Marvell Technology, Inc. (NASDAQ:MRVL) Stake Boosted by Woodline Partners LP

Woodline Partners LP grew its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 126.2% in the 4th quarter, Holdings Channel reports. The firm owned 634,378 shares of the semiconductor company’s stock after acquiring an additional 353,895 shares during the quarter. Woodline Partners LP’s holdings in Marvell Technology were worth $70,067,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently made changes to their positions in MRVL. Merit Financial Group LLC grew its holdings in shares of Marvell Technology by 57.5% during the fourth quarter. Merit Financial Group LLC now owns 9,432 shares of the semiconductor company’s stock valued at $1,042,000 after purchasing an additional 3,443 shares during the last quarter. Sanibel Captiva Trust Company Inc. bought a new position in Marvell Technology in the 4th quarter worth approximately $253,000. Premier Path Wealth Partners LLC bought a new position in Marvell Technology in the 4th quarter worth approximately $259,000. HB Wealth Management LLC grew its holdings in Marvell Technology by 3.2% in the 4th quarter. HB Wealth Management LLC now owns 15,497 shares of the semiconductor company’s stock worth $1,712,000 after buying an additional 475 shares in the last quarter. Finally, Ameritas Advisory Services LLC grew its holdings in Marvell Technology by 246.2% in the 4th quarter. Ameritas Advisory Services LLC now owns 11,431 shares of the semiconductor company’s stock worth $1,263,000 after buying an additional 8,129 shares in the last quarter. 83.51% of the stock is owned by institutional investors.

Insider Activity

In other news, EVP Mark Casper sold 626 shares of the stock in a transaction on Monday, May 19th. The stock was sold at an average price of $61.10, for a total value of $38,248.60. Following the completion of the sale, the executive vice president now owns 626 shares in the company, valued at $38,248.60. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction on Monday, March 17th. The shares were sold at an average price of $68.83, for a total value of $103,245.00. Following the completion of the sale, the chief financial officer now owns 113,592 shares of the company’s stock, valued at $7,818,537.36. The trade was a 1.30% decrease in their position. The disclosure for this sale can be found here. Insiders sold 33,541 shares of company stock worth $2,079,948 over the last quarter. Corporate insiders own 0.19% of the company’s stock.

Marvell Technology Price Performance

MRVL opened at $62.56 on Tuesday. The stock has a fifty day moving average of $60.22 and a 200-day moving average of $88.63. The firm has a market capitalization of $54.04 billion, a P/E ratio of -36.80, a PEG ratio of 1.61 and a beta of 1.83. Marvell Technology, Inc. has a 12-month low of $47.09 and a 12-month high of $127.48. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30.

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Friday, April 11th were issued a $0.06 dividend. The ex-dividend date was Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.38%. Marvell Technology’s payout ratio is currently -23.53%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on MRVL. Wells Fargo & Company reissued an “overweight” rating on shares of Marvell Technology in a report on Thursday, March 6th. William Blair raised Marvell Technology to a “strong-buy” rating in a report on Wednesday, February 5th. Melius Research raised Marvell Technology to a “strong-buy” rating in a report on Monday, January 27th. Cantor Fitzgerald lowered Marvell Technology from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $125.00 to $60.00 in a report on Wednesday, May 7th. Finally, Barclays decreased their price objective on Marvell Technology from $130.00 to $80.00 and set an “overweight” rating for the company in a report on Tuesday, April 22nd. Four investment analysts have rated the stock with a hold rating, twenty-two have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Marvell Technology presently has an average rating of “Moderate Buy” and an average price target of $110.69.

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.