United Asset Strategies Inc. Boosts Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

United Asset Strategies Inc. boosted its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 7.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 219,888 shares of the semiconductor company’s stock after purchasing an additional 14,547 shares during the quarter. Marvell Technology comprises approximately 2.2% of United Asset Strategies Inc.’s investment portfolio, making the stock its 8th biggest position. United Asset Strategies Inc.’s holdings in Marvell Technology were worth $24,287,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. AQR Capital Management LLC boosted its holdings in shares of Marvell Technology by 597.5% during the 2nd quarter. AQR Capital Management LLC now owns 437,771 shares of the semiconductor company’s stock worth $30,600,000 after buying an additional 375,012 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in shares of Marvell Technology by 18.5% during the second quarter. The Manufacturers Life Insurance Company now owns 1,053,967 shares of the semiconductor company’s stock worth $73,672,000 after acquiring an additional 164,250 shares during the period. Mackenzie Financial Corp boosted its holdings in shares of Marvell Technology by 30.8% during the second quarter. Mackenzie Financial Corp now owns 73,644 shares of the semiconductor company’s stock worth $5,148,000 after acquiring an additional 17,342 shares during the period. Lighthouse Investment Partners LLC acquired a new position in shares of Marvell Technology in the second quarter valued at approximately $512,000. Finally, MidWestOne Financial Group Inc. increased its stake in shares of Marvell Technology by 90.5% during the second quarter. MidWestOne Financial Group Inc. now owns 15,264 shares of the semiconductor company’s stock worth $1,067,000 after purchasing an additional 7,251 shares during the period. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MRVL has been the topic of a number of research reports. Oppenheimer upped their price objective on Marvell Technology from $110.00 to $125.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Morgan Stanley upped their price target on shares of Marvell Technology from $102.00 to $120.00 and gave the company an “equal weight” rating in a research note on Friday, December 20th. Craig Hallum lifted their price objective on shares of Marvell Technology from $132.00 to $149.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. KeyCorp increased their target price on shares of Marvell Technology from $125.00 to $135.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Finally, Piper Sandler reiterated an “overweight” rating and issued a $120.00 price target (up from $100.00) on shares of Marvell Technology in a research report on Wednesday, December 4th. Three equities research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $125.38.

Insider Activity at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $89.14, for a total transaction 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 approximately $10,180,768.54. This trade represents a 1.30 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Mark Casper sold 7,755 shares of the business’s stock in a transaction on Friday, January 17th. The stock was sold at an average price of $123.08, for a total transaction of $954,485.40. The disclosure for this sale can be found here. Insiders have sold a total of 37,755 shares of company stock valued at $4,361,430 in the last 90 days. 0.33% of the stock is owned by corporate insiders.

Marvell Technology Trading Down 1.6 %

Shares of NASDAQ:MRVL opened at $124.02 on Monday. Marvell Technology, Inc. has a one year low of $53.19 and a one year high of $127.48. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. The firm has a 50 day simple moving average of $110.11 and a 200 day simple moving average of $86.44.

Marvell Technology Dividend Announcement

The company also recently declared 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. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.19%. The ex-dividend date is Friday, January 10th. Marvell Technology’s payout ratio is -14.12%.

Marvell Technology 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.