Quadrature Capital Ltd acquired a new position in Marvell Technology, Inc. (NASDAQ:MRVL – Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 90,151 shares of the semiconductor company’s stock, valued at approximately $6,503,000.
Other hedge funds have also recently added to or reduced their stakes in the company. Quantinno Capital Management LP increased its holdings in Marvell Technology by 44.3% in the 3rd quarter. Quantinno Capital Management LP now owns 52,048 shares of the semiconductor company’s stock valued at $3,754,000 after buying an additional 15,968 shares during the period. Quarry LP raised its stake in shares of Marvell Technology by 412.5% in the third quarter. Quarry LP now owns 2,378 shares of the semiconductor company’s stock worth $172,000 after acquiring an additional 1,914 shares during the last quarter. Royal London Asset Management Ltd. lifted its holdings in Marvell Technology by 4.2% during the 3rd quarter. Royal London Asset Management Ltd. now owns 406,079 shares of the semiconductor company’s stock worth $29,286,000 after buying an additional 16,442 shares in the last quarter. Point72 Italy S.r.l. acquired a new position in shares of Marvell Technology during the third quarter valued at $1,976,000. Finally, Polymer Capital Management HK LTD bought a new position in Marvell Technology in the third quarter valued at about $447,000. Institutional investors and hedge funds own 83.51% of the company’s stock.
Insider Buying and Selling at Marvell Technology
In other news, Director Ford Tamer sold 92,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the completion of the transaction, the director now owns 351,193 shares of the company’s stock, valued at approximately $26,044,472.88. The trade was a 20.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mark Casper sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $70.83, for a total transaction of $177,075.00. Following the completion of the sale, the executive vice president now directly owns 22,494 shares in the company, valued at $1,593,250.02. This represents a 10.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 267,000 shares of company stock valued at $20,899,260 in the last three months. Company insiders own 0.33% of the company’s stock.
Marvell Technology Trading Down 4.0 %
Marvell Technology Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.21%. The ex-dividend date was Friday, October 11th. Marvell Technology’s dividend payout ratio is presently -14.12%.
Analyst Ratings Changes
A number of research analysts have weighed in on the stock. Oppenheimer lifted their price target on shares of Marvell Technology from $110.00 to $125.00 and gave the company an “outperform” rating in a research note on Wednesday. Rosenblatt Securities boosted their price objective on shares of Marvell Technology from $120.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday. The Goldman Sachs Group raised their price target on Marvell Technology from $87.00 to $115.00 and gave the company a “buy” rating in a report on Thursday. Barclays upped their target price on Marvell Technology from $85.00 to $115.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, 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. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $119.04.
View Our Latest Research Report on MRVL
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.
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