Thoroughbred Financial Services LLC Acquires 260 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Thoroughbred Financial Services LLC raised its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 2.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 12,304 shares of the semiconductor company’s stock after purchasing an additional 260 shares during the period. Thoroughbred Financial Services LLC’s holdings in Marvell Technology were worth $1,359,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Marvell Technology in the 4th quarter worth about $1,138,354,000. GQG Partners LLC purchased a new position in Marvell Technology in the fourth quarter worth $802,410,000. Wellington Management Group LLP grew its position in Marvell Technology by 43.1% during the fourth quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock valued at $1,374,252,000 after buying an additional 3,747,982 shares during the period. Raymond James Financial Inc. bought a new position in shares of Marvell Technology during the 4th quarter valued at approximately $366,896,000. Finally, Artisan Partners Limited Partnership increased its position in Marvell Technology by 98.4% in the fourth quarter. Artisan Partners Limited Partnership now owns 4,100,825 shares of the semiconductor company’s stock worth $452,936,000 after buying an additional 2,034,353 shares during the last quarter. 83.51% of the stock is owned by institutional investors.

Insider Transactions at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $68.83, for a total value of $103,245.00. Following the sale, the chief financial officer now directly 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 sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Mark Casper sold 7,755 shares of the firm’s stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $123.08, for a total value of $954,485.40. The disclosure for this sale can be found here. Insiders have sold 35,185 shares of company stock valued at $3,744,268 in the last three months. 0.33% of the stock is currently owned by company insiders.

Analyst Ratings Changes

MRVL has been the topic of several recent research reports. The Goldman Sachs Group upped their price objective on shares of Marvell Technology from $115.00 to $131.00 and gave the company a “buy” rating in a report on Friday, January 10th. Benchmark reiterated a “buy” rating and issued a $135.00 price target on shares of Marvell Technology in a research report on Thursday, March 6th. Loop Capital raised shares of Marvell Technology from a “hold” rating to a “buy” rating and set a $110.00 price objective for the company in a research note on Thursday, March 6th. Summit Insights lowered Marvell Technology from a “buy” rating to a “hold” rating in a research note on Thursday, March 6th. Finally, Citigroup decreased their price target on shares of Marvell Technology from $136.00 to $122.00 and set a “buy” rating on the stock in a report on Thursday, March 6th. Three investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $120.44.

Marvell Technology Trading Down 11.2 %

MRVL opened at $49.43 on Friday. The stock has a market cap of $42.81 billion, a PE ratio of -29.08, a PEG ratio of 1.61 and a beta of 1.42. The business has a 50 day moving average of $87.42 and a 200-day moving average of $92.94. Marvell Technology, Inc. has a 52 week low of $47.31 and a 52 week 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 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Friday, April 11th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.49%. The ex-dividend date of this dividend is Friday, April 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -23.53%.

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.