CenterBook Partners LP Boosts Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

CenterBook Partners LP grew its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 70.0% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 128,274 shares of the semiconductor company’s stock after buying an additional 52,819 shares during the quarter. Marvell Technology accounts for 0.8% of CenterBook Partners LP’s holdings, making the stock its 22nd biggest position. CenterBook Partners LP’s holdings in Marvell Technology were worth $14,168,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. ORG Partners LLC boosted its stake in Marvell Technology by 175.3% in the fourth quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 149 shares during the last quarter. Centricity Wealth Management LLC bought a new stake in shares of Marvell Technology in the 4th quarter worth approximately $26,000. Rialto Wealth Management LLC purchased a new position in Marvell Technology in the fourth quarter valued at approximately $27,000. Kieckhefer Group LLC bought a new position in Marvell Technology during the fourth quarter valued at $33,000. Finally, Financial Life Planners bought a new position in Marvell Technology during the fourth quarter valued at $33,000. 83.51% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Marvell Technology news, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction that occurred 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 owns 93,931 shares in the company, valued at approximately $11,685,016.40. The trade was a 6.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Panteha Dixon sold 1,430 shares of Marvell Technology stock in a transaction 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 directly owns 31,100 shares in the company, valued at approximately $2,138,125. The trade was a 4.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 30,185 shares of company stock worth $3,131,018 in the last 90 days. 0.33% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Craig Hallum upped their price target on Marvell Technology from $132.00 to $149.00 and gave the company a “buy” rating in a research report on Monday, January 6th. TD Cowen dropped their price objective on shares of Marvell Technology from $125.00 to $95.00 and set a “buy” rating on the stock in a report on Thursday, March 6th. Summit Insights downgraded shares of Marvell Technology from a “buy” rating to a “hold” rating in a research note on Thursday, March 6th. Rosenblatt Securities reissued a “buy” rating and issued a $140.00 price target on shares of Marvell Technology in a research report on Thursday, March 6th. Finally, Roth Capital set a $100.00 price objective on shares of Marvell Technology in a report on Thursday, March 6th. Three 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 company’s stock. Based on data from MarketBeat, Marvell Technology currently has an average rating of “Moderate Buy” and a consensus target price of $120.44.

Marvell Technology Stock Performance

NASDAQ:MRVL opened at $50.03 on Wednesday. The company has a market capitalization of $43.33 billion, a price-to-earnings ratio of -29.43, a PEG ratio of 1.61 and a beta of 1.78. The business has a 50 day moving average of $84.23 and a 200 day moving average of $92.60. 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, Inc. has a 1-year low of $47.09 and a 1-year high of $127.48.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Friday, April 11th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.48%. The ex-dividend date is Friday, April 11th. Marvell Technology’s dividend payout ratio is currently -23.53%.

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.