AustralianSuper Pty Ltd Invests $699,000 in Marvell Technology, Inc. (NASDAQ:MRVL)

AustralianSuper Pty Ltd purchased a new position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,330 shares of the semiconductor company’s stock, valued at approximately $699,000.

Other institutional investors also recently modified their holdings of the company. True Wealth Design LLC increased its holdings in shares of Marvell Technology by 1,481.8% during the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock worth $25,000 after buying an additional 326 shares in the last quarter. ORG Partners LLC increased its holdings in shares of Marvell Technology by 175.3% during the fourth quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock worth $26,000 after buying an additional 149 shares in the last quarter. Kieckhefer Group LLC acquired a new position in shares of Marvell Technology during the fourth quarter worth $33,000. Financial Life Planners acquired a new position in shares of Marvell Technology during the fourth quarter worth $33,000. Finally, Whittier Trust Co. increased its holdings in shares of Marvell Technology by 74.5% during the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock worth $35,000 after buying an additional 210 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Marvell Technology Price Performance

Shares of NASDAQ MRVL opened at $106.51 on Friday. Marvell Technology, Inc. has a fifty-two week low of $53.19 and a fifty-two week high of $127.48. The stock has a market cap of $92.16 billion, a price-to-earnings ratio of -62.65, a PEG ratio of 1.77 and a beta of 1.40. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. The firm’s 50-day simple moving average is $113.94 and its 200 day simple moving average is $90.62.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 30th. Investors of record on Friday, January 10th were given a $0.06 dividend. The ex-dividend date was Friday, January 10th. This represents a $0.24 annualized dividend and a yield of 0.23%. Marvell Technology’s payout ratio is -14.12%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on MRVL shares. Susquehanna increased their price objective on Marvell Technology from $110.00 to $125.00 and gave the company a “positive” rating in a report on Wednesday, December 4th. Rosenblatt Securities increased their price objective on Marvell Technology from $120.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Barclays increased their price objective on Marvell Technology from $115.00 to $150.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Needham & Company LLC increased their price objective on Marvell Technology from $95.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Finally, Stifel Nicolaus increased their price objective on Marvell Technology from $125.00 to $130.00 and gave the company a “buy” rating in a report on Monday, January 6th. Three equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $127.60.

Insider Activity at Marvell Technology

In other Marvell Technology news, Director Michael G. Strachan sold 5,000 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $122.65, for a total value of $613,250.00. Following the completion of the sale, the director now owns 30,959 shares in the company, valued at approximately $3,797,121.35. This trade represents a 13.90 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $122.50, for a total transaction of $183,750.00. Following the completion of the sale, the chief financial officer now owns 112,711 shares of the company’s stock, valued at approximately $13,807,097.50. This trade represents a 1.31 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 30,255 shares of company stock valued at $3,692,880. 0.33% of the stock is owned by corporate insiders.

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.