Smith Group Asset Management LLC Takes $28.56 Million Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Smith Group Asset Management LLC purchased a new stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 258,550 shares of the semiconductor company’s stock, valued at approximately $28,557,000. Marvell Technology accounts for 2.1% of Smith Group Asset Management LLC’s holdings, making the stock its 17th largest position.

Other institutional investors also recently modified their holdings of the company. 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 worth $26,000 after purchasing an additional 149 shares during the last quarter. Kieckhefer Group LLC bought a new position in shares of Marvell Technology in the fourth quarter worth approximately $33,000. True Wealth Design LLC increased its position in shares of Marvell Technology by 1,481.8% in the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 326 shares during the last quarter. Quarry LP bought a new position in shares of Marvell Technology in the second quarter worth approximately $32,000. Finally, Strategic Investment Solutions Inc. IL bought a new position in shares of Marvell Technology in the second quarter worth approximately $32,000. 83.51% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have commented on MRVL. Susquehanna increased 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. JPMorgan Chase & Co. increased their price target on shares of Marvell Technology from $90.00 to $130.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Barclays increased their price target on shares of Marvell Technology from $115.00 to $150.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Bank of America increased their price target on shares of Marvell Technology from $108.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Finally, KeyCorp increased their price target on shares of Marvell Technology from $125.00 to $135.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. Three investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $127.60.

Marvell Technology Stock Performance

Shares of Marvell Technology stock opened at $103.88 on Wednesday. Marvell Technology, Inc. has a 12 month low of $53.19 and a 12 month high of $127.48. 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 business has a fifty day simple moving average of $110.63 and a two-hundred day simple moving average of $86.85. The firm has a market capitalization 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 Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Friday, January 10th will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, January 10th. This represents a $0.24 annualized dividend and a dividend yield of 0.23%. Marvell Technology’s payout ratio is presently -14.12%.

Insider Activity

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $122.50, for a total value of $183,750.00. Following the transaction, the chief financial officer now directly owns 112,711 shares of the company’s stock, valued at approximately $13,807,097.50. This trade represents a 1.31 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $89.14, for a total value of $534,840.00. Following the completion of the transaction, the executive vice president now directly owns 103,244 shares in the company, valued at $9,203,170.16. The trade was a 5.49 % 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 corporate insiders.

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.