CIBC Asset Management Inc Has $21.77 Million Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

CIBC Asset Management Inc grew its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 3.5% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 197,102 shares of the semiconductor company’s stock after purchasing an additional 6,699 shares during the period. CIBC Asset Management Inc’s holdings in Marvell Technology were worth $21,770,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. True Wealth Design LLC increased its stake in Marvell Technology by 1,481.8% in the 3rd quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock valued at $25,000 after buying an additional 326 shares during the last quarter. ORG Partners LLC increased its position 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 acquiring an additional 149 shares during the last quarter. Kieckhefer Group LLC acquired a new stake in shares of Marvell Technology in the fourth quarter valued at about $33,000. Financial Life Planners bought a new stake in Marvell Technology during the fourth quarter worth about $33,000. Finally, Whittier Trust Co. boosted its position in Marvell Technology by 74.5% during the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after purchasing an additional 210 shares during the last quarter. Institutional investors own 83.51% of the company’s stock.

Insider Activity

In related news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $122.50, for a total transaction of $183,750.00. Following the completion of the transaction, the chief financial officer now directly owns 112,711 shares of the company’s stock, valued at $13,807,097.50. This trade represents a 1.31 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Michael G. Strachan sold 5,000 shares of Marvell Technology stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $122.65, for a total value of $613,250.00. Following the completion of the transaction, the director now directly owns 30,959 shares of the company’s stock, valued at approximately $3,797,121.35. This represents a 13.90 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 30,255 shares of company stock valued at $3,692,880. Corporate insiders own 0.33% of the company’s stock.

Marvell Technology Stock Up 2.9 %

MRVL stock opened at $106.51 on Tuesday. Marvell Technology, Inc. has a 1-year low of $53.19 and a 1-year high of $127.48. The stock has a market cap of $92.16 billion, a price-to-earnings ratio of -62.65, a price-to-earnings-growth ratio of 1.77 and a beta of 1.40. 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 company’s 50 day moving average is $113.93 and its 200 day moving average is $91.10.

Marvell Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 30th. Stockholders of record on Friday, January 10th were issued a $0.06 dividend. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.23%. Marvell Technology’s payout ratio is -14.12%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MRVL. Wells Fargo & Company upped their price objective on Marvell Technology from $130.00 to $140.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. Evercore ISI upped their price target on shares of Marvell Technology from $98.00 to $122.00 and gave the stock an “outperform” rating in a research report on Monday, December 2nd. Morgan Stanley decreased their price objective on shares of Marvell Technology from $120.00 to $113.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 28th. JPMorgan Chase & Co. lifted their price target on Marvell Technology from $90.00 to $130.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Finally, Susquehanna boosted their price target on Marvell Technology from $110.00 to $125.00 and gave the stock a “positive” rating in a research report on Wednesday, December 4th. Three equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Marvell Technology currently has an average rating of “Moderate Buy” and an average target price of $127.60.

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.