Pines Wealth Management LLC Invests $325,000 in Marvell Technology, Inc. (NASDAQ:MRVL)

Pines Wealth Management LLC bought a new position in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 2,847 shares of the semiconductor company's stock, valued at approximately $325,000.

Other institutional investors have also modified their holdings of the company. State Street Corp raised its position in Marvell Technology by 0.3% in the third quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company's stock valued at $1,438,336,000 after purchasing an additional 68,893 shares during the period. Ameriprise Financial Inc. increased its position in shares of Marvell Technology by 24.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company's stock worth $812,509,000 after purchasing an additional 2,254,610 shares during the last quarter. Geode Capital Management LLC raised its holdings in Marvell Technology by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 11,388,139 shares of the semiconductor company's stock valued at $818,916,000 after buying an additional 219,692 shares during the period. Wellington Management Group LLP lifted its position in Marvell Technology by 4.3% in the third quarter. Wellington Management Group LLP now owns 8,694,320 shares of the semiconductor company's stock valued at $627,034,000 after buying an additional 359,005 shares during the last quarter. Finally, Van ECK Associates Corp boosted its stake in Marvell Technology by 26.6% during the third quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company's stock worth $538,868,000 after buying an additional 1,570,050 shares during the period. Hedge funds and other institutional investors own 83.51% of the company's stock.

Insider Transactions at Marvell Technology

In other news, EVP Mark Casper sold 2,500 shares of the company's stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $113.00, for a total value of $282,500.00. Following the completion of the sale, the executive vice president now directly owns 24,706 shares of the company's stock, valued at approximately $2,791,778. This represents a 9.19 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael G. Strachan sold 5,000 shares of the firm's stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $122.65, for a total value of $613,250.00. Following the transaction, the director now directly owns 30,959 shares in the company, valued at approximately $3,797,121.35. This represents a 13.90 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 28,500 shares of company stock worth $2,967,670. Corporate insiders own 0.33% of the company's stock.

Analyst Upgrades and Downgrades

MRVL has been the topic of several recent analyst reports. KeyCorp upped their price objective on shares of Marvell Technology from $95.00 to $125.00 and gave the stock an "overweight" rating in a report on Wednesday, December 4th. Benchmark restated a "buy" rating and set a $135.00 price target (up from $115.00) on shares of Marvell Technology in a research note on Wednesday, December 4th. Barclays lifted their price objective on Marvell Technology from $85.00 to $115.00 and gave the company an "overweight" rating in a research note on Wednesday, December 4th. Bank of America increased their target price on Marvell Technology from $108.00 to $125.00 and gave the stock a "buy" rating in a research note on Wednesday, December 4th. Finally, Evercore ISI lifted their target price on Marvell Technology from $98.00 to $122.00 and gave the company an "outperform" rating in a research report on Monday, December 2nd. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat, Marvell Technology has an average rating of "Moderate Buy" and a consensus price target of $121.68.

Marvell Technology Stock Up 1.5 %

Shares of Marvell Technology stock traded up $1.71 during trading hours on Thursday, hitting $117.71. The company had a trading volume of 9,688,440 shares, compared to its average volume of 10,218,896. 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 company's 50-day moving average is $105.61 and its two-hundred day moving average is $83.85. The company has a market cap of $101.85 billion, a P/E ratio of -69.24, a price-to-earnings-growth ratio of 3.76 and a beta of 1.41. Marvell Technology, Inc. has a twelve month low of $53.19 and a twelve month high of $126.15.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Friday, January 10th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.20%. The ex-dividend date is Friday, January 10th. Marvell Technology's payout ratio is -14.12%.

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.