Congress Wealth Management LLC DE Acquires Shares of 11,176 Marvell Technology, Inc. (NASDAQ:MRVL)

Congress Wealth Management LLC DE bought a new stake in Marvell Technology, Inc. (NASDAQ:MRVL) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 11,176 shares of the semiconductor company’s stock, valued at approximately $1,234,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Hill Island Financial LLC purchased a new position in shares of Marvell Technology during the 4th quarter worth $289,000. LPL Financial LLC lifted its holdings in Marvell Technology by 20.2% in the fourth quarter. LPL Financial LLC now owns 675,332 shares of the semiconductor company’s stock valued at $74,590,000 after acquiring an additional 113,389 shares during the last quarter. Fox Run Management L.L.C. acquired a new stake in Marvell Technology during the fourth quarter worth $537,000. KLP Kapitalforvaltning AS purchased a new stake in Marvell Technology in the 4th quarter valued at about $45,211,000. Finally, Knights of Columbus Asset Advisors LLC acquired a new position in Marvell Technology in the fourth quarter valued at about $60,000. 83.51% of the stock is owned by hedge funds and other institutional investors.

Marvell Technology Trading Down 2.8 %

NASDAQ MRVL opened at $64.86 on Friday. Marvell Technology, Inc. has a 12 month low of $53.19 and a 12 month high of $127.48. The company has a market capitalization of $56.17 billion, a price-to-earnings ratio of -38.15, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42. 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’s fifty day moving average price is $95.30 and its 200 day moving average price is $93.52.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Friday, April 11th 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 0.37%. The ex-dividend date is Friday, April 11th. Marvell Technology’s dividend payout ratio (DPR) is currently -23.53%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on MRVL shares. Raymond James set a $110.00 price target on shares of Marvell Technology in a research report on Thursday, March 6th. The Goldman Sachs Group upped their price target on Marvell Technology from $115.00 to $131.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Craig Hallum lifted their price objective on Marvell Technology from $132.00 to $149.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Loop Capital raised Marvell Technology from a “hold” rating to a “buy” rating and set a $110.00 target price on the stock in a research note on Thursday, March 6th. Finally, Morgan Stanley dropped their target price on Marvell Technology from $113.00 to $90.00 and set an “equal weight” rating for the company in a research report on Thursday, March 6th. Three investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $120.44.

Insider Activity

In related news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $68.83, for a total value of $103,245.00. Following the completion of the sale, the chief financial officer now owns 113,592 shares in the company, valued at $7,818,537.36. This represents a 1.30 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Panteha Dixon sold 1,430 shares of the stock in a transaction on Monday, March 17th. The stock was 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 of the company’s stock, valued at approximately $2,138,125. This represents a 4.40 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 37,685 shares of company stock valued at $4,026,768. Insiders own 0.33% of the company’s stock.

Marvell Technology Company 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.