Northstar Advisory Group LLC Invests $2.42 Million in Marvell Technology, Inc. (NASDAQ:MRVL)

Northstar Advisory Group LLC acquired a new stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 21,904 shares of the semiconductor company’s stock, valued at approximately $2,419,000. Marvell Technology accounts for about 1.2% of Northstar Advisory Group LLC’s investment portfolio, making the stock its 28th biggest holding.

A number of other institutional investors also recently bought and sold shares of MRVL. Quest Partners LLC grew its stake in shares of Marvell Technology by 1,181.8% during the 2nd quarter. Quest Partners LLC now owns 1,128 shares of the semiconductor company’s stock valued at $79,000 after purchasing an additional 1,040 shares during the period. Ashton Thomas Private Wealth LLC bought a new stake in shares of Marvell Technology in the second quarter worth about $76,000. LPL Financial LLC increased its position in Marvell Technology by 21.2% in the second quarter. LPL Financial LLC now owns 493,524 shares of the semiconductor company’s stock worth $34,497,000 after purchasing an additional 86,419 shares during the last quarter. American Century Companies Inc. raised its position in Marvell Technology by 30.4% during the second quarter. American Century Companies Inc. now owns 1,015,436 shares of the semiconductor company’s stock valued at $70,979,000 after purchasing an additional 236,519 shares during the period. Finally, Johnson Investment Counsel Inc. boosted its stake in Marvell Technology by 5.6% during the second quarter. Johnson Investment Counsel Inc. now owns 3,396 shares of the semiconductor company’s stock worth $237,000 after buying an additional 181 shares during the period. 83.51% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MRVL. Bank of America boosted their target price on Marvell Technology from $108.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. The Goldman Sachs Group increased their target price on Marvell Technology from $115.00 to $131.00 and gave the stock a “buy” rating in a research note on Friday. JPMorgan Chase & Co. upped their price target on shares of Marvell Technology from $90.00 to $130.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Piper Sandler reissued an “overweight” rating and issued a $120.00 price objective (up from $100.00) on shares of Marvell Technology in a research report on Wednesday, December 4th. Finally, Evercore ISI lifted their price target on shares of Marvell Technology from $98.00 to $122.00 and gave the company an “outperform” rating in a research note on Monday, December 2nd. Three equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. According to MarketBeat.com, Marvell Technology has a consensus rating of “Moderate Buy” and an average price target of $121.68.

Insider Activity at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total value of $120,750.00. Following the sale, the chief financial officer now directly owns 110,253 shares in the company, valued at approximately $8,875,366.50. This trade represents a 1.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Muhammad Raghib Hussain sold 150,000 shares of the stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the completion of the sale, the insider now directly owns 694,487 shares in the company, valued at approximately $55,906,203.50. This trade represents a 17.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 180,000 shares of company stock valued at $15,163,420 over the last ninety days. Corporate insiders own 0.33% of the company’s stock.

Marvell Technology Trading Up 0.7 %

Shares of Marvell Technology stock traded up $0.83 during trading hours on Monday, reaching $115.15. The stock had a trading volume of 9,596,626 shares, compared to its average volume of 10,792,062. Marvell Technology, Inc. has a 1 year low of $53.19 and a 1 year high of $126.15. The firm has a 50 day simple moving average of $103.93 and a two-hundred day simple moving average of $82.98. 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 firm has a market capitalization of $99.64 billion, a price-to-earnings ratio of -67.73, a P/E/G ratio of 4.03 and a beta of 1.41.

Marvell Technology Dividend Announcement

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

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.