CIBC Asset Management Inc Acquires 6,699 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

CIBC Asset Management Inc raised its holdings in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 3.5% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 197,102 shares of the semiconductor company's stock after buying an additional 6,699 shares during the period. CIBC Asset Management Inc's holdings in Marvell Technology were worth $21,770,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Principal Financial Group Inc. raised its stake in Marvell Technology by 385.7% in the 4th quarter. Principal Financial Group Inc. now owns 135,258 shares of the semiconductor company's stock valued at $14,939,000 after acquiring an additional 107,410 shares during the period. Americana Partners LLC increased its holdings in shares of Marvell Technology by 9.3% in the fourth quarter. Americana Partners LLC now owns 4,776 shares of the semiconductor company's stock valued at $528,000 after purchasing an additional 406 shares during the last quarter. Sierra Ocean LLC bought a new position in shares of Marvell Technology in the fourth quarter valued at about $44,000. Csenge Advisory Group lifted its stake in shares of Marvell Technology by 15.9% during the 4th quarter. Csenge Advisory Group now owns 3,893 shares of the semiconductor company's stock worth $430,000 after buying an additional 535 shares during the last quarter. Finally, WD Rutherford LLC boosted its holdings in shares of Marvell Technology by 37.7% during the 4th quarter. WD Rutherford LLC now owns 25,158 shares of the semiconductor company's stock worth $2,779,000 after buying an additional 6,892 shares during the period. 83.51% of the stock is owned by institutional investors and hedge funds.

Marvell Technology Price Performance

NASDAQ:MRVL traded down $4.86 during trading hours on Friday, hitting $103.85. The company's stock had a trading volume of 11,006,714 shares, compared to its average volume of 12,895,910. Marvell Technology, Inc. has a twelve month low of $53.19 and a twelve month high of $127.48. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. The stock has a fifty day simple moving average of $113.59 and a 200-day simple moving average of $92.01. The company has a market capitalization of $89.86 billion, a P/E ratio of -61.09, a PEG ratio of 1.64 and a beta of 1.40.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 30th. Stockholders of record on Friday, January 10th were paid a $0.06 dividend. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.23%. Marvell Technology's payout ratio is currently -14.12%.

Analyst Upgrades and Downgrades

MRVL has been the topic of several research analyst reports. Melius Research raised shares of Marvell Technology to a "strong-buy" rating in a report on Monday, January 27th. UBS Group increased their target price on Marvell Technology from $110.00 to $115.00 and gave the stock a "buy" rating in a research note on Wednesday, December 4th. B. Riley lifted their price target on Marvell Technology from $105.00 to $135.00 and gave the stock a "buy" rating in a report on Wednesday, December 4th. William Blair raised Marvell Technology to a "strong-buy" rating in a report on Wednesday, February 5th. Finally, Morgan Stanley dropped their target price on Marvell Technology from $120.00 to $113.00 and set an "equal weight" rating for the company in a report on Tuesday, January 28th. Three investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $127.60.

Insider Activity at Marvell Technology

In other Marvell Technology news, EVP Chris Koopmans sold 6,000 shares of the firm's stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $122.50, for a total value of $735,000.00. Following the sale, the executive vice president now owns 97,244 shares in the company, valued at $11,912,390. This trade represents a 5.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Mark Casper sold 2,500 shares of the business's stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $113.00, for a total transaction of $282,500.00. Following the sale, the executive vice president now directly owns 24,706 shares in the company, valued at approximately $2,791,778. The trade was a 9.19 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 36,255 shares of company stock valued at $4,330,980. 0.33% of the stock is 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.