L & S Advisors Inc Raises Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

L & S Advisors Inc lifted its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 270.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 54,797 shares of the semiconductor company’s stock after acquiring an additional 40,021 shares during the quarter. L & S Advisors Inc’s holdings in Marvell Technology were worth $6,052,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Marvell Technology during the fourth quarter valued at approximately $1,138,354,000. GQG Partners LLC acquired a new stake in Marvell Technology during the 4th quarter valued at $802,410,000. Raymond James Financial Inc. purchased a new stake in Marvell Technology during the 4th quarter worth $366,896,000. Artisan Partners Limited Partnership lifted its holdings in Marvell Technology by 98.4% in the 4th quarter. Artisan Partners Limited Partnership now owns 4,100,825 shares of the semiconductor company’s stock worth $452,936,000 after buying an additional 2,034,353 shares in the last quarter. Finally, Temasek Holdings Private Ltd boosted its position in Marvell Technology by 581.8% in the 3rd quarter. Temasek Holdings Private Ltd now owns 2,240,085 shares of the semiconductor company’s stock valued at $161,555,000 after buying an additional 1,911,532 shares during the last quarter. 83.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on MRVL shares. Evercore ISI lifted their target price on Marvell Technology from $98.00 to $122.00 and gave the stock an “outperform” rating in a research report on Monday, December 2nd. Stifel Nicolaus dropped their price objective on Marvell Technology from $130.00 to $115.00 and set a “buy” rating on the stock in a report on Thursday, March 6th. Melius initiated coverage on Marvell Technology in a research note on Monday, January 27th. They set a “buy” rating and a $188.00 target price for the company. KeyCorp dropped their price target on shares of Marvell Technology from $135.00 to $115.00 and set an “overweight” rating for the company in a research note on Thursday, March 6th. Finally, Citigroup cut their price target on shares of Marvell Technology from $136.00 to $122.00 and set a “buy” rating on the stock in a report on Thursday, March 6th. Three analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $120.44.

Marvell Technology Stock Performance

Shares of MRVL stock opened at $62.04 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 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 $53.73 billion, a price-to-earnings ratio of -36.49, 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 $94.05 and a 200 day simple moving average of $93.62.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Friday, April 11th will be paid a $0.06 dividend. The ex-dividend date is Friday, April 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.39%. Marvell Technology’s payout ratio is -23.53%.

Insider Activity

In other news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction on Monday, March 17th. The stock was 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Mark Casper sold 2,500 shares of Marvell Technology stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $113.00, for a total value of $282,500.00. Following the transaction, the executive vice president now directly owns 24,706 shares in the company, valued at approximately $2,791,778. The trade was a 9.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 37,685 shares of company stock valued at $4,026,768. 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.