SteelPeak Wealth LLC Has $20.07 Million Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

SteelPeak Wealth LLC cut its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 8.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 181,706 shares of the semiconductor company’s stock after selling 16,797 shares during the period. Marvell Technology accounts for 0.8% of SteelPeak Wealth LLC’s holdings, making the stock its 26th largest position. SteelPeak Wealth LLC’s holdings in Marvell Technology were worth $20,069,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the company. Wealth Effects LLC acquired a new stake in Marvell Technology during the 4th quarter worth approximately $387,000. Perigon Wealth Management LLC bought a new position in Marvell Technology during the 4th quarter worth $387,000. Jeppson Wealth Management LLC acquired a new stake in shares of Marvell Technology during the fourth quarter worth $302,000. Griffin Asset Management Inc. bought a new stake in shares of Marvell Technology in the fourth quarter valued at about $274,000. Finally, Nilsine Partners LLC grew its stake in shares of Marvell Technology by 31.1% in the fourth quarter. Nilsine Partners LLC now owns 3,782 shares of the semiconductor company’s stock valued at $418,000 after acquiring an additional 897 shares in 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 the company’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $89.14, for a total transaction of $133,710.00. Following the completion of the sale, the chief financial officer now owns 114,211 shares in the company, valued at approximately $10,180,768.54. This represents a 1.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Michael G. Strachan sold 5,000 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $122.65, for a total value of $613,250.00. Following the transaction, the director now owns 30,959 shares in the company, valued at approximately $3,797,121.35. This trade represents a 13.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 37,755 shares of company stock worth $4,361,430 over the last three months. 0.33% of the stock is currently owned by insiders.

Marvell Technology Price Performance

Shares of MRVL opened at $103.88 on Wednesday. The business’s fifty day moving average is $110.63 and its 200 day moving average is $86.85. Marvell Technology, Inc. has a 12-month low of $53.19 and a 12-month high of $127.48. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. The stock has a market cap of $89.89 billion, a P/E ratio of -61.11, a P/E/G ratio of 4.12 and a beta of 1.41.

Marvell Technology Dividend Announcement

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

Analysts Set New Price Targets

Several analysts have weighed in on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Marvell Technology from $90.00 to $130.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Susquehanna lifted their price target on shares of Marvell Technology from $110.00 to $125.00 and gave the company a “positive” rating in a research report on Wednesday, December 4th. Cantor Fitzgerald increased their price target on Marvell Technology from $120.00 to $135.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Stifel Nicolaus raised their price objective on Marvell Technology from $125.00 to $130.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Finally, Craig Hallum upped their target price on Marvell Technology from $132.00 to $149.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Three investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $127.60.

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.