Brooklyn Investment Group Raises Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Brooklyn Investment Group raised its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 9.9% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 4,751 shares of the semiconductor company’s stock after acquiring an additional 428 shares during the period. Brooklyn Investment Group’s holdings in Marvell Technology were worth $525,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. State Street Corp raised its holdings in Marvell Technology by 0.3% during the 3rd quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company’s stock valued at $1,438,336,000 after buying an additional 68,893 shares during the period. Ameriprise Financial Inc. boosted its position in shares of Marvell Technology by 24.1% during the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after buying an additional 2,254,610 shares during the period. Geode Capital Management LLC raised its holdings in shares of Marvell Technology by 2.0% in the third quarter. Geode Capital Management LLC now owns 11,388,139 shares of the semiconductor company’s stock worth $818,916,000 after buying an additional 219,692 shares during the period. Wellington Management Group LLP lifted its stake in shares of Marvell Technology by 4.3% during the 3rd quarter. Wellington Management Group LLP now owns 8,694,320 shares of the semiconductor company’s stock worth $627,034,000 after acquiring an additional 359,005 shares during the last quarter. Finally, Van ECK Associates Corp boosted its holdings in Marvell Technology by 26.6% during the 3rd quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock valued at $538,868,000 after acquiring an additional 1,570,050 shares during the period. Institutional investors own 83.51% of the company’s stock.

Marvell Technology Trading Up 6.1 %

Shares of MRVL opened at $124.76 on Friday. 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 50-day simple moving average is $106.70 and its 200-day simple moving average is $84.46. Marvell Technology, Inc. has a 1 year low of $53.19 and a 1 year high of $126.15.

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Friday, January 10th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.19%. The ex-dividend date is Friday, January 10th. Marvell Technology’s dividend payout ratio is presently -14.12%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Piper Sandler reiterated an “overweight” rating and set a $120.00 target price (up from $100.00) on shares of Marvell Technology in a research report on Wednesday, December 4th. Benchmark reiterated a “buy” rating and issued a $135.00 price target (up previously from $115.00) on shares of Marvell Technology in a report on Wednesday, December 4th. TD Cowen raised their price objective on Marvell Technology from $90.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. B. Riley increased their price target on Marvell Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Finally, Oppenheimer increased their target price on shares of Marvell Technology from $110.00 to $125.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Three equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to MarketBeat, Marvell Technology has an average rating of “Moderate Buy” and a consensus target price of $123.08.

Insider Buying and Selling

In related news, EVP Mark Casper sold 7,755 shares of the business’s stock in a transaction dated Friday, January 17th. The stock was 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 SEC, which is available at the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $118.33, for a total value of $177,495.00. Following the sale, the chief financial officer now owns 111,211 shares of the company’s stock, valued at $13,159,597.63. This trade represents a 1.33 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 37,755 shares of company stock worth $4,099,650. Company 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.