HighPoint Advisor Group LLC Buys 2,160 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

HighPoint Advisor Group LLC boosted its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 40.2% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 7,531 shares of the semiconductor company’s stock after purchasing an additional 2,160 shares during the period. HighPoint Advisor Group LLC’s holdings in Marvell Technology were worth $824,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Marvell Technology during the fourth quarter valued at approximately $1,138,354,000. GQG Partners LLC bought a new stake in Marvell Technology during the 4th quarter valued at $802,410,000. Wellington Management Group LLP lifted its holdings in shares of Marvell Technology by 43.1% in the 4th quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock worth $1,374,252,000 after buying an additional 3,747,982 shares during the period. Raymond James Financial Inc. bought a new position in shares of Marvell Technology during the 4th quarter worth $366,896,000. Finally, Artisan Partners Limited Partnership increased its stake in shares of Marvell Technology by 98.4% during the fourth quarter. Artisan Partners Limited Partnership now owns 4,100,825 shares of the semiconductor company’s stock valued at $452,936,000 after buying an additional 2,034,353 shares during the period. 83.51% of the stock is owned by hedge funds and other institutional investors.

Marvell Technology Stock Up 1.8 %

NASDAQ:MRVL opened at $62.67 on Wednesday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. The company’s fifty day moving average price is $91.56 and its 200-day moving average price is $93.58. Marvell Technology, Inc. has a 1-year low of $53.19 and a 1-year high of $127.48. The firm has a market capitalization of $54.28 billion, a P/E ratio of -36.86, a PEG ratio of 1.61 and a beta of 1.42.

Marvell Technology Announces Dividend

The business 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 dividend of $0.06 per share. The ex-dividend date is Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.38%. Marvell Technology’s payout ratio is currently -23.53%.

Insider Activity

In other news, Director Brad W. Buss bought 3,000 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The stock was purchased at an average cost of $69.00 per share, for a total transaction of $207,000.00. Following the purchase, the director now directly owns 87,113 shares in the company, valued at approximately $6,010,797. This trade represents a 3.57 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Panteha Dixon sold 1,430 shares of the firm’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $68.75, for a total transaction of $98,312.50. Following the sale, the chief accounting officer now 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. Insiders sold a total of 37,685 shares of company stock valued at $4,026,768 in the last quarter. 0.33% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Cantor Fitzgerald increased their target price on shares of Marvell Technology from $120.00 to $135.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. UBS Group increased their price objective on shares of Marvell Technology from $110.00 to $115.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. William Blair raised shares of Marvell Technology to a “strong-buy” rating in a research note on Wednesday, February 5th. Susquehanna increased their target price on Marvell Technology from $110.00 to $125.00 and gave the company a “positive” rating in a research report on Wednesday, December 4th. Finally, Piper Sandler reduced their price target on Marvell Technology from $120.00 to $95.00 and set an “overweight” rating for the company in a research report 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 assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target 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.