Wayfinding Financial LLC Makes New Investment in Marvell Technology, Inc. (NASDAQ:MRVL)

Wayfinding Financial LLC acquired a new position in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 4,091 shares of the semiconductor company's stock, valued at approximately $451,000.

Other institutional investors have also recently made changes to their positions in the company. State Street Corp lifted its stake in shares of Marvell Technology by 0.3% in the 3rd 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. Geode Capital Management LLC boosted its stake in shares of Marvell Technology by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 11,388,139 shares of the semiconductor company's stock worth $818,916,000 after acquiring an additional 219,692 shares in the last quarter. Wellington Management Group LLP grew its position in shares of Marvell Technology by 4.3% during the 3rd quarter. Wellington Management Group LLP now owns 8,694,320 shares of the semiconductor company's stock valued at $627,034,000 after acquiring an additional 359,005 shares during the period. Nordea Investment Management AB increased its stake in shares of Marvell Technology by 14.0% in the 4th quarter. Nordea Investment Management AB now owns 4,652,983 shares of the semiconductor company's stock valued at $518,435,000 after purchasing an additional 571,005 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Marvell Technology by 5.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,427,745 shares of the semiconductor company's stock worth $378,594,000 after purchasing an additional 165,858 shares during the period. Hedge funds and other institutional investors own 83.51% of the company's stock.

Remove Ads

Insider Activity

In other news, Director Michael G. Strachan sold 5,000 shares of Marvell Technology 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 completion of the transaction, the director now owns 30,959 shares in the company, valued at approximately $3,797,121.35. This trade represents a 13.90 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Mark Casper sold 2,500 shares of the firm's stock in a transaction that occurred on 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 sale, the executive vice president now directly owns 24,706 shares in the company, valued at approximately $2,791,778. This trade represents a 9.19 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 37,685 shares of company stock valued at $4,026,768. 0.33% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. The Goldman Sachs Group raised their price objective on Marvell Technology from $115.00 to $131.00 and gave the company a "buy" rating in a report on Friday, January 10th. B. Riley lifted their price target on shares of Marvell Technology from $105.00 to $135.00 and gave the company a "buy" rating in a research note on Wednesday, December 4th. Loop Capital upgraded shares of Marvell Technology from a "hold" rating to a "buy" rating and set a $110.00 price objective for the company in a research report on Thursday, March 6th. Rosenblatt Securities reiterated a "buy" rating and issued a $140.00 target price on shares of Marvell Technology in a research report on Thursday, March 6th. Finally, UBS Group boosted their target price on shares of Marvell Technology from $110.00 to $115.00 and gave the stock a "buy" rating in a research note on Wednesday, December 4th. Three investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $120.44.

Marvell Technology Trading Up 3.4 %

MRVL traded up $2.37 during mid-day trading on Monday, hitting $72.76. 12,177,019 shares of the stock were exchanged, compared to its average volume of 12,604,505. The firm's fifty day moving average is $98.21 and its two-hundred day moving average is $93.87. Marvell Technology, Inc. has a 1-year low of $53.19 and a 1-year high of $127.48. The company has a market cap of $63.01 billion, a PE ratio of -42.80, a PEG ratio of 1.61 and a beta of 1.42. 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 Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Friday, April 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. Marvell Technology's dividend payout ratio is presently -23.53%.

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.