Ontario Teachers Pension Plan Board Invests $428,000 in Marvell Technology, Inc. (NASDAQ:MRVL)

Ontario Teachers Pension Plan Board acquired a new position in Marvell Technology, Inc. (NASDAQ:MRVL) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 3,873 shares of the semiconductor company’s stock, valued at approximately $428,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Canada Post Corp Registered Pension Plan purchased a new stake in Marvell Technology during the fourth quarter valued at about $14,621,000. LaSalle St. Investment Advisors LLC purchased a new position in shares of Marvell Technology during the 4th quarter valued at about $226,000. XTX Topco Ltd bought a new stake in Marvell Technology in the 4th quarter worth approximately $1,221,000. Belpointe Asset Management LLC boosted its stake in Marvell Technology by 8.0% in the fourth quarter. Belpointe Asset Management LLC now owns 9,681 shares of the semiconductor company’s stock worth $1,069,000 after buying an additional 720 shares in the last quarter. Finally, CreativeOne Wealth LLC grew its position in Marvell Technology by 18.5% during the fourth quarter. CreativeOne Wealth LLC now owns 8,222 shares of the semiconductor company’s stock valued at $908,000 after acquiring an additional 1,283 shares during the last quarter. 83.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Rosenblatt Securities restated a “buy” rating and issued a $140.00 price objective on shares of Marvell Technology in a report on Thursday, March 6th. StockNews.com upgraded shares of Marvell Technology from a “sell” rating to a “hold” rating in a research report on Thursday, January 9th. Benchmark reaffirmed a “buy” rating and set a $135.00 price objective on shares of Marvell Technology in a research note on Thursday, March 6th. Piper Sandler dropped their target price on Marvell Technology from $120.00 to $95.00 and set an “overweight” rating for the company in a report on Thursday, March 6th. Finally, Roth Capital set a $100.00 price target on Marvell Technology in a research report on Thursday, March 6th. Three equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $116.41.

Insider Activity at Marvell Technology

In related news, CAO Panteha Dixon sold 1,430 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $68.75, for a total transaction of $98,312.50. Following the completion of the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $124.40, for a total value of $746,400.00. Following the completion of the sale, the executive vice president now directly owns 93,931 shares in the company, valued at $11,685,016.40. This trade represents a 6.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,930 shares of company stock valued at $1,999,038 in the last three months. Company insiders own 0.33% of the company’s stock.

Marvell Technology Price Performance

Shares of MRVL stock opened at $51.70 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 stock has a market cap of $44.78 billion, a price-to-earnings ratio of -30.41, a PEG ratio of 1.61 and a beta of 1.78. The business’s fifty day moving average is $74.86 and its 200 day moving average is $91.36. Marvell Technology, Inc. has a twelve month low of $47.09 and a twelve month high of $127.48.

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Friday, April 11th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Friday, April 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.46%. Marvell Technology’s payout ratio is -23.53%.

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.