Pinnbrook Capital Management LP Invests $1.49 Million in Marvell Technology, Inc. (NASDAQ:MRVL)

Pinnbrook Capital Management LP purchased 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 and Exchange Commission (SEC). The institutional investor purchased 13,514 shares of the semiconductor company's stock, valued at approximately $1,493,000.

Other hedge funds have also made changes to their positions in the company. Zweig DiMenna Associates LLC boosted its holdings in Marvell Technology by 6.3% in the fourth quarter. Zweig DiMenna Associates LLC now owns 213,521 shares of the semiconductor company's stock valued at $23,583,000 after purchasing an additional 12,700 shares during the period. Berbice Capital Management LLC acquired a new stake in Marvell Technology in the 4th quarter valued at about $637,000. RFG Advisory LLC boosted its stake in shares of Marvell Technology by 6.2% in the 4th quarter. RFG Advisory LLC now owns 42,621 shares of the semiconductor company's stock valued at $4,708,000 after buying an additional 2,507 shares during the period. Braun Stacey Associates Inc. acquired a new position in shares of Marvell Technology during the third quarter worth about $16,435,000. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Marvell Technology by 2.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,261,887 shares of the semiconductor company's stock worth $235,247,000 after buying an additional 66,654 shares during the period. Institutional investors and hedge funds own 83.51% of the company's stock.

Marvell Technology Stock Performance

Marvell Technology stock traded down $4.86 during mid-day trading on Friday, reaching $103.85. 11,006,714 shares of the company were exchanged, compared to its average volume of 12,895,910. The firm's 50-day simple moving average is $113.59 and its two-hundred day simple moving average is $92.01. Marvell Technology, Inc. has a twelve month low of $53.19 and a twelve month high of $127.48. The firm has a market cap of $89.86 billion, a PE ratio of -61.09, a price-to-earnings-growth ratio of 1.64 and a beta of 1.40. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 30th. Investors of record on Friday, January 10th were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.23%. The ex-dividend date was Friday, January 10th. Marvell Technology's dividend payout ratio is presently -14.12%.

Analyst Upgrades and Downgrades

MRVL has been the subject of a number of recent research reports. JPMorgan Chase & Co. lifted their price target on shares of Marvell Technology from $90.00 to $130.00 and gave the stock an "overweight" rating in a research note on Wednesday, December 4th. Barclays lifted their price objective on shares of Marvell Technology from $115.00 to $150.00 and gave the stock an "overweight" rating in a research report on Friday, January 17th. Oppenheimer increased their target price on Marvell Technology from $110.00 to $125.00 and gave the company an "outperform" rating in a report on Wednesday, December 4th. Craig Hallum lifted their price target on Marvell Technology from $132.00 to $149.00 and gave the stock a "buy" rating in a report on Monday, January 6th. Finally, Piper Sandler reiterated an "overweight" rating and issued a $120.00 price objective (up previously from $100.00) on shares of Marvell Technology in a report on Wednesday, December 4th. Three equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $127.60.

Insider Activity at Marvell Technology

In related news, EVP Mark Casper sold 2,500 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $113.00, for a total transaction of $282,500.00. Following the completion of the transaction, the executive vice president now directly owns 24,706 shares of the company's stock, valued at $2,791,778. This represents a 9.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $122.50, for a total value of $735,000.00. Following the completion of the sale, the executive vice president now directly owns 97,244 shares in the company, valued at $11,912,390. This represents a 5.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 36,255 shares of company stock worth $4,330,980 in the last three months. Insiders own 0.33% of the company's stock.

About Marvell Technology

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.