Marvell Technology, Inc. (NASDAQ:MRVL) Holdings Boosted by Procyon Advisors LLC

Procyon Advisors LLC grew its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 27.4% in the fourth quarter, Holdings Channel.com reports. The firm owned 7,767 shares of the semiconductor company’s stock after purchasing an additional 1,671 shares during the period. Procyon Advisors LLC’s holdings in Marvell Technology were worth $858,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Ameriprise Financial Inc. boosted its holdings in Marvell Technology by 24.1% in the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock worth $812,509,000 after purchasing an additional 2,254,610 shares in the last quarter. Temasek Holdings Private Ltd raised its holdings in Marvell Technology by 581.8% during the third quarter. Temasek Holdings Private Ltd now owns 2,240,085 shares of the semiconductor company’s stock valued at $161,555,000 after buying an additional 1,911,532 shares in the last quarter. Holocene Advisors LP acquired a new stake in shares of Marvell Technology in the third quarter worth about $120,116,000. Van ECK Associates Corp boosted its stake in shares of 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 acquiring an additional 1,570,050 shares in the last quarter. Finally, D1 Capital Partners L.P. acquired a new position in shares of Marvell Technology during the 2nd quarter valued at about $108,204,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on MRVL shares. Morgan Stanley boosted their price objective on shares of Marvell Technology from $102.00 to $120.00 and gave the stock an “equal weight” rating in a research note on Friday, December 20th. Loop Capital boosted their target price on shares of Marvell Technology from $95.00 to $110.00 and gave the stock a “hold” rating in a research report on Wednesday, December 4th. KeyCorp lifted their price objective on Marvell Technology from $95.00 to $125.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. UBS Group boosted their price objective on Marvell Technology from $110.00 to $115.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Finally, JPMorgan Chase & Co. raised their target price on Marvell Technology from $90.00 to $130.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to data from MarketBeat.com, Marvell Technology currently has a consensus rating of “Moderate Buy” and an average price target of $123.08.

Marvell Technology Trading Up 6.1 %

Shares of MRVL stock opened at $124.76 on Friday. Marvell Technology, Inc. has a fifty-two week low of $53.19 and a fifty-two week high of $126.15. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. The stock has a 50 day simple moving average of $106.70 and a two-hundred day simple moving average of $84.55. The company has a market cap of $107.95 billion, a P/E ratio of -73.39, a PEG ratio of 3.76 and a beta of 1.41.

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Friday, January 10th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Friday, January 10th. This represents a $0.24 annualized dividend and a yield of 0.19%. Marvell Technology’s payout ratio is currently -14.12%.

Insider Buying and Selling at Marvell Technology

In other news, EVP Mark Casper sold 7,755 shares of the firm’s stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $123.08, for a total value of $954,485.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Friday, November 15th. The stock was sold at an average price of $89.14, for a total transaction of $133,710.00. Following the transaction, the chief financial officer now directly owns 114,211 shares in the company, valued at $10,180,768.54. This represents a 1.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 37,755 shares of company stock valued at $4,099,650. Company insiders own 0.33% of the company’s stock.

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.