Peapack Gladstone Financial Corp Has $1.68 Million Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Peapack Gladstone Financial Corp increased its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 27.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 23,312 shares of the semiconductor company’s stock after purchasing an additional 5,005 shares during the period. Peapack Gladstone Financial Corp’s holdings in Marvell Technology were worth $1,681,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. True Wealth Design LLC grew its holdings in shares of Marvell Technology by 1,481.8% in the 3rd quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 326 shares during the last quarter. Strategic Investment Solutions Inc. IL acquired a new position in shares of Marvell Technology in the 2nd quarter valued at $32,000. Quarry LP acquired a new position in Marvell Technology in the second quarter valued at about $32,000. Whittier Trust Co. raised its position in shares of Marvell Technology by 74.5% in the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after acquiring an additional 210 shares during the period. Finally, Goodman Advisory Group LLC bought a new position in shares of Marvell Technology during the third quarter worth $37,000. Institutional investors own 83.51% of the company’s stock.

Marvell Technology Stock Performance

NASDAQ:MRVL opened at $120.77 on Monday. The stock’s 50-day moving average is $89.98 and its 200-day moving average is $76.82. Marvell Technology, Inc. has a 1-year low of $53.19 and a 1-year high of $121.86. 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 $104.50 billion, a P/E ratio of -71.04, a price-to-earnings-growth ratio of 3.72 and a beta of 1.46.

Marvell Technology Announces Dividend

The firm also recently announced 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 dividend on an annualized basis and a yield of 0.20%. Marvell Technology’s payout ratio is -14.12%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on MRVL. Wells Fargo & Company lifted their price objective on Marvell Technology from $110.00 to $130.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Citigroup increased their price objective 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. JPMorgan Chase & Co. increased their price objective on Marvell Technology from $90.00 to $130.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Oppenheimer lifted their price target on Marvell Technology from $110.00 to $125.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $125.00 price objective (up from $114.00) on shares of Marvell Technology in a research report on Wednesday, December 4th. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Marvell Technology presently has an average rating of “Moderate Buy” and a consensus target price of $119.04.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, CEO Matthew J. Murphy bought 13,000 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The stock was acquired at an average price of $77.63 per share, with a total value of $1,009,190.00. Following the completion of the purchase, the chief executive officer now directly owns 221,915 shares of the company’s stock, valued at approximately $17,227,261.45. This trade represents a 6.22 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Mark Casper sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $70.83, for a total transaction of $177,075.00. Following the sale, the executive vice president now directly owns 22,494 shares of the company’s stock, valued at approximately $1,593,250.02. This trade represents a 10.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 167,500 shares of company stock worth $13,525,995. 0.33% of the stock is currently owned by company insiders.

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.