Graypoint LLC Boosts Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Graypoint LLC grew its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 28.6% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 4,018 shares of the semiconductor company’s stock after acquiring an additional 894 shares during the quarter. Graypoint LLC’s holdings in Marvell Technology were worth $444,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. State Street Corp raised its stake in 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 last quarter. Ameriprise Financial Inc. grew its holdings in shares of Marvell Technology by 24.1% during the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock worth $812,509,000 after buying an additional 2,254,610 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Marvell Technology by 2.0% in the third quarter. Geode Capital Management LLC now owns 11,388,139 shares of the semiconductor company’s stock valued at $818,916,000 after buying an additional 219,692 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Marvell Technology by 4.3% during the third quarter. Wellington Management Group LLP now owns 8,694,320 shares of the semiconductor company’s stock valued at $627,034,000 after buying an additional 359,005 shares during the period. Finally, Van ECK Associates Corp boosted its position in Marvell Technology by 26.6% during the third quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock worth $538,868,000 after acquiring an additional 1,570,050 shares during the last quarter. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Marvell Technology Stock Performance

Marvell Technology stock opened at $114.32 on Friday. Marvell Technology, Inc. has a 52 week low of $53.19 and a 52 week 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 stock has a market cap of $98.92 billion, a P/E ratio of -67.25, a price-to-earnings-growth ratio of 4.03 and a beta of 1.41. The stock has a 50 day moving average of $103.93 and a 200-day moving average of $82.88.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Friday, January 10th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.21%. The ex-dividend date is Friday, January 10th. Marvell Technology’s dividend payout ratio is currently -14.12%.

Insider Transactions at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total transaction of $120,750.00. Following the sale, the chief financial officer now directly owns 110,253 shares of the company’s stock, valued at approximately $8,875,366.50. This represents a 1.34 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Michael G. Strachan sold 5,000 shares of Marvell Technology stock in a transaction on Monday, January 6th. The stock was sold at an average price of $122.65, for a total transaction of $613,250.00. Following the completion of the transaction, the director now directly owns 30,959 shares of the company’s stock, valued at approximately $3,797,121.35. This represents a 13.90 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 180,000 shares of company stock valued at $15,163,420. Insiders own 0.33% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Cantor Fitzgerald increased their price target on Marvell Technology from $120.00 to $135.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Rosenblatt Securities raised their price target on Marvell Technology from $120.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Susquehanna upped their price objective on shares of Marvell Technology from $110.00 to $125.00 and gave the company a “positive” rating in a research note on Wednesday, December 4th. KeyCorp raised their target price on shares of Marvell Technology from $95.00 to $125.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Finally, Citigroup increased their price target on shares of Marvell Technology from $91.00 to $112.00 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 and twenty-four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $121.28.

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.