Essex Financial Services Inc. Grows Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Essex Financial Services Inc. raised its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 17.3% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,345 shares of the semiconductor company’s stock after buying an additional 642 shares during the period. Essex Financial Services Inc.’s holdings in Marvell Technology were worth $480,000 as of its most recent filing with the SEC.

Other hedge funds have also recently modified their holdings of the company. Zweig DiMenna Associates LLC grew its position in Marvell Technology by 6.3% during the fourth quarter. Zweig DiMenna Associates LLC now owns 213,521 shares of the semiconductor company’s stock valued at $23,583,000 after buying an additional 12,700 shares during the period. Berbice Capital Management LLC purchased a new stake in shares of Marvell Technology during the 4th quarter worth approximately $637,000. RFG Advisory LLC increased its stake in shares of Marvell Technology by 6.2% during the 4th quarter. RFG Advisory LLC now owns 42,621 shares of the semiconductor company’s stock worth $4,708,000 after purchasing an additional 2,507 shares during the last quarter. Braun Stacey Associates Inc. bought a new stake in shares of Marvell Technology in the 3rd quarter worth approximately $16,435,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in Marvell Technology by 2.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,261,887 shares of the semiconductor company’s stock valued at $235,247,000 after purchasing an additional 66,654 shares during the last quarter. Institutional investors own 83.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on MRVL. Oppenheimer upped their price target on Marvell Technology from $110.00 to $125.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Citigroup upped their price objective on shares of Marvell Technology from $91.00 to $112.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Susquehanna lifted their target price on shares of Marvell Technology from $110.00 to $125.00 and gave the stock a “positive” rating in a research note on Wednesday, December 4th. TD Cowen upped their price target on shares of Marvell Technology from $90.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $120.00 price objective (up from $100.00) on shares of Marvell Technology in a report on Wednesday, December 4th. Three investment 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. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $127.60.

Insiders Place Their Bets

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 114,211 shares in the company, valued at $10,180,768.54. This trade represents a 1.30 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $89.14, for a total transaction of $534,840.00. Following the completion of the sale, the executive vice president now owns 103,244 shares of the company’s stock, valued at approximately $9,203,170.16. The trade was a 5.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 37,755 shares of company stock valued at $4,361,430 over the last 90 days. Insiders own 0.33% of the company’s stock.

Marvell Technology Stock Performance

Marvell Technology stock opened at $105.42 on Thursday. Marvell Technology, Inc. has a fifty-two week low of $53.19 and a fifty-two week high of $127.48. 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 stock has a market cap of $91.22 billion, a P/E ratio of -62.01, a price-to-earnings-growth ratio of 1.77 and a beta of 1.40. The firm’s fifty day moving average price is $114.27 and its 200-day moving average price is $90.05.

Marvell Technology Dividend Announcement

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

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.