L.P. acquired a new stake in Marvell Technology in the fourth quarter valued at approximately $166,767,000. Point72 Hong Kong Ltd purchased a new position in Marvell Technology in the fourth quarter worth approximately $645,000. Finally, Point72 Italy S.r.l. grew its holdings in Marvell Technology by 353.6% during the 4th quarter. Point72 Italy S.r.l. now owns 124,296 shares of the semiconductor company's stock worth $13,728,000 after acquiring an additional 96,896 shares in the last quarter. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on MRVL shares. William Blair raised shares of Marvell Technology to a "strong-buy" rating in a research report on Wednesday, February 5th. Wells Fargo & Company reaffirmed an "overweight" rating on shares of Marvell Technology in a research report on Thursday, March 6th. Melius Research raised Marvell Technology to a "strong-buy" rating in a research report on Monday, January 27th. Piper Sandler cut their price target on shares of Marvell Technology from $120.00 to $95.00 and set an "overweight" rating on the stock in a research note on Thursday, March 6th. Finally, Morgan Stanley decreased their price objective on shares of Marvell Technology from $113.00 to $90.00 and set an "equal weight" rating for the company in a research note on Thursday, March 6th. Four research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $111.27.

Marvell Technology Price Performance

Shares of NASDAQ MRVL opened at $65.90 on Thursday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. Marvell Technology, Inc. has a one year low of $47.09 and a one year high of $127.48. The company's fifty day moving average is $60.44 and its two-hundred day moving average is $88.95. The firm 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 Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Shareholders 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 annualized dividend and a yield of 0.36%. Marvell Technology's payout ratio is currently -23.53%.

Insider Buying and Selling at Marvell Technology

In related news, CAO Panteha Dixon sold 1,286 shares of Marvell Technology stock in a transaction on Monday, May 12th. The stock was sold at an average price of $65.00, for a total transaction of $83,590.00. Following the completion of the transaction, the chief accounting officer now directly owns 32,094 shares of the company's stock, valued at approximately $2,086,110. The trade was a 3.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Mark Casper sold 12,460 shares of the business's stock in a transaction on Wednesday, April 23rd. The stock was 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. Over the last three months, insiders sold 30,176 shares of company stock valued at $2,111,528. Corporate insiders own 0.19% of the company's stock.

Marvell Technology 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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