DnB Asset Management AS Boosts Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

DnB Asset Management AS raised its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 5.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 159,027 shares of the semiconductor company’s stock after acquiring an additional 7,770 shares during the period. DnB Asset Management AS’s holdings in Marvell Technology were worth $17,565,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. Centricity Wealth Management LLC purchased a new position in Marvell Technology during the fourth quarter worth approximately $26,000. ORG Partners LLC grew its holdings in shares of Marvell Technology by 175.3% in the fourth quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 149 shares during the period. Rialto Wealth Management LLC acquired a new stake in Marvell Technology during the fourth quarter worth about $27,000. Kieckhefer Group LLC acquired a new position in Marvell Technology in the 4th quarter valued at about $33,000. Finally, Financial Life Planners purchased a new stake in shares of Marvell Technology in the 4th quarter valued at approximately $33,000. 83.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Susquehanna upped 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. Loop Capital raised Marvell Technology from a “hold” rating to a “buy” rating and set a $110.00 price target on the stock in a research note on Thursday, March 6th. Stifel Nicolaus reduced their price objective on shares of Marvell Technology from $130.00 to $115.00 and set a “buy” rating on the stock in a report on Thursday, March 6th. JPMorgan Chase & Co. increased their target price on shares of Marvell Technology from $90.00 to $130.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Finally, KeyCorp reduced their price target on shares of Marvell Technology from $135.00 to $115.00 and set an “overweight” rating on the stock in a research note on Thursday, March 6th. Three equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Marvell Technology has a consensus rating of “Moderate Buy” and a consensus price target of $120.44.

Marvell Technology Stock Performance

Shares of MRVL stock opened at $62.04 on Friday. The stock’s 50-day moving average is $94.05 and its two-hundred day moving average is $93.47. 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, Inc. has a 1 year low of $53.19 and a 1 year high of $127.48. The firm has a market cap of $53.73 billion, a price-to-earnings ratio of -36.49, a PEG ratio of 1.61 and a beta of 1.42.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.39%. The ex-dividend date is Friday, April 11th. Marvell Technology’s dividend payout ratio is currently -23.53%.

Insider Activity

In other news, EVP Mark Casper sold 7,755 shares of the company’s stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $123.08, for a total value of $954,485.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Panteha Dixon sold 1,430 shares of the firm’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $68.75, for a total value of $98,312.50. Following the transaction, the chief accounting officer now directly owns 31,100 shares in the company, valued at approximately $2,138,125. This represents a 4.40 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 37,685 shares of company stock valued at $4,026,768. 0.33% of the stock is currently owned by company insiders.

Marvell Technology 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.