61,000 Shares in Marvell Technology, Inc. (NASDAQ:MRVL) Bought by Atika Capital Management LLC

Atika Capital Management LLC purchased a new stake in Marvell Technology, Inc. (NASDAQ:MRVL) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 61,000 shares of the semiconductor company’s stock, valued at approximately $6,737,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. ORG Partners LLC grew its position in Marvell Technology by 175.3% during the fourth quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock worth $26,000 after buying an additional 149 shares in the last quarter. Centricity Wealth Management LLC acquired a new stake in shares of Marvell Technology during the 4th quarter worth approximately $26,000. Rialto Wealth Management LLC bought a new stake in shares of Marvell Technology during the fourth quarter valued at approximately $27,000. Kieckhefer Group LLC acquired a new position in shares of Marvell Technology in the fourth quarter valued at $33,000. Finally, Financial Life Planners acquired a new stake in Marvell Technology during the fourth quarter worth $33,000. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently commented on MRVL. Wells Fargo & Company reaffirmed an “overweight” rating on shares of Marvell Technology in a report on Thursday, March 6th. Rosenblatt Securities reaffirmed a “buy” rating and set a $140.00 price objective on shares of Marvell Technology in a report on Thursday, March 6th. Raymond James set a $110.00 target price on Marvell Technology in a report on Thursday, March 6th. Melius Research raised Marvell Technology to a “strong-buy” rating in a research note on Monday, January 27th. Finally, Bank of America dropped their price objective on Marvell Technology from $150.00 to $120.00 and set a “buy” rating for the company in a research note on Thursday, March 6th. Three investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $120.44.

Insider Buying and Selling

In other Marvell Technology news, EVP Mark Casper sold 7,755 shares of Marvell Technology 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 document filed with the SEC, which can be accessed through this link. Also, CAO Panteha Dixon sold 1,430 shares of the stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $68.75, for a total value of $98,312.50. Following the completion of the sale, the chief accounting officer now owns 31,100 shares of the company’s stock, valued at $2,138,125. This trade represents a 4.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 35,185 shares of company stock valued at $3,744,268 in the last 90 days. 0.33% of the stock is owned by insiders.

Marvell Technology Stock Down 11.2 %

Shares of Marvell Technology stock opened at $49.43 on Friday. Marvell Technology, Inc. has a 12 month low of $47.31 and a 12 month high of $127.48. The business has a fifty day simple moving average of $87.42 and a 200 day simple moving average of $93.08. 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 $42.81 billion, a PE ratio of -29.08, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42.

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Friday, April 11th will be given a $0.06 dividend. The ex-dividend date of this dividend is Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.49%. Marvell Technology’s dividend payout ratio is -23.53%.

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.