Waterfront Wealth Inc. Has $1.17 Million Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Waterfront Wealth Inc. increased its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 1.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,592 shares of the semiconductor company’s stock after acquiring an additional 116 shares during the quarter. Waterfront Wealth Inc.’s holdings in Marvell Technology were worth $1,170,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Aspen Investment Management Inc lifted its stake in Marvell Technology by 9.3% in the fourth quarter. Aspen Investment Management Inc now owns 4,988 shares of the semiconductor company’s stock valued at $551,000 after buying an additional 426 shares in the last quarter. Forte Capital LLC ADV acquired a new position in shares of Marvell Technology in the fourth quarter valued at $247,000. ING Groep NV grew its stake in shares of Marvell Technology by 17.7% in the fourth quarter. ING Groep NV now owns 71,162 shares of the semiconductor company’s stock valued at $7,860,000 after acquiring an additional 10,689 shares in the last quarter. First Bank & Trust grew its stake in shares of Marvell Technology by 20.5% in the fourth quarter. First Bank & Trust now owns 23,774 shares of the semiconductor company’s stock valued at $2,626,000 after acquiring an additional 4,050 shares in the last quarter. Finally, Concurrent Investment Advisors LLC grew its stake in shares of Marvell Technology by 69.7% in the fourth quarter. Concurrent Investment Advisors LLC now owns 8,294 shares of the semiconductor company’s stock valued at $916,000 after acquiring an additional 3,406 shares in the last quarter. Institutional investors own 83.51% of the company’s stock.

Wall Street Analysts Forecast Growth

MRVL has been the subject of several recent analyst reports. Bank of America upped their price objective on shares of Marvell Technology from $108.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Melius began coverage on Marvell Technology in a research note on Monday, January 27th. They issued a “buy” rating and a $188.00 price objective for the company. Benchmark reaffirmed a “buy” rating and set a $135.00 price objective (up previously from $115.00) on shares of Marvell Technology in a research report on Wednesday, December 4th. Piper Sandler reaffirmed an “overweight” rating and set a $120.00 price objective (up previously from $100.00) on shares of Marvell Technology in a research report on Wednesday, December 4th. Finally, Morgan Stanley dropped their price objective on Marvell Technology from $120.00 to $113.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 28th. Three investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Marvell Technology presently has an average rating of “Moderate Buy” and an average price target of $127.60.

Marvell Technology Price Performance

Shares of MRVL opened at $108.66 on Friday. Marvell Technology, Inc. has a 1-year low of $53.19 and a 1-year high of $127.48. The stock has a market cap of $94.03 billion, a PE ratio of -63.92, a price-to-earnings-growth ratio of 1.64 and a beta of 1.40. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. The firm has a fifty day moving average price of $113.93 and a 200 day moving average price of $91.69.

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 30th. Investors of record on Friday, January 10th were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.24 annualized dividend and a yield of 0.22%. Marvell Technology’s dividend payout ratio is currently -14.12%.

Insider Buying and Selling

In related news, COO Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $106.35, for a total transaction of $638,100.00. Following the sale, the chief operating officer now owns 87,931 shares in the company, valued at approximately $9,351,461.85. This trade represents a 6.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $122.50, for a total transaction of $183,750.00. Following the sale, the chief financial officer now owns 112,711 shares in the company, valued at approximately $13,807,097.50. This trade represents a 1.31 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 36,255 shares of company stock valued at $4,330,980 over the last ninety days. Corporate 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.