253,255 Shares in Marvell Technology, Inc. (NASDAQ:MRVL) Bought by Resona Asset Management Co. Ltd.

Resona Asset Management Co. Ltd. purchased a new stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) during the 4th quarter, HoldingsChannel reports. The firm purchased 253,255 shares of the semiconductor company’s stock, valued at approximately $28,075,000.

A number of other hedge funds have also modified their holdings of the company. Zweig DiMenna Associates LLC increased its holdings in Marvell Technology by 6.3% in the 4th quarter. Zweig DiMenna Associates LLC now owns 213,521 shares of the semiconductor company’s stock worth $23,583,000 after buying an additional 12,700 shares during the period. Berbice Capital Management LLC acquired a new stake in shares of Marvell Technology in the fourth quarter worth $637,000. RFG Advisory LLC raised its holdings in shares of Marvell Technology by 6.2% during the fourth 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. Nomura Asset Management Co. Ltd. lifted its position in 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 valued at $206,418,000 after purchasing an additional 535,203 shares during the period. Finally, Franchise Capital Ltd purchased a new stake in Marvell Technology in the fourth quarter valued at $1,476,000. 83.51% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Marvell Technology

In other Marvell Technology news, Director Michael G. Strachan sold 5,000 shares of the firm’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $122.65, for a total transaction of $613,250.00. Following the completion of the sale, the director now owns 30,959 shares of the company’s stock, valued at $3,797,121.35. This trade represents a 13.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Panteha Dixon sold 1,430 shares of the company’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $68.75, for a total value of $98,312.50. Following the completion of the transaction, the chief accounting officer now directly owns 31,100 shares in the company, valued at approximately $2,138,125. This trade represents a 4.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 35,185 shares of company stock worth $3,744,268 in the last quarter. Company insiders own 0.33% of the company’s stock.

Marvell Technology Price Performance

MRVL stock opened at $49.43 on Friday. Marvell Technology, Inc. has a 1 year low of $47.31 and a 1 year high of $127.48. 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 firm has a market capitalization of $42.81 billion, a PE ratio of -29.08, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42. The business has a 50 day simple moving average of $87.42 and a 200-day simple moving average of $93.08.

Marvell Technology Announces Dividend

The business also recently announced 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 dividend yield of 0.49%. The ex-dividend date is Friday, April 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -23.53%.

Wall Street Analysts Forecast Growth

MRVL has been the subject of a number of recent research reports. William Blair upgraded Marvell Technology to a “strong-buy” rating in a research note on Wednesday, February 5th. KeyCorp lowered their price objective on Marvell Technology from $135.00 to $115.00 and set an “overweight” rating on the stock in a research report on Thursday, March 6th. Piper Sandler cut their target price on shares of Marvell Technology from $120.00 to $95.00 and set an “overweight” rating for the company in a report on Thursday, March 6th. Melius Research raised shares of Marvell Technology to a “strong-buy” rating in a report on Monday, January 27th. Finally, Loop Capital raised shares of Marvell Technology from a “hold” rating to a “buy” rating and set a $110.00 price objective for the company in a report on Thursday, March 6th. Three 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 company’s stock. According to MarketBeat.com, Marvell Technology presently has a consensus rating of “Moderate Buy” and an average 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.