Artisan Partners Limited Partnership Boosts Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Artisan Partners Limited Partnership grew its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 98.4% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 4,100,825 shares of the semiconductor company’s stock after buying an additional 2,034,353 shares during the quarter. Artisan Partners Limited Partnership’s holdings in Marvell Technology were worth $452,936,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Zweig DiMenna Associates LLC boosted 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 worth $23,583,000 after purchasing an additional 12,700 shares in the last quarter. Berbice Capital Management LLC purchased a new position in shares of Marvell Technology during the 4th quarter valued at approximately $637,000. RFG Advisory LLC grew its stake in Marvell Technology by 6.2% in the 4th quarter. RFG Advisory LLC now owns 42,621 shares of the semiconductor company’s stock valued at $4,708,000 after acquiring an additional 2,507 shares during the period. Nomura Asset Management Co. Ltd. increased its holdings in Marvell Technology by 23.0% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 2,862,151 shares of the semiconductor company’s stock worth $206,418,000 after acquiring an additional 535,203 shares in the last quarter. Finally, Franchise Capital Ltd acquired a new position in Marvell Technology during the fourth quarter worth $1,476,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Insider Activity at Marvell Technology

In related news, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $124.40, for a total transaction of $746,400.00. Following the transaction, the executive vice president now owns 93,931 shares in the company, valued at $11,685,016.40. This trade represents a 6.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $68.83, for a total value of $103,245.00. Following the completion of the sale, the chief financial officer now owns 113,592 shares of the company’s stock, valued at approximately $7,818,537.36. This represents a 1.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 37,685 shares of company stock valued at $4,026,768 in the last ninety days. Insiders own 0.33% of the company’s stock.

Marvell Technology Price Performance

Shares of MRVL opened at $66.76 on Thursday. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. The firm’s fifty day simple moving average is $96.36 and its 200-day simple moving average is $93.72. The firm has a market capitalization of $57.82 billion, a price-to-earnings ratio of -39.27, a PEG ratio of 1.61 and a beta of 1.42. Marvell Technology, Inc. has a twelve month low of $53.19 and a twelve month high of $127.48.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Friday, April 11th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.36%. The ex-dividend date is Friday, April 11th. Marvell Technology’s payout ratio is -23.53%.

Wall Street Analyst Weigh In

Several research firms have commented on MRVL. Cantor Fitzgerald boosted their price objective on Marvell Technology from $120.00 to $135.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Benchmark reissued a “buy” rating and set a $135.00 price target on shares of Marvell Technology in a research report on Thursday, March 6th. B. Riley lifted their target price on shares of Marvell Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Rosenblatt Securities reissued a “buy” rating and issued a $140.00 price target on shares of Marvell Technology in a research note on Thursday, March 6th. Finally, Melius started coverage on shares of Marvell Technology in a research report on Monday, January 27th. They set a “buy” rating and a $188.00 price target on the stock. Three research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $120.44.

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.