Zacks Investment Management Purchases Shares of 174,801 Marvell Technology, Inc. (NASDAQ:MRVL)

Zacks Investment Management purchased a new position in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 174,801 shares of the semiconductor company's stock, valued at approximately $19,307,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. NewEdge Advisors LLC boosted its stake in shares of Marvell Technology by 14.4% in the 4th quarter. NewEdge Advisors LLC now owns 147,195 shares of the semiconductor company's stock worth $16,258,000 after buying an additional 18,481 shares during the last quarter. United Capital Financial Advisors LLC lifted its holdings in Marvell Technology by 2.2% during the fourth quarter. United Capital Financial Advisors LLC now owns 9,862 shares of the semiconductor company's stock worth $1,089,000 after acquiring an additional 211 shares during the period. Gamco Investors INC. ET AL purchased a new position in Marvell Technology in the fourth quarter worth $287,000. Ontario Teachers Pension Plan Board bought a new position in Marvell Technology in the 4th quarter valued at $428,000. Finally, Canada Post Corp Registered Pension Plan purchased a new stake in shares of Marvell Technology during the 4th quarter valued at $14,621,000. 83.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MRVL has been the topic of a number of research analyst reports. Citigroup cut their price target on shares of Marvell Technology from $122.00 to $96.00 and set a "buy" rating on the stock in a report on Friday, April 11th. Raymond James set a $110.00 price objective on shares of Marvell Technology in a research report on Thursday, March 6th. Melius assumed coverage on shares of Marvell Technology in a research report on Monday, January 27th. They set a "buy" rating and a $188.00 target price for the company. KeyCorp lowered their price target on shares of Marvell Technology from $135.00 to $115.00 and set an "overweight" rating on the stock in a report on Thursday, March 6th. Finally, StockNews.com upgraded Marvell Technology from a "sell" rating to a "hold" rating in a research note on Thursday, January 9th. Three investment 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. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $116.41.

Marvell Technology Price Performance

NASDAQ MRVL traded down $3.03 during trading on Monday, reaching $48.67. The company's stock had a trading volume of 3,909,961 shares, compared to its average volume of 17,289,637. The firm has a fifty day moving average of $73.72 and a 200 day moving average of $91.50. Marvell Technology, Inc. has a one year low of $47.08 and a one year high of $127.48. The stock has a market capitalization of $42.15 billion, a PE ratio of -28.63, a P/E/G ratio of 1.61 and a beta of 1.78. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Friday, April 11th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date is Friday, April 11th. Marvell Technology's dividend payout ratio is currently -23.53%.

Insider Buying and Selling at Marvell Technology

In other news, Director Brad W. Buss acquired 3,000 shares of the business's stock in a transaction dated Friday, March 7th. The stock was purchased at an average cost of $69.00 per share, for a total transaction of $207,000.00. Following the acquisition, the director now owns 87,113 shares of the company's stock, valued at $6,010,797. This trade represents a 3.57 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Chris Koopmans sold 6,000 shares of the firm's stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $124.40, for a total value of $746,400.00. Following the transaction, the executive vice president now directly owns 93,931 shares in the company, valued at approximately $11,685,016.40. This represents a 6.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,930 shares of company stock worth $1,999,038 over the last three months. 0.33% of the stock is owned by insiders.

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.