Artisan Partners Limited Partnership Acquires 2,034,353 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Artisan Partners Limited Partnership grew its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 98.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,100,825 shares of the semiconductor company’s stock after acquiring an additional 2,034,353 shares during the period. Artisan Partners Limited Partnership owned about 0.47% of Marvell Technology worth $452,936,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Great Valley Advisor Group Inc. increased its position in Marvell Technology by 2.5% in the third quarter. Great Valley Advisor Group Inc. now owns 6,480 shares of the semiconductor company’s stock worth $467,000 after buying an additional 156 shares in the last quarter. Cerity Partners LLC raised its stake in Marvell Technology by 84.3% during the 3rd quarter. Cerity Partners LLC now owns 61,016 shares of the semiconductor company’s stock worth $4,401,000 after acquiring an additional 27,902 shares during the period. Summit Trail Advisors LLC raised its stake in Marvell Technology by 6.4% during the 3rd quarter. Summit Trail Advisors LLC now owns 6,178 shares of the semiconductor company’s stock worth $446,000 after acquiring an additional 373 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in Marvell Technology during the third quarter valued at approximately $516,000. Finally, D.A. Davidson & CO. boosted its position in shares of Marvell Technology by 8.5% in the third quarter. D.A. Davidson & CO. now owns 60,056 shares of the semiconductor company’s stock worth $4,331,000 after purchasing an additional 4,718 shares during the period. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on MRVL. William Blair upgraded shares of Marvell Technology to a “strong-buy” rating in a research note on Wednesday, February 5th. Susquehanna boosted their price objective on Marvell Technology from $110.00 to $125.00 and gave the company a “positive” rating in a research report on Wednesday, December 4th. UBS Group increased their target price on Marvell Technology from $110.00 to $115.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. StockNews.com raised Marvell Technology from a “sell” rating to a “hold” rating in a research note on Thursday, January 9th. Finally, Loop Capital upgraded Marvell Technology from a “hold” rating to a “buy” rating and set a $110.00 price target for the company in a research note on Thursday, March 6th. Three analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $120.44.

Insider Activity at Marvell Technology

In other news, Director Brad W. Buss bought 3,000 shares of the firm’s stock in a transaction on Friday, March 7th. The stock was acquired at an average cost of $69.00 per share, with a total value of $207,000.00. Following the transaction, the director now directly owns 87,113 shares in the company, valued at approximately $6,010,797. This trade represents a 3.57 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $118.33, for a total value of $177,495.00. Following the transaction, the chief financial officer now directly owns 111,211 shares in the company, valued at $13,159,597.63. The trade was a 1.33 % 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 worth $4,026,768. Company insiders own 0.33% of the company’s stock.

Marvell Technology Trading Down 6.9 %

MRVL stock opened at $66.76 on Thursday. Marvell Technology, Inc. has a 12 month low of $53.19 and a 12 month high of $127.48. The firm’s 50-day moving average is $96.36 and its 200 day moving average is $93.72. The company has a market capitalization of $57.82 billion, a PE ratio of -39.27, a P/E/G ratio of 1.61 and a beta of 1.42. 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 declared a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Friday, April 11th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.36%. The ex-dividend date of this dividend is Friday, April 11th. 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.