Convergence Investment Partners LLC Takes $6 Million Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Convergence Investment Partners LLC bought a new position in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 54,311 shares of the semiconductor company's stock, valued at approximately $5,999,000. Marvell Technology comprises approximately 1.3% of Convergence Investment Partners LLC's investment portfolio, making the stock its 10th biggest position.

A number of other hedge funds have also added to or reduced their stakes in the business. ORG Partners LLC boosted its stake in shares of Marvell Technology by 175.3% during the 4th quarter. ORG Partners LLC now owns 234 shares of the semiconductor company's stock worth $26,000 after buying an additional 149 shares during the last quarter. Kieckhefer Group LLC bought a new stake in Marvell Technology during the fourth quarter worth about $33,000. Financial Life Planners acquired a new position in Marvell Technology during the fourth quarter valued at approximately $33,000. GHP Investment Advisors Inc. grew its stake in Marvell Technology by 48.3% in the fourth quarter. GHP Investment Advisors Inc. now owns 344 shares of the semiconductor company's stock valued at $38,000 after purchasing an additional 112 shares in the last quarter. Finally, True Wealth Design LLC increased its position in shares of Marvell Technology by 1,481.8% during the 3rd quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company's stock worth $25,000 after purchasing an additional 326 shares during the last quarter. Institutional investors own 83.51% of the company's stock.

Marvell Technology Price Performance

MRVL traded down $4.86 during trading on Friday, hitting $103.85. 11,006,714 shares of the stock traded hands, compared to its average volume of 12,895,910. The business has a 50 day moving average price of $113.93 and a 200 day moving average price of $91.69. 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, Inc. has a twelve month low of $53.19 and a twelve month high of $127.48. The company has a market cap of $89.86 billion, a price-to-earnings ratio of -61.09, a PEG ratio of 1.64 and a beta of 1.40.

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 30th. Shareholders of record on Friday, January 10th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.23%. The ex-dividend date of this dividend was Friday, January 10th. Marvell Technology's payout ratio is -14.12%.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. UBS Group increased their price objective on Marvell Technology from $110.00 to $115.00 and gave the company a "buy" rating in a report on Wednesday, December 4th. Morgan Stanley cut their price target on shares of Marvell Technology from $120.00 to $113.00 and set an "equal weight" rating for the company in a research note on Tuesday, January 28th. Citigroup boosted their price objective on shares of Marvell Technology from $91.00 to $112.00 and gave the stock a "buy" rating in a research note on Wednesday, December 4th. Loop Capital raised their target price on shares of Marvell Technology from $95.00 to $110.00 and gave the company a "hold" rating in a research note on Wednesday, December 4th. Finally, Susquehanna boosted their price target on Marvell Technology from $110.00 to $125.00 and gave the stock a "positive" rating in a research report on Wednesday, December 4th. 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 stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $127.60.

Insider Transactions at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the business's stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $118.33, for a total transaction of $177,495.00. Following the sale, the chief financial officer now owns 111,211 shares of the company's stock, valued at approximately $13,159,597.63. The trade was a 1.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of the stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $124.40, for a total value of $746,400.00. Following the completion of the transaction, the executive vice president now owns 93,931 shares of the company's stock, valued at $11,685,016.40. The trade was a 6.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 36,255 shares of company stock valued at $4,330,980. 0.33% of the stock is currently owned by 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.