366,243 Shares in Marvell Technology, Inc. (NASDAQ:MRVL) Bought by OFI Invest Asset Management

OFI Invest Asset Management purchased a new stake in Marvell Technology, Inc. (NASDAQ:MRVL) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 366,243 shares of the semiconductor company’s stock, valued at approximately $39,065,000. Marvell Technology makes up about 0.9% of OFI Invest Asset Management’s investment portfolio, making the stock its 28th largest holding.

Several other institutional investors have also recently made changes to their positions in MRVL. Zweig DiMenna Associates LLC increased its stake in Marvell Technology by 6.3% during the 4th quarter. Zweig DiMenna Associates LLC now owns 213,521 shares of the semiconductor company’s stock valued at $23,583,000 after purchasing an additional 12,700 shares in the last quarter. Berbice Capital Management LLC bought a new stake in shares of Marvell Technology during the fourth quarter worth about $637,000. RFG Advisory LLC increased its position in shares of Marvell Technology by 6.2% during the fourth quarter. RFG Advisory LLC now owns 42,621 shares of the semiconductor company’s stock worth $4,708,000 after acquiring an additional 2,507 shares in the last quarter. Braun Stacey Associates Inc. bought a new position in Marvell Technology in the 3rd quarter valued at about $16,435,000. Finally, Charles Schwab Investment Management Inc. lifted its position in Marvell Technology by 2.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,261,887 shares of the semiconductor company’s stock valued at $235,247,000 after acquiring an additional 66,654 shares in the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

Marvell Technology Trading Down 2.0 %

Shares of MRVL stock opened at $70.84 on Friday. The stock has a market capitalization of $61.30 billion, a price-to-earnings ratio of -41.67, a PEG ratio of 1.61 and a beta of 1.42. The company’s fifty day simple moving average is $108.27 and its two-hundred day simple moving average is $93.84. Marvell Technology, Inc. has a 1 year low of $53.19 and a 1 year high of $127.48. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 30th. Investors of record on Friday, January 10th were paid a dividend of $0.06 per share. The ex-dividend date was Friday, January 10th. This represents a $0.24 annualized dividend and a yield of 0.34%. Marvell Technology’s dividend payout ratio is currently -23.53%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on MRVL. Bank of America lowered 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. Wells Fargo & Company increased their price target on Marvell Technology from $130.00 to $140.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. Piper Sandler cut their price objective on shares of Marvell Technology from $120.00 to $95.00 and set an “overweight” rating on the stock in a report on Thursday. StockNews.com upgraded shares of Marvell Technology from a “sell” rating to a “hold” rating in a report on Thursday, January 9th. Finally, Stifel Nicolaus decreased their price objective on shares of Marvell Technology from $130.00 to $115.00 and set a “buy” rating for the company in a research note on Thursday. Three research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $121.68.

Insider Buying and Selling

In other news, Director Brad W. Buss purchased 3,000 shares of the firm’s stock in a transaction dated Friday, March 7th. The shares were purchased at an average price of $69.00 per share, with a total value of $207,000.00. Following the completion of the acquisition, the director now owns 87,113 shares in the company, valued at $6,010,797. This trade represents a 3.57 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction on Monday, December 16th. The shares were sold at an average price of $122.50, for a total value of $735,000.00. Following the sale, the executive vice president now directly owns 97,244 shares of the company’s stock, valued at $11,912,390. This represents a 5.81 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 36,255 shares of company stock valued at $4,330,980. Company insiders own 0.33% of the company’s stock.

Marvell Technology 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.