DnB Asset Management AS Acquires 7,770 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

DnB Asset Management AS boosted its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 5.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 159,027 shares of the semiconductor company’s stock after acquiring an additional 7,770 shares during the quarter. DnB Asset Management AS’s holdings in Marvell Technology were worth $17,565,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of MRVL. Cerity Partners LLC lifted its holdings in Marvell Technology by 84.3% during the 3rd quarter. Cerity Partners LLC now owns 61,016 shares of the semiconductor company’s stock valued at $4,401,000 after buying an additional 27,902 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of Marvell Technology during the third quarter valued at approximately $516,000. D.A. Davidson & CO. boosted its holdings 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 valued at $4,331,000 after purchasing an additional 4,718 shares during the period. Townsquare Capital LLC grew its stake in Marvell Technology by 54.9% in the third quarter. Townsquare Capital LLC now owns 11,669 shares of the semiconductor company’s stock worth $842,000 after purchasing an additional 4,136 shares in the last quarter. Finally, Blueshift Asset Management LLC purchased a new position in Marvell Technology during the 3rd quarter worth $215,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Marvell Technology Stock Down 4.3 %

Marvell Technology stock opened at $62.04 on Friday. The business’s 50-day moving average price is $94.05 and its 200 day moving average price is $93.47. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. The firm has a market cap of $53.73 billion, a price-to-earnings ratio of -36.49, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42. Marvell Technology, Inc. has a 52 week low of $53.19 and a 52 week high of $127.48.

Marvell Technology Announces Dividend

The company 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 annualized dividend and a dividend yield of 0.39%. The ex-dividend date of this dividend is Friday, April 11th. Marvell Technology’s dividend payout ratio is currently -23.53%.

Analysts Set New Price Targets

MRVL has been the topic of a number of recent research reports. Evercore ISI increased their price target on Marvell Technology from $98.00 to $122.00 and gave the stock an “outperform” rating in a research report on Monday, December 2nd. Stifel Nicolaus reduced their price target on shares of Marvell Technology from $130.00 to $115.00 and set a “buy” rating for the company in a report on Thursday, March 6th. KeyCorp dropped their price objective on shares of Marvell Technology from $135.00 to $115.00 and set an “overweight” rating on the stock in a research note on Thursday, March 6th. Raymond James set a $110.00 target price on Marvell Technology in a report on Thursday, March 6th. Finally, TD Cowen cut their price target on Marvell Technology from $125.00 to $95.00 and set a “buy” rating on the stock in a report on Thursday, March 6th. Three equities research 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’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $120.44.

Insider Buying and Selling

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $68.83, for a total value of $103,245.00. Following the sale, the chief financial officer now directly owns 113,592 shares of the company’s stock, valued at approximately $7,818,537.36. This trade represents a 1.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Brad W. Buss bought 3,000 shares of Marvell Technology stock in a transaction dated Friday, March 7th. The shares were acquired at an average cost of $69.00 per share, with a total value of $207,000.00. Following the completion of the purchase, the director now owns 87,113 shares in the company, valued at approximately $6,010,797. This trade represents a 3.57 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 37,685 shares of company stock valued at $4,026,768. Corporate insiders own 0.33% of the company’s stock.

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.