Discovery Capital Management LLC CT Makes New Investment in Marvell Technology, Inc. (NASDAQ:MRVL)

Discovery Capital Management LLC CT bought a new stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 148,500 shares of the semiconductor company's stock, valued at approximately $16,402,000. Marvell Technology accounts for approximately 1.1% of Discovery Capital Management LLC CT's holdings, making the stock its 27th biggest position.

Several other hedge funds have also recently made changes to their positions in MRVL. Headlands Technologies LLC bought a new stake in Marvell Technology during the 4th quarter valued at $1,885,000. Elwood Capital Partners LP purchased a new position in shares of Marvell Technology in the fourth quarter valued at $1,381,000. Geode Capital Management LLC raised its stake in shares of 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 valued at $1,263,755,000 after purchasing an additional 80,005 shares during the period. National Wealth Management Group LLC purchased a new stake in Marvell Technology during the 4th quarter worth about $1,035,000. Finally, Tradewinds LLC. boosted its stake in Marvell Technology by 0.7% in the 4th quarter. Tradewinds LLC. now owns 14,050 shares of the semiconductor company's stock worth $1,552,000 after purchasing an additional 101 shares during the period. 83.51% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. The Goldman Sachs Group raised their price objective on shares of Marvell Technology from $115.00 to $131.00 and gave the company a "buy" rating in a research report on Friday, January 10th. Summit Insights cut shares of Marvell Technology from a "buy" rating to a "hold" rating in a report on Thursday, March 6th. JPMorgan Chase & Co. upped their target price on Marvell Technology from $90.00 to $130.00 and gave the stock an "overweight" rating in a research note on Wednesday, December 4th. William Blair upgraded Marvell Technology to a "strong-buy" rating in a research report on Wednesday, February 5th. Finally, Bank of America decreased their price objective on shares of Marvell Technology from $150.00 to $120.00 and set a "buy" rating on the stock in a research report on Thursday, March 6th. Three equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $120.44.

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Insider Activity

In other news, CAO Panteha Dixon sold 1,430 shares of Marvell Technology stock in a transaction on Monday, March 17th. The shares were sold at an average price of $68.75, for a total transaction of $98,312.50. Following the transaction, the chief accounting officer now owns 31,100 shares in the company, valued at $2,138,125. This trade represents a 4.40 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm's stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $118.33, for a total value of $177,495.00. Following the completion of the transaction, the chief financial officer now directly owns 111,211 shares in the company, valued at approximately $13,159,597.63. This represents a 1.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 37,685 shares of company stock valued at $4,026,768 in the last ninety days. 0.33% of the stock is currently owned by company insiders.

Marvell Technology Stock Up 0.9 %

Shares of MRVL traded up $0.56 on Wednesday, hitting $63.23. 13,036,853 shares of the stock traded hands, compared to its average volume of 12,939,000. The company has a market capitalization of $54.76 billion, a PE ratio of -37.19, a P/E/G ratio of 1.61 and a beta of 1.42. Marvell Technology, Inc. has a one year low of $53.19 and a one year high of $127.48. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. The business has a 50 day simple moving average of $90.32 and a 200 day simple moving average of $93.37.

Marvell Technology Dividend Announcement

The business 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 dividend of $0.06 per share. The ex-dividend date is Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.38%. Marvell Technology's dividend payout ratio is presently -23.53%.

About Marvell Technology

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.