CenterBook Partners LP Boosts Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

CenterBook Partners LP raised its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 70.0% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 128,274 shares of the semiconductor company's stock after purchasing an additional 52,819 shares during the period. Marvell Technology makes up approximately 0.8% of CenterBook Partners LP's portfolio, making the stock its 22nd biggest holding. CenterBook Partners LP's holdings in Marvell Technology were worth $14,168,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. ORG Partners LLC grew its holdings in Marvell Technology by 175.3% during the fourth quarter. ORG Partners LLC now owns 234 shares of the semiconductor company's stock worth $26,000 after buying an additional 149 shares in the last quarter. Centricity Wealth Management LLC purchased a new position in Marvell Technology during the 4th quarter worth $26,000. Rialto Wealth Management LLC bought a new stake in shares of Marvell Technology in the 4th quarter worth $27,000. Kieckhefer Group LLC purchased a new stake in shares of Marvell Technology in the fourth quarter valued at about $33,000. Finally, Financial Life Planners bought a new position in shares of Marvell Technology during the fourth quarter valued at about $33,000. 83.51% of the stock is owned by institutional investors.

Insider Buying and Selling at Marvell Technology

In related news, CAO Panteha Dixon sold 1,430 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The shares were 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 of the company's stock, valued at $2,138,125. This trade represents a 4.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the business's stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $118.33, for a total transaction of $177,495.00. Following the completion of the transaction, the chief financial officer now directly owns 111,211 shares of the company's stock, valued at approximately $13,159,597.63. This represents a 1.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 30,185 shares of company stock valued at $3,131,018 in the last three months. Company insiders own 0.33% of the company's stock.

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Marvell Technology Price Performance

Shares of Marvell Technology stock traded up $0.52 on Friday, reaching $53.39. The stock had a trading volume of 17,706,981 shares, compared to its average volume of 13,431,231. The business's 50 day moving average is $79.86 and its two-hundred day moving average is $92.18. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. Marvell Technology, Inc. has a 1 year low of $47.09 and a 1 year high of $127.48. The company has a market cap of $46.24 billion, a P/E ratio of -31.41, a price-to-earnings-growth ratio of 1.61 and a beta of 1.78.

Marvell Technology Announces Dividend

The company 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. This represents a $0.24 annualized dividend and a yield of 0.45%. The ex-dividend date is Friday, April 11th. Marvell Technology's dividend payout ratio is presently -23.53%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on MRVL shares. Bank of America decreased their price objective on shares of Marvell Technology from $150.00 to $120.00 and set a "buy" rating for the company in a research note on Thursday, March 6th. Summit Insights downgraded Marvell Technology from a "buy" rating to a "hold" rating in a research report on Thursday, March 6th. The Goldman Sachs Group boosted their price objective on Marvell Technology from $115.00 to $131.00 and gave the stock a "buy" rating in a research report on Friday, January 10th. Barclays decreased their target price on Marvell Technology from $150.00 to $130.00 and set an "overweight" rating for the company in a research report on Thursday, March 6th. Finally, 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. Three 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 stock. According to MarketBeat, Marvell Technology currently has a consensus rating of "Moderate Buy" and a consensus target price of $119.48.

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.