Investment Management Corp of Ontario Acquires 9,400 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Investment Management Corp of Ontario boosted its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 48.7% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 28,718 shares of the semiconductor company's stock after buying an additional 9,400 shares during the period. Investment Management Corp of Ontario's holdings in Marvell Technology were worth $2,071,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Mather Group LLC. boosted its holdings in Marvell Technology by 18.8% during the second quarter. Mather Group LLC. now owns 5,270 shares of the semiconductor company's stock worth $374,000 after purchasing an additional 834 shares during the last quarter. CWM LLC grew its stake in shares of Marvell Technology by 35.5% in the second quarter. CWM LLC now owns 21,362 shares of the semiconductor company's stock valued at $1,493,000 after buying an additional 5,601 shares in the last quarter. Valeo Financial Advisors LLC increased its holdings in Marvell Technology by 12.7% during the second quarter. Valeo Financial Advisors LLC now owns 9,840 shares of the semiconductor company's stock worth $688,000 after buying an additional 1,105 shares during the last quarter. Csenge Advisory Group lifted its stake in Marvell Technology by 30.6% in the second quarter. Csenge Advisory Group now owns 4,131 shares of the semiconductor company's stock valued at $289,000 after acquiring an additional 967 shares during the last quarter. Finally, Register Financial Advisors LLC grew its position in shares of Marvell Technology by 5.1% in the 2nd quarter. Register Financial Advisors LLC now owns 8,205 shares of the semiconductor company's stock valued at $574,000 after acquiring an additional 401 shares during the period. 83.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on MRVL shares. Morgan Stanley increased their price target on shares of Marvell Technology from $82.00 to $102.00 and gave the company an "equal weight" rating in a report on Wednesday. Benchmark reissued a "buy" rating and set a $135.00 price target (up from $115.00) on shares of Marvell Technology in a report on Wednesday. Piper Sandler reaffirmed an "overweight" rating and issued a $120.00 price objective (up from $100.00) on shares of Marvell Technology in a report on Wednesday. Loop Capital lifted their target price on Marvell Technology from $95.00 to $110.00 and gave the stock a "hold" rating in a report on Wednesday. Finally, Stifel Nicolaus reissued a "buy" rating and issued a $125.00 target price (up previously from $114.00) on shares of Marvell Technology in a research report on Wednesday. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat.com, Marvell Technology presently has a consensus rating of "Moderate Buy" and a consensus target price of $119.04.

Marvell Technology Trading Down 4.0 %

Shares of MRVL stock traded down $4.78 during trading hours on Thursday, hitting $113.37. 23,923,297 shares of the company's stock traded hands, compared to its average volume of 12,313,599. The stock has a market cap of $100.47 billion, a PE ratio of -67.63, a price-to-earnings-growth ratio of 4.15 and a beta of 1.46. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. Marvell Technology, Inc. has a 12 month low of $50.35 and a 12 month high of $119.88. The stock's 50 day simple moving average is $84.44 and its 200 day simple moving average is $75.04.

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were given a $0.06 dividend. The ex-dividend date was Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.21%. Marvell Technology's dividend payout ratio (DPR) is currently -14.12%.

Insiders Place Their Bets

In other news, insider Muhammad Raghib Hussain sold 150,000 shares of the company's stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the transaction, the insider now directly owns 694,487 shares of the company's stock, valued at $55,906,203.50. This represents a 17.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction on Monday, October 21st. The shares were sold at an average price of $80.77, for a total transaction of $484,620.00. Following the completion of the sale, the executive vice president now directly owns 109,244 shares of the company's stock, valued at approximately $8,823,637.88. The trade was a 5.21 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 267,000 shares of company stock worth $20,899,260. Company insiders own 0.33% of the company's stock.

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.