FineMark National Bank & Trust Invests $11.83 Million in Marvell Technology, Inc. (NASDAQ:MRVL)

FineMark National Bank & Trust acquired a new stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 107,096 shares of the semiconductor company's stock, valued at approximately $11,829,000.

Several other hedge funds also recently made changes to their positions in MRVL. GQG Partners LLC acquired a new position in Marvell Technology during the fourth quarter worth approximately $802,410,000. Raymond James Financial Inc. purchased a new position in shares of Marvell Technology during the fourth quarter worth approximately $366,896,000. Temasek Holdings Private Ltd increased its holdings in shares of Marvell Technology by 581.8% in the 3rd quarter. Temasek Holdings Private Ltd now owns 2,240,085 shares of the semiconductor company's stock valued at $161,555,000 after acquiring an additional 1,911,532 shares during the period. Holocene Advisors LP purchased a new stake in Marvell Technology in the 3rd quarter valued at $120,116,000. Finally, Prudential Financial Inc. boosted its stake in Marvell Technology by 1,006.0% during the 4th quarter. Prudential Financial Inc. now owns 806,027 shares of the semiconductor company's stock worth $89,026,000 after purchasing an additional 733,147 shares during the period. Hedge funds and other institutional investors own 83.51% of the company's stock.

Marvell Technology Trading Down 4.3 %

Shares of Marvell Technology stock traded down $2.82 during trading hours on Friday, reaching $62.04. 18,769,219 shares of the company's stock were exchanged, compared to its average volume of 12,913,647. The firm has a market capitalization of $53.73 billion, a price-to-earnings ratio of -36.49, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. Marvell Technology, Inc. has a 52-week low of $53.19 and a 52-week high of $127.48. The company has a fifty day moving average of $94.05 and a 200-day moving average of $93.47.

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Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.39%. The ex-dividend date of this dividend is Friday, April 11th. Marvell Technology's payout ratio is -23.53%.

Insider Buying and Selling at Marvell Technology

In related news, CAO Panteha Dixon sold 1,430 shares of Marvell Technology stock in a transaction on Monday, March 17th. The stock was sold at an average price of $68.75, for a total value of $98,312.50. Following the transaction, the chief accounting officer now owns 31,100 shares in the company, valued at approximately $2,138,125. This trade represents a 4.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the company's stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $118.33, for a total value of $177,495.00. Following the sale, the chief financial officer now owns 111,211 shares of the company's stock, valued at $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 sold 37,685 shares of company stock worth $4,026,768 in the last 90 days. 0.33% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research firms have commented on MRVL. Stifel Nicolaus dropped their price objective on shares of Marvell Technology from $130.00 to $115.00 and set a "buy" rating on the stock in a research note on Thursday, March 6th. Susquehanna lifted their target price on shares of Marvell Technology from $110.00 to $125.00 and gave the company a "positive" rating in a report on Wednesday, December 4th. Loop Capital raised shares of Marvell Technology from a "hold" rating to a "buy" rating and set a $110.00 price target for the company in a report on Thursday, March 6th. TD Cowen lowered their price objective on Marvell Technology from $125.00 to $95.00 and set a "buy" rating on the stock in a report on Thursday, March 6th. Finally, Cantor Fitzgerald raised their price target on Marvell Technology from $120.00 to $135.00 and gave the company an "overweight" rating in a report on Wednesday, December 4th. Three analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Marvell Technology presently has a consensus rating of "Moderate Buy" and an average price target of $120.44.

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.