Marvell Technology, Inc. (NASDAQ:MRVL) Shares Bought by M&T Bank Corp

M&T Bank Corp raised its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 0.5% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 87,005 shares of the semiconductor company’s stock after buying an additional 448 shares during the period. M&T Bank Corp’s holdings in Marvell Technology were worth $6,275,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Davidson Kempner Capital Management LP boosted its position in Marvell Technology by 26.5% in 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 buying an additional 52,365 shares during the period. Braun Stacey Associates Inc. acquired a new position in Marvell Technology in the third quarter valued at approximately $16,435,000. Charles Schwab Investment Management Inc. boosted 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 valued at $235,247,000 after buying an additional 66,654 shares in the last quarter. Nomura Asset Management Co. Ltd. grew its holdings in shares of Marvell Technology by 23.0% during the third quarter. Nomura Asset Management Co. Ltd. now owns 2,862,151 shares of the semiconductor company’s stock worth $206,418,000 after purchasing an additional 535,203 shares during the last quarter. Finally, Silicon Valley Capital Partners increased its position in shares of Marvell Technology by 254.6% during the third quarter. Silicon Valley Capital Partners now owns 32,978 shares of the semiconductor company’s stock worth $2,378,000 after purchasing an additional 23,678 shares in the last quarter. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on MRVL shares. Benchmark reissued a “buy” rating and issued a $135.00 price objective (up from $115.00) on shares of Marvell Technology in a report on Wednesday, December 4th. Needham & Company LLC upped their target price on shares of Marvell Technology from $95.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Roth Mkm reissued a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a report on Friday, August 30th. Cantor Fitzgerald upped their price objective on Marvell Technology from $120.00 to $135.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Finally, TD Cowen lifted their target price on Marvell Technology from $90.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Three equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to MarketBeat.com, Marvell Technology has a consensus rating of “Moderate Buy” and an average target price of $119.76.

Marvell Technology Price Performance

Marvell Technology stock opened at $111.90 on Monday. The firm has a market capitalization of $96.83 billion, a PE ratio of -65.82, a P/E/G ratio of 4.03 and a beta of 1.46. Marvell Technology, Inc. has a 52 week low of $53.19 and a 52 week high of $126.15. The firm’s 50-day simple moving average is $93.92 and its 200 day simple moving average is $78.32. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30.

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Friday, January 10th will be given 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 0.21%. Marvell Technology’s dividend payout ratio is presently -14.12%.

Insider Transactions at Marvell Technology

In other Marvell Technology news, insider Muhammad Raghib Hussain sold 150,000 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the sale, the insider now directly owns 694,487 shares of the company’s stock, valued at $55,906,203.50. This trade represents a 17.76 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew J. Murphy acquired 13,000 shares of the business’s stock in a transaction dated Monday, October 14th. The stock was purchased at an average cost of $77.63 per share, with a total value of $1,009,190.00. Following the transaction, the chief executive officer now owns 221,915 shares of the company’s stock, valued at approximately $17,227,261.45. The trade was a 6.22 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 175,000 shares of company stock valued at $14,444,745 in the last ninety days. Corporate insiders own 0.33% of the company’s stock.

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.