Westend Capital Management LLC Takes $14.52 Million Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Westend Capital Management LLC purchased a new position in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 131,424 shares of the semiconductor company's stock, valued at approximately $14,516,000. Marvell Technology accounts for approximately 4.3% of Westend Capital Management LLC's investment portfolio, making the stock its 7th largest position.

A number of other institutional investors also recently modified their holdings of the company. True Wealth Design LLC grew its stake in Marvell Technology by 1,481.8% during the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company's stock worth $25,000 after purchasing an additional 326 shares during the period. ORG Partners LLC grew its position in shares of Marvell Technology by 175.3% during the 4th quarter. ORG Partners LLC now owns 234 shares of the semiconductor company's stock worth $26,000 after buying an additional 149 shares during the period. Strategic Investment Solutions Inc. IL bought a new stake in shares of Marvell Technology in the 2nd quarter valued at $32,000. Quarry LP acquired a new position in shares of Marvell Technology during the 2nd quarter valued at $32,000. Finally, Kieckhefer Group LLC acquired a new stake in Marvell Technology in the fourth quarter worth $33,000. 83.51% of the stock is owned by institutional investors.

Insider Transactions at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Friday, November 15th. The stock was sold at an average price of $89.14, for a total value of $133,710.00. Following the completion of the transaction, the chief financial officer now directly owns 114,211 shares in the company, valued at approximately $10,180,768.54. The trade was a 1.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mark Casper sold 7,755 shares of the stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $123.08, for a total value of $954,485.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 37,755 shares of company stock worth $4,099,650. 0.33% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on MRVL. UBS Group upped their price objective on shares of Marvell Technology from $110.00 to $115.00 and gave the company a "buy" rating in a report on Wednesday, December 4th. KeyCorp raised their price objective on Marvell Technology from $95.00 to $125.00 and gave the company an "overweight" rating in a research note on Wednesday, December 4th. JPMorgan Chase & Co. upped their target price on Marvell Technology from $90.00 to $130.00 and gave the stock an "overweight" rating in a research report on Wednesday, December 4th. Barclays lifted their price target on shares of Marvell Technology from $115.00 to $150.00 and gave the company an "overweight" rating in a research report on Friday. Finally, Piper Sandler restated an "overweight" rating and set a $120.00 price objective (up previously from $100.00) on shares of Marvell Technology in a report on Wednesday, December 4th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $123.08.

Marvell Technology Stock Performance

Shares of NASDAQ:MRVL traded up $7.18 during mid-day trading on Friday, reaching $124.76. The company had a trading volume of 14,849,059 shares, compared to its average volume of 13,008,617. Marvell Technology, Inc. has a one year low of $53.19 and a one year high of $126.15. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. The company's 50-day moving average price is $106.70 and its 200-day moving average price is $84.46. The firm has a market cap of $107.95 billion, a price-to-earnings ratio of -73.39, a PEG ratio of 3.76 and a beta of 1.41.

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Friday, January 10th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.19%. Marvell Technology's dividend payout ratio is presently -14.12%.

Marvell Technology Company 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.