Empirical Asset Management LLC bought a new position in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 82,456 shares of the semiconductor company's stock, valued at approximately $9,107,000.
Other hedge funds have also modified their holdings of the company. Federated Hermes Inc. boosted its position in Marvell Technology by 21.3% in the 2nd quarter. Federated Hermes Inc. now owns 49,412 shares of the semiconductor company's stock valued at $3,454,000 after buying an additional 8,666 shares during the last quarter. Citizens Financial Group Inc. RI acquired a new position in shares of Marvell Technology during the second quarter valued at $540,000. E Fund Management Co. Ltd. boosted its holdings in Marvell Technology by 7.9% in the second quarter. E Fund Management Co. Ltd. now owns 7,803 shares of the semiconductor company's stock valued at $545,000 after acquiring an additional 572 shares during the last quarter. Argent Trust Co increased its position in Marvell Technology by 4.2% in the second quarter. Argent Trust Co now owns 6,753 shares of the semiconductor company's stock worth $472,000 after purchasing an additional 275 shares during the period. Finally, Mercer Global Advisors Inc. ADV raised its holdings in Marvell Technology by 21.6% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 33,540 shares of the semiconductor company's stock worth $2,344,000 after purchasing an additional 5,969 shares during the last quarter. 83.51% of the stock is owned by institutional investors.
Analysts Set New Price Targets
Several research analysts have recently issued reports on the stock. B. Riley lifted their price target on shares of Marvell Technology from $105.00 to $135.00 and gave the stock a "buy" rating in a research report on Wednesday, December 4th. Morgan Stanley raised their price objective on shares of Marvell Technology from $102.00 to $120.00 and gave the company an "equal weight" rating in a research note on Friday, December 20th. Rosenblatt Securities upped their target price 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. Craig Hallum raised their price target on Marvell Technology from $132.00 to $149.00 and gave the stock a "buy" rating in a research report on Monday, January 6th. Finally, Evercore ISI upped their price objective on Marvell Technology from $98.00 to $122.00 and gave the company an "outperform" rating in a report on Monday, December 2nd. Three equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. Based on data from MarketBeat.com, Marvell Technology presently has a consensus rating of "Moderate Buy" and an average price target of $123.08.
Read Our Latest Research Report on MRVL
Marvell Technology Stock Up 6.1 %
Shares of MRVL traded up $7.18 during midday trading on Friday, hitting $124.76. The stock had a trading volume of 14,849,059 shares, compared to its average volume of 10,915,694. The firm has a market cap of $107.95 billion, a price-to-earnings ratio of -73.39, a price-to-earnings-growth ratio of 3.76 and a beta of 1.41. The company has a 50 day simple moving average of $106.70 and a two-hundred day simple moving average of $84.46. Marvell Technology, Inc. has a twelve month low of $53.19 and a twelve month high of $126.15. 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 Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Friday, January 10th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.19%. The ex-dividend date is Friday, January 10th. Marvell Technology's payout ratio is -14.12%.
Insiders Place Their Bets
In other Marvell Technology news, EVP Mark Casper sold 7,755 shares of the business's stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $123.08, for a total transaction of $954,485.40. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of the firm's stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $80.77, for a total value of $484,620.00. Following the completion of the transaction, the executive vice president now owns 109,244 shares of the company's stock, valued at $8,823,637.88. The trade was a 5.21 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 37,755 shares of company stock valued at $4,099,650 in the last quarter. 0.33% of the stock is currently owned by insiders.
About Marvell Technology
(
Free Report)
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.
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