KLP Kapitalforvaltning AS Purchases Shares of 409,339 Marvell Technology, Inc. (NASDAQ:MRVL)

KLP Kapitalforvaltning AS bought a new stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 409,339 shares of the semiconductor company's stock, valued at approximately $45,211,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. True Wealth Design LLC lifted its stake in Marvell Technology by 1,481.8% during the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company's stock worth $25,000 after purchasing an additional 326 shares during the period. ORG Partners LLC grew its holdings in shares of Marvell Technology by 175.3% in the 4th quarter. ORG Partners LLC now owns 234 shares of the semiconductor company's stock worth $26,000 after purchasing an additional 149 shares during the last quarter. Centricity Wealth Management LLC acquired a new stake in shares of Marvell Technology during the 4th quarter worth about $26,000. Rialto Wealth Management LLC bought a new position in Marvell Technology during the 4th quarter valued at about $27,000. Finally, Kieckhefer Group LLC bought a new position in Marvell Technology during the 4th quarter valued at about $33,000. 83.51% of the stock is owned by institutional investors.

Marvell Technology Trading Down 1.5 %

Shares of Marvell Technology stock traded down $1.09 during trading hours on Tuesday, hitting $71.67. The company's stock had a trading volume of 9,431,825 shares, compared to its average volume of 12,610,892. The company has a market capitalization of $62.07 billion, a PE ratio of -42.16, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. The stock has a 50 day moving average of $97.34 and a 200 day moving average of $93.91. Marvell Technology, Inc. has a 12 month low of $53.19 and a 12 month high of $127.48.

Remove Ads

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Friday, April 11th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. The ex-dividend date is Friday, April 11th. Marvell Technology's dividend payout ratio is -23.53%.

Insider Buying and Selling

In other Marvell Technology news, CAO Panteha Dixon sold 1,430 shares of Marvell Technology stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $68.75, for a total value of $98,312.50. Following the sale, the chief accounting officer now owns 31,100 shares of the company's stock, valued at $2,138,125. This trade represents a 4.40 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the business's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $68.83, for a total value of $103,245.00. Following the completion of the sale, the chief financial officer now owns 113,592 shares in the company, valued at approximately $7,818,537.36. This trade represents a 1.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 37,685 shares of company stock worth $4,026,768 over the last ninety days. Company insiders own 0.33% of the company's stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. B. Riley lifted their price objective on Marvell Technology from $105.00 to $135.00 and gave the company a "buy" rating in a research report on Wednesday, December 4th. Craig Hallum upped their price target on shares of Marvell Technology from $132.00 to $149.00 and gave the stock a "buy" rating in a research report on Monday, January 6th. Wells Fargo & Company reissued an "overweight" rating on shares of Marvell Technology in a report on Thursday, March 6th. Susquehanna upped their target price on shares of Marvell Technology from $110.00 to $125.00 and gave the stock a "positive" rating in a research report on Wednesday, December 4th. Finally, Benchmark reissued a "buy" rating and issued a $135.00 price target on shares of Marvell Technology in a report on Thursday, March 6th. Three investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price 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.