Melqart Asset Management UK Ltd Has $14.19 Million Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Melqart Asset Management UK Ltd cut its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 59.3% during the 3rd quarter, Holdings Channel.com reports. The firm owned 196,763 shares of the semiconductor company’s stock after selling 286,163 shares during the period. Marvell Technology accounts for approximately 1.3% of Melqart Asset Management UK Ltd’s investment portfolio, making the stock its 22nd biggest holding. Melqart Asset Management UK Ltd’s holdings in Marvell Technology were worth $14,191,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Ameriprise Financial Inc. lifted its position in Marvell Technology by 24.1% during the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock worth $812,509,000 after acquiring an additional 2,254,610 shares during the last quarter. Van ECK Associates Corp lifted its holdings in Marvell Technology by 26.6% during the 3rd quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock worth $538,868,000 after purchasing an additional 1,570,050 shares during the last quarter. Clearbridge Investments LLC boosted its stake in Marvell Technology by 3.0% in the 2nd quarter. Clearbridge Investments LLC now owns 5,189,682 shares of the semiconductor company’s stock valued at $362,759,000 after purchasing an additional 150,109 shares during the period. Dimensional Fund Advisors LP grew its holdings in Marvell Technology by 0.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,844,719 shares of the semiconductor company’s stock valued at $268,711,000 after buying an additional 25,983 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Marvell Technology by 2.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,261,887 shares of the semiconductor company’s stock worth $235,247,000 after buying an additional 66,654 shares during the period. Institutional investors own 83.51% of the company’s stock.

Wall Street Analyst Weigh In

MRVL has been the subject of several analyst reports. Evercore ISI lifted their price objective on shares of Marvell Technology from $98.00 to $122.00 and gave the stock an “outperform” rating in a research note on Monday. StockNews.com raised Marvell Technology from a “sell” rating to a “hold” rating in a research report on Monday. Citigroup reaffirmed a “buy” rating and issued a $91.00 price objective on shares of Marvell Technology in a report on Monday, October 14th. Barclays increased their target price on Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, August 30th. Finally, Wells Fargo & Company boosted their price target on Marvell Technology from $90.00 to $110.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. Three research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Marvell Technology currently has an average rating of “Moderate Buy” and an average price target of $96.43.

Insiders Place Their Bets

In related news, EVP Mark Casper sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $70.83, for a total value of $177,075.00. Following the completion of the transaction, the executive vice president now directly owns 22,494 shares of the company’s stock, valued at approximately $1,593,250.02. This trade represents a 10.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $73.87, for a total transaction of $110,805.00. Following the sale, the chief financial officer now directly owns 111,753 shares in the company, valued at $8,255,194.11. The trade was a 1.32 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 267,000 shares of company stock valued at $20,899,260. Company insiders own 0.33% of the company’s stock.

Marvell Technology Stock Down 1.0 %

Marvell Technology stock opened at $95.91 on Wednesday. Marvell Technology, Inc. has a fifty-two week low of $50.35 and a fifty-two week high of $98.72. The stock has a market cap of $85.00 billion, a PE ratio of -86.41, a price-to-earnings-growth ratio of 4.19 and a beta of 1.46. The firm’s 50-day simple moving average is $83.50 and its 200 day simple moving average is $74.73. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Friday, October 11th were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.25%. Marvell Technology’s dividend payout ratio (DPR) is presently -21.62%.

Marvell Technology Company 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.