Tree Line Advisors Hong Kong Ltd. Purchases Shares of 420,000 Marvell Technology, Inc. (NASDAQ:MRVL)

Tree Line Advisors Hong Kong Ltd. bought a new position in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 420,000 shares of the semiconductor company's stock, valued at approximately $46,389,000. Marvell Technology accounts for about 8.9% of Tree Line Advisors Hong Kong Ltd.'s investment portfolio, making the stock its 7th largest holding.

Several other hedge funds also recently modified their holdings of MRVL. Norges Bank bought a new position in Marvell Technology during the fourth quarter valued at about $1,138,354,000. Howe & Rusling Inc. boosted its position in shares of Marvell Technology by 14.5% during the 4th quarter. Howe & Rusling Inc. now owns 3,362 shares of the semiconductor company's stock valued at $371,000 after purchasing an additional 427 shares in the last quarter. NEOS Investment Management LLC grew its stake in shares of Marvell Technology by 20.8% in the 4th quarter. NEOS Investment Management LLC now owns 61,612 shares of the semiconductor company's stock worth $6,805,000 after purchasing an additional 10,600 shares during the last quarter. Sava Infond d.o.o. acquired a new stake in Marvell Technology during the fourth quarter valued at approximately $6,737,000. Finally, Artisan Partners Limited Partnership increased its holdings in shares of Marvell Technology by 98.4% in the fourth quarter. Artisan Partners Limited Partnership now owns 4,100,825 shares of the semiconductor company's stock valued at $452,936,000 after buying an additional 2,034,353 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Remove Ads

Insider Activity at Marvell Technology

In other Marvell Technology news, EVP Mark Casper sold 2,500 shares of the business's stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $113.00, for a total value of $282,500.00. Following the sale, the executive vice president now owns 24,706 shares of the company's stock, valued at $2,791,778. The trade was a 9.19 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 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 transaction of $613,250.00. Following the transaction, the director now directly owns 30,959 shares of the company's stock, valued at $3,797,121.35. The trade was a 13.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 37,685 shares of company stock worth $4,026,768 over the last three months. Company insiders own 0.33% of the company's stock.

Marvell Technology Stock Performance

NASDAQ:MRVL traded down $2.82 during trading hours on Friday, hitting $62.04. 18,769,219 shares of the company traded hands, compared to its average volume of 12,913,647. 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 twelve month low of $53.19 and a twelve month high of $127.48. The firm has a 50-day moving average of $94.05 and a 200 day moving average of $93.62. The stock has a market capitalization of $53.73 billion, a price-to-earnings ratio of -36.49, a P/E/G ratio of 1.61 and a beta of 1.42.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Friday, April 11th will be given a dividend of $0.06 per share. 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 dividend payout ratio (DPR) is presently -23.53%.

Analysts Set New Price Targets

A number of research firms recently weighed in on MRVL. StockNews.com upgraded Marvell Technology from a "sell" rating to a "hold" rating in a research report on Thursday, January 9th. Citigroup reduced their price target on shares of Marvell Technology from $136.00 to $122.00 and set a "buy" rating for the company in a research report on Thursday, March 6th. The Goldman Sachs Group boosted their target price on shares of Marvell Technology from $115.00 to $131.00 and gave the company a "buy" rating in a research note on Friday, January 10th. Needham & Company LLC decreased their target price on Marvell Technology from $120.00 to $100.00 and set a "buy" rating for the company in a research report on Thursday, March 6th. Finally, KeyCorp dropped their price target on Marvell Technology from $135.00 to $115.00 and set an "overweight" rating on the stock in a research report on Thursday, March 6th. Three equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Marvell Technology currently has a consensus 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.