Griffin Asset Management Inc. Makes New Investment in Marvell Technology, Inc. (NASDAQ:MRVL)

Griffin Asset Management Inc. bought a new position in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 2,479 shares of the semiconductor company's stock, valued at approximately $274,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Temasek Holdings Private Ltd lifted its stake in Marvell Technology by 581.8% in the third quarter. Temasek Holdings Private Ltd now owns 2,240,085 shares of the semiconductor company's stock valued at $161,555,000 after buying an additional 1,911,532 shares in the last quarter. Holocene Advisors LP bought a new position in shares of Marvell Technology during the 3rd quarter worth approximately $120,116,000. Van ECK Associates Corp raised its holdings in shares of Marvell Technology by 26.6% in the third quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company's stock valued at $538,868,000 after purchasing an additional 1,570,050 shares during the last quarter. Perpetual Ltd lifted its position in shares of Marvell Technology by 3,405.3% in the fourth quarter. Perpetual Ltd now owns 702,498 shares of the semiconductor company's stock worth $77,591,000 after purchasing an additional 682,457 shares in the last quarter. Finally, Nordea Investment Management AB boosted its holdings in Marvell Technology by 14.0% during the fourth quarter. Nordea Investment Management AB now owns 4,652,983 shares of the semiconductor company's stock worth $518,435,000 after purchasing an additional 571,005 shares during the last quarter. 83.51% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have commented on MRVL shares. TD Cowen boosted their price target on shares of Marvell Technology from $90.00 to $125.00 and gave the stock a "buy" rating in a research report on Wednesday, December 4th. UBS Group boosted their price target on Marvell Technology from $110.00 to $115.00 and gave the stock a "buy" rating in a research report on Wednesday, December 4th. B. Riley increased their price objective on Marvell Technology from $105.00 to $135.00 and gave the company a "buy" rating in a report on Wednesday, December 4th. Loop Capital upped their price target on shares of Marvell Technology from $95.00 to $110.00 and gave the stock a "hold" rating in a research report on Wednesday, December 4th. Finally, Oppenheimer increased their price target on shares of Marvell Technology from $110.00 to $125.00 and gave the company an "outperform" rating in a research note on Wednesday, December 4th. Three equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $127.60.

Marvell Technology Price Performance

Shares of NASDAQ:MRVL traded up $2.53 during trading on Friday, hitting $112.86. 15,195,969 shares of the company were exchanged, compared to its average volume of 11,848,386. Marvell Technology, Inc. has a 1-year low of $53.19 and a 1-year high of $127.48. The company has a market capitalization of $97.66 billion, a P/E ratio of -66.39, a price-to-earnings-growth ratio of 3.51 and a beta of 1.41. 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 business's 50 day moving average is $111.72 and its 200-day moving average is $87.51.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 30th. Shareholders of record on Friday, January 10th were issued a $0.06 dividend. The ex-dividend date was Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a yield of 0.21%. Marvell Technology's payout ratio is presently -14.12%.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $89.14, for a total transaction of $133,710.00. Following the transaction, the chief financial officer now directly owns 114,211 shares of the company's stock, valued at approximately $10,180,768.54. The trade was a 1.30 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Chris Koopmans sold 6,000 shares of the firm's stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $124.40, for a total value of $746,400.00. Following the transaction, the executive vice president now owns 93,931 shares of the company's stock, valued at $11,685,016.40. This trade represents a 6.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 37,755 shares of company stock worth $4,361,430. 0.33% of the stock is currently owned by insiders.

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.