Toronto Dominion Bank Purchases 30,893 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Toronto Dominion Bank lifted its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 32.9% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 124,866 shares of the semiconductor company’s stock after buying an additional 30,893 shares during the period. Toronto Dominion Bank’s holdings in Marvell Technology were worth $9,005,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ameriprise Financial Inc. raised its stake in Marvell Technology by 24.1% in the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock worth $812,509,000 after buying an additional 2,254,610 shares in the last quarter. Temasek Holdings Private Ltd grew its stake in Marvell Technology by 581.8% in the third quarter. Temasek Holdings Private Ltd now owns 2,240,085 shares of the semiconductor company’s stock valued at $161,555,000 after purchasing an additional 1,911,532 shares during the last quarter. Holocene Advisors LP bought a new stake in shares of Marvell Technology in the 3rd quarter valued at about $120,116,000. Van ECK Associates Corp raised its stake in shares of Marvell Technology by 26.6% during the 3rd quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock worth $538,868,000 after acquiring an additional 1,570,050 shares in the last quarter. Finally, D1 Capital Partners L.P. acquired a new stake in Marvell Technology in the second quarter valued at approximately $108,204,000. 83.51% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Rosenblatt Securities raised their price objective on Marvell Technology from $120.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. UBS Group raised their price objective on Marvell Technology from $110.00 to $115.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Bank of America increased their price target on shares of Marvell Technology from $108.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Needham & Company LLC boosted their target price on shares of Marvell Technology from $95.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $125.00 price target (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 issued a buy rating to the company’s stock. According to data from MarketBeat, Marvell Technology has an average rating of “Moderate Buy” and an average target price of $119.04.

Marvell Technology Trading Up 10.8 %

Shares of MRVL stock opened at $120.77 on Friday. Marvell Technology, Inc. has a fifty-two week low of $53.19 and a fifty-two week high of $121.86. The firm has a market capitalization of $104.50 billion, a P/E ratio of -71.04, a PEG ratio of 3.72 and a beta of 1.46. The stock’s fifty day moving average is $89.98 and its two-hundred day moving average is $76.82. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60.

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Friday, January 10th will be given 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 presently -14.12%.

Insider Activity at Marvell Technology

In related news, CEO Matthew J. Murphy sold 6,000 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $73.29, for a total value of $439,740.00. Following the completion of the sale, the chief executive officer now owns 208,915 shares of the company’s stock, valued at approximately $15,311,380.35. This represents a 2.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $73.87, for a total transaction of $110,805.00. Following the transaction, the chief financial officer now directly owns 111,753 shares in the company, valued at $8,255,194.11. This trade represents a 1.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 175,000 shares of company stock valued at $14,076,540. 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.