Schonfeld Strategic Advisors LLC Purchases 268,660 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Schonfeld Strategic Advisors LLC increased its stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 3,350.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 276,679 shares of the semiconductor company's stock after buying an additional 268,660 shares during the period. Schonfeld Strategic Advisors LLC's holdings in Marvell Technology were worth $30,559,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Pine Valley Investments Ltd Liability Co lifted its holdings in Marvell Technology by 8.0% in the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 23,799 shares of the semiconductor company's stock valued at $1,716,000 after acquiring an additional 1,773 shares during the last quarter. World Investment Advisors LLC increased its stake in Marvell Technology by 1.4% in the third quarter. World Investment Advisors LLC now owns 40,366 shares of the semiconductor company's stock valued at $2,911,000 after acquiring an additional 560 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in Marvell Technology in the third quarter valued at about $3,432,000. Synovus Financial Corp increased its stake in shares of Marvell Technology by 60.5% in the 3rd quarter. Synovus Financial Corp now owns 6,489 shares of the semiconductor company's stock valued at $468,000 after buying an additional 2,445 shares during the period. Finally, Peapack Gladstone Financial Corp grew its stake in shares of Marvell Technology by 27.3% during the third quarter. Peapack Gladstone Financial Corp now owns 23,312 shares of the semiconductor company's stock worth $1,681,000 after purchasing an additional 5,005 shares during the period. Institutional investors own 83.51% of the company's stock.

Marvell Technology Stock Performance

Shares of Marvell Technology stock traded down $0.31 on Wednesday, reaching $58.37. 14,264,425 shares of the company traded hands, compared to its average volume of 13,656,994. Marvell Technology, Inc. has a 52 week low of $47.09 and a 52 week high of $127.48. The company has a 50 day moving average of $65.58 and a 200 day moving average of $90.28. The firm has a market capitalization of $50.55 billion, a PE ratio of -34.34, a PEG ratio of 1.61 and a beta of 1.78. 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 Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.41%. Marvell Technology's dividend payout ratio is currently -23.53%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. TD Cowen lowered their price target on Marvell Technology from $125.00 to $95.00 and set a "buy" rating on the stock in a research report on Thursday, March 6th. StockNews.com raised shares of Marvell Technology from a "sell" rating to a "hold" rating in a research note on Thursday, January 9th. Citigroup cut their price target on shares of Marvell Technology from $122.00 to $96.00 and set a "buy" rating on the stock in a report on Friday, April 11th. Melius Research upgraded shares of Marvell Technology to a "strong-buy" rating in a research note on Monday, January 27th. Finally, Needham & Company LLC decreased their price target on shares of Marvell Technology from $120.00 to $100.00 and set a "buy" rating on the stock in a report on Thursday, March 6th. Three equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $114.56.

Insiders Place Their Bets

In other Marvell Technology news, COO Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $106.35, for a total value 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. This trade represents a 6.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Mark Casper sold 12,460 shares of the firm'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 ninety days, insiders have sold 27,390 shares of company stock valued at $1,937,938. 0.33% of the stock is currently owned by corporate 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.