Virtus Wealth Solutions LLC Takes $3.03 Million Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Virtus Wealth Solutions LLC purchased a new position in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 27,419 shares of the semiconductor company's stock, valued at approximately $3,028,000. Marvell Technology accounts for 0.7% of Virtus Wealth Solutions LLC's investment portfolio, making the stock its 22nd largest holding.

A number of other institutional investors have also recently made changes to their positions in the stock. Norges Bank purchased a new position in Marvell Technology in the fourth quarter valued at approximately $1,138,354,000. GQG Partners LLC bought a new position in Marvell Technology in the 4th quarter valued at $802,410,000. Wellington Management Group LLP increased its stake in Marvell Technology by 43.1% in the 4th quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company's stock worth $1,374,252,000 after acquiring an additional 3,747,982 shares during the last quarter. Invesco Ltd. boosted its position in shares of Marvell Technology by 30.1% during the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company's stock valued at $1,784,649,000 after acquiring an additional 3,737,705 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of Marvell Technology during the fourth quarter worth about $366,896,000. Institutional investors own 83.51% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Craig Hallum increased their target price on Marvell Technology from $132.00 to $149.00 and gave the company a "buy" rating in a research note on Monday, January 6th. Stifel Nicolaus decreased their price objective on Marvell Technology from $130.00 to $115.00 and set a "buy" rating on the stock in a report on Thursday, March 6th. William Blair raised Marvell Technology to a "strong-buy" rating in a research note on Wednesday, February 5th. Melius Research raised shares of Marvell Technology to a "strong-buy" rating in a research note on Monday, January 27th. Finally, Loop Capital upgraded shares of Marvell Technology from a "hold" rating to a "buy" rating and set a $110.00 target price on the stock in a research report on Thursday, March 6th. Three analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $119.48.

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Marvell Technology Stock Down 2.1 %

MRVL stock traded down $1.13 during midday trading on Monday, reaching $52.26. 19,383,288 shares of the company were exchanged, compared to its average volume of 13,455,063. The company has a market cap of $45.26 billion, a price-to-earnings ratio of -30.74, a price-to-earnings-growth ratio of 1.61 and a beta of 1.78. 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, Inc. has a 1-year low of $47.09 and a 1-year high of $127.48. The stock's 50-day simple moving average is $78.58 and its 200 day simple moving average is $92.05.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Friday, April 11th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.46%. The ex-dividend date is Friday, April 11th. Marvell Technology's payout ratio is currently -23.53%.

Insider Transactions at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $118.33, for a total transaction of $177,495.00. Following the completion of the transaction, the chief financial officer now directly owns 111,211 shares of the company's stock, valued at $13,159,597.63. This represents a 1.33 % 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, CAO Panteha Dixon sold 1,430 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $68.75, for a total value of $98,312.50. Following the completion of the sale, the chief accounting officer now directly owns 31,100 shares of the company's stock, valued at $2,138,125. This represents a 4.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 30,185 shares of company stock worth $3,131,018. 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.