Totem Point Management LLC Acquires Shares of 58,052 Marvell Technology, Inc. (NASDAQ:MRVL)

Totem Point Management LLC purchased a new stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 58,052 shares of the semiconductor company's stock, valued at approximately $6,412,000. Marvell Technology makes up 6.8% of Totem Point Management LLC's investment portfolio, making the stock its 7th largest holding.

A number of other large investors also recently bought and sold shares of the business. Invesco Ltd. increased its stake in shares of Marvell Technology by 30.1% during the fourth quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company's stock worth $1,784,649,000 after purchasing an additional 3,737,705 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Marvell Technology by 43.1% in the 4th quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company's stock worth $1,374,252,000 after buying an additional 3,747,982 shares during the last quarter. Geode Capital Management LLC increased its stake in Marvell Technology by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 11,468,144 shares of the semiconductor company's stock worth $1,263,755,000 after buying an additional 80,005 shares in the last quarter. Norges Bank purchased a new stake in Marvell Technology during the 4th quarter worth approximately $1,138,354,000. Finally, Massachusetts Financial Services Co. MA raised its holdings in shares of Marvell Technology by 28.7% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 7,592,726 shares of the semiconductor company's stock valued at $838,617,000 after acquiring an additional 1,691,242 shares during the last quarter. Institutional investors and hedge funds own 83.51% of the company's stock.

Insider Transactions at Marvell Technology

In other Marvell Technology news, CAO Panteha Dixon sold 1,430 shares of the firm's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $68.75, for a total value of $98,312.50. Following the sale, the chief accounting officer now directly owns 31,100 shares in the company, valued at $2,138,125. This trade represents a 4.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Mark Casper sold 12,460 shares of the company's stock in a transaction dated 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 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 Stock Up 2.8 %

Marvell Technology stock traded up $1.59 during mid-day trading on Friday, reaching $58.92. 11,919,398 shares of the company's stock were exchanged, compared to its average volume of 13,618,568. Marvell Technology, Inc. has a twelve month low of $47.09 and a twelve month high of $127.48. The company has a fifty day moving average of $68.53 and a 200-day moving average of $90.58. 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 company has a market cap of $51.03 billion, a P/E ratio of -34.66, a P/E/G ratio of 1.61 and a beta of 1.78.

Marvell Technology Announces Dividend

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

Analysts Set New Price Targets

A number of analysts have recently issued reports on MRVL shares. 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 note on Thursday, March 6th. Melius Research raised shares of Marvell Technology to a "strong-buy" rating in a report on Monday, January 27th. Wells Fargo & Company reiterated an "overweight" rating on shares of Marvell Technology in a research report on Thursday, March 6th. Stifel Nicolaus lowered their price target on shares of Marvell Technology from $115.00 to $80.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. Finally, Needham & Company LLC cut their price objective on shares of Marvell Technology from $120.00 to $100.00 and set a "buy" rating for the company in a report on Thursday, March 6th. Three research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $114.56.

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.