2,000 Shares in Marvell Technology, Inc. (NASDAQ:MRVL) Bought by Sanders Morris Harris LLC

Sanders Morris Harris LLC purchased a new stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) during the fourth quarter, Holdings Channel reports. The firm purchased 2,000 shares of the semiconductor company’s stock, valued at approximately $221,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Davidson Kempner Capital Management LP increased its position in shares of Marvell Technology by 26.5% during the 2nd quarter. Davidson Kempner Capital Management LP now owns 250,000 shares of the semiconductor company’s stock valued at $17,482,000 after purchasing an additional 52,365 shares during the last quarter. Braun Stacey Associates Inc. bought a new position in Marvell Technology during the third quarter valued at approximately $16,435,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Marvell Technology by 2.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,261,887 shares of the semiconductor company’s stock worth $235,247,000 after acquiring an additional 66,654 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its stake in shares of Marvell Technology by 23.0% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 2,862,151 shares of the semiconductor company’s stock valued at $206,418,000 after purchasing an additional 535,203 shares in the last quarter. Finally, Franchise Capital Ltd bought a new position in shares of Marvell Technology during the 4th quarter valued at $1,476,000. Institutional investors own 83.51% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on MRVL. Evercore ISI upped their price target on shares of Marvell Technology from $98.00 to $122.00 and gave the company an “outperform” rating in a research report on Monday, December 2nd. JPMorgan Chase & Co. increased their target price on Marvell Technology from $90.00 to $130.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Stifel Nicolaus lifted their price target on Marvell Technology from $125.00 to $130.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Craig Hallum upped their price target on shares of Marvell Technology from $132.00 to $149.00 and gave the company a “buy” rating in a report on Monday, January 6th. Finally, B. Riley boosted their price objective on shares of Marvell Technology from $105.00 to $135.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Three equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat, Marvell Technology currently has a consensus rating of “Moderate Buy” and an average target price of $121.68.

Marvell Technology Stock Performance

NASDAQ MRVL traded up $1.16 during trading hours on Thursday, hitting $117.16. 1,315,607 shares of the company’s stock traded hands, compared to its average volume of 9,355,980. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. Marvell Technology, Inc. has a 52 week low of $53.19 and a 52 week high of $126.15. The firm has a market capitalization of $101.38 billion, a P/E ratio of -68.92, a P/E/G ratio of 3.76 and a beta of 1.41. The business’s fifty day moving average price is $105.61 and its two-hundred day moving average price is $83.85.

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Friday, January 10th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Friday, January 10th. This represents a $0.24 annualized dividend and a dividend yield of 0.20%. Marvell Technology’s dividend payout ratio (DPR) is -14.12%.

Insider Activity at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $89.14, for a total value of $133,710.00. Following the completion of the transaction, the chief financial officer now owns 114,211 shares of the company’s stock, valued at $10,180,768.54. This represents a 1.30 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Michael G. Strachan sold 5,000 shares of Marvell Technology stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $122.65, for a total value of $613,250.00. Following the sale, the director now directly owns 30,959 shares in the company, valued at $3,797,121.35. This trade represents a 13.90 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,500 shares of company stock worth $2,967,670. 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.