Cove Private Wealth LLC Takes Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Cove Private Wealth LLC bought a new stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 2,200 shares of the semiconductor company's stock, valued at approximately $243,000.

Other large investors also recently added to or reduced their stakes in the company. State Street Corp grew its holdings in shares of Marvell Technology by 0.3% in the third quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company's stock valued at $1,438,336,000 after purchasing an additional 68,893 shares in the last quarter. Ameriprise Financial Inc. grew its stake in shares of Marvell Technology by 24.1% in the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company's stock worth $812,509,000 after acquiring an additional 2,254,610 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Marvell Technology by 2.0% during the third quarter. Geode Capital Management LLC now owns 11,388,139 shares of the semiconductor company's stock worth $818,916,000 after acquiring an additional 219,692 shares during the period. Wellington Management Group LLP raised its stake in shares of Marvell Technology by 4.3% in the third quarter. Wellington Management Group LLP now owns 8,694,320 shares of the semiconductor company's stock valued at $627,034,000 after acquiring an additional 359,005 shares in the last quarter. Finally, Van ECK Associates Corp boosted its holdings in 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 period. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the business's stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $122.50, for a total value of $183,750.00. Following the completion of the transaction, the chief financial officer now owns 112,711 shares of the company's stock, valued at approximately $13,807,097.50. The trade was a 1.31 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Chris Koopmans sold 6,000 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 $534,840.00. Following the sale, the executive vice president now owns 103,244 shares of the company's stock, valued at approximately $9,203,170.16. This trade represents a 5.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 31,755 shares of company stock valued at $3,615,030 in the last ninety days. Corporate insiders own 0.33% of the company's stock.

Analysts Set New Price Targets

Several brokerages have weighed in on MRVL. Susquehanna upped their price target on Marvell Technology from $110.00 to $125.00 and gave the stock a "positive" rating in a report on Wednesday, December 4th. TD Cowen upped their target price on shares of Marvell Technology from $90.00 to $125.00 and gave the stock a "buy" rating in a research note on Wednesday, December 4th. Citigroup lifted their price target 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. Rosenblatt Securities increased their price objective on shares of Marvell Technology from $120.00 to $140.00 and gave the company a "buy" rating in a research report on Wednesday, December 4th. Finally, Stifel Nicolaus raised their price objective on shares of Marvell Technology from $125.00 to $130.00 and gave the company a "buy" rating in a report on Monday, January 6th. Three research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. According to MarketBeat.com, Marvell Technology has an average rating of "Moderate Buy" and an average target price of $124.96.

Marvell Technology Price Performance

Shares of NASDAQ MRVL traded up $7.18 during trading on Monday, hitting $124.76. 14,849,059 shares of the company were exchanged, compared to its average volume of 13,008,617. 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 1 year low of $53.19 and a 1 year high of $126.15. The company has a market cap of $107.95 billion, a price-to-earnings ratio of -73.39, a PEG ratio of 3.76 and a beta of 1.41. The firm's fifty day moving average price is $106.70 and its 200 day moving average price is $84.64.

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Friday, January 10th will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.19%. The ex-dividend date of this dividend is Friday, January 10th. Marvell Technology's dividend payout ratio is currently -14.12%.

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.