2,200 Shares in Marvell Technology, Inc. (NASDAQ:MRVL) Bought by Cove Private Wealth LLC

Cove Private Wealth LLC purchased a new position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) during the 4th quarter, Holdings Channel.com reports. The fund purchased 2,200 shares of the semiconductor company’s stock, valued at approximately $243,000.

A number of other large investors have also recently added to or reduced their stakes in the company. Diversify Advisory Services LLC lifted its stake in Marvell Technology by 16.8% in the 4th quarter. Diversify Advisory Services LLC now owns 3,743 shares of the semiconductor company’s stock valued at $428,000 after purchasing an additional 538 shares during the last quarter. Ariose Capital Management Ltd acquired a new stake in shares of Marvell Technology in the fourth quarter valued at approximately $2,021,000. Oak Ridge Investments LLC bought a new position in shares of Marvell Technology during the 4th quarter worth approximately $419,000. Aaron Wealth Advisors LLC acquired a new position in shares of Marvell Technology during the 4th quarter worth approximately $322,000. Finally, Moss Adams Wealth Advisors LLC raised its stake in Marvell Technology by 83.8% in the 4th quarter. Moss Adams Wealth Advisors LLC now owns 6,775 shares of the semiconductor company’s stock valued at $748,000 after acquiring an additional 3,089 shares during the period. Institutional investors and hedge funds own 83.51% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on MRVL shares. Needham & Company LLC lifted their price objective on shares of Marvell Technology from $95.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Cantor Fitzgerald upped their price target on shares of Marvell Technology from $120.00 to $135.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. B. Riley raised their price objective on shares of Marvell Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. TD Cowen boosted their price objective on Marvell Technology from $90.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Finally, Evercore ISI increased their target price on Marvell Technology from $98.00 to $122.00 and gave the stock an “outperform” rating in a research note on Monday, December 2nd. Three analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Marvell Technology currently has an average rating of “Moderate Buy” and an average price target of $124.96.

Insiders Place Their Bets

In other news, EVP Mark Casper sold 7,755 shares of the business’s stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $123.08, for a total transaction of $954,485.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $118.33, for a total transaction of $177,495.00. Following the completion of the transaction, the chief financial officer now owns 111,211 shares of the company’s stock, valued at approximately $13,159,597.63. This trade represents a 1.33 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 31,755 shares of company stock valued at $3,615,030. 0.33% of the stock is currently owned by insiders.

Marvell Technology Stock Performance

Marvell Technology stock opened at $124.76 on Monday. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. Marvell Technology, Inc. has a 12-month low of $53.19 and a 12-month high of $126.15. The business’s 50-day moving average price is $106.70 and its two-hundred day moving average price is $84.64.

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Friday, January 10th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.19%. The ex-dividend date of this dividend is Friday, January 10th. Marvell Technology’s payout ratio is -14.12%.

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.