Gagnon Securities LLC Reduces Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Gagnon Securities LLC trimmed its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 10.7% during the 4th quarter, HoldingsChannel reports. The firm owned 14,045 shares of the semiconductor company’s stock after selling 1,685 shares during the period. Gagnon Securities LLC’s holdings in Marvell Technology were worth $1,551,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Heck Capital Advisors LLC bought a new stake in Marvell Technology during the 4th quarter valued at approximately $147,000. Caprock Group LLC increased its holdings in shares of Marvell Technology by 8.1% in the fourth quarter. Caprock Group LLC now owns 8,784 shares of the semiconductor company’s stock valued at $970,000 after purchasing an additional 656 shares during the period. New Wave Wealth Advisors LLC purchased a new stake in shares of Marvell Technology in the fourth quarter worth about $183,000. Alta Wealth Advisors LLC boosted its stake in shares of Marvell Technology by 64.3% in the fourth quarter. Alta Wealth Advisors LLC now owns 5,478 shares of the semiconductor company’s stock worth $605,000 after buying an additional 2,143 shares during the last quarter. Finally, Institute for Wealth Management LLC. boosted its stake in shares of Marvell Technology by 11.0% in the fourth quarter. Institute for Wealth Management LLC. now owns 16,293 shares of the semiconductor company’s stock worth $1,800,000 after buying an additional 1,609 shares during the last quarter. 83.51% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Chris Koopmans sold 6,000 shares of the stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $124.40, for a total transaction of $746,400.00. Following the completion of the sale, the executive vice president now owns 93,931 shares in the company, valued at $11,685,016.40. This represents a 6.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Mark Casper sold 7,755 shares of the stock in a transaction on Friday, January 17th. The stock was sold at an average price of $123.08, for a total transaction of $954,485.40. The disclosure for this sale can be found here. Insiders have sold 37,755 shares of company stock worth $4,361,430 in the last quarter. 0.33% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

MRVL has been the topic of a number of recent analyst reports. Melius Research upgraded Marvell Technology to a “strong-buy” rating in a research report on Monday, January 27th. TD Cowen raised their target price on Marvell Technology from $90.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Barclays raised their target price on 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 raised their target price on Marvell Technology from $108.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Finally, Citigroup raised their target price on Marvell Technology from $91.00 to $112.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Three research 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $127.60.

Marvell Technology Stock Up 2.3 %

Shares of NASDAQ MRVL opened at $112.86 on Friday. 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 business has a 50-day moving average of $111.72 and a two-hundred day moving average of $87.43. Marvell Technology, Inc. has a 1 year low of $53.19 and a 1 year high of $127.48.

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 30th. Investors of record on Friday, January 10th were paid a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a yield of 0.21%. Marvell Technology’s dividend payout ratio is presently -14.12%.

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.