Proficio Capital Partners LLC Makes New Investment in Marvell Technology, Inc. (NASDAQ:MRVL)

Proficio Capital Partners LLC purchased a new position in Marvell Technology, Inc. (NASDAQ:MRVL) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm purchased 360,867 shares of the semiconductor company’s stock, valued at approximately $39,858,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MRVL. Temasek Holdings Private Ltd lifted its holdings in shares of Marvell Technology by 581.8% during the 3rd quarter. Temasek Holdings Private Ltd now owns 2,240,085 shares of the semiconductor company’s stock worth $161,555,000 after acquiring an additional 1,911,532 shares during the period. Holocene Advisors LP bought a new position in shares of Marvell Technology during the 3rd quarter worth about $120,116,000. 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 valued at $538,868,000 after purchasing an additional 1,570,050 shares during the last quarter. Perpetual Ltd lifted its holdings in Marvell Technology by 3,405.3% during the 4th quarter. Perpetual Ltd now owns 702,498 shares of the semiconductor company’s stock valued at $77,591,000 after purchasing an additional 682,457 shares during the last quarter. Finally, Nordea Investment Management AB lifted its holdings in Marvell Technology by 14.0% during the 4th quarter. Nordea Investment Management AB now owns 4,652,983 shares of the semiconductor company’s stock valued at $518,435,000 after purchasing an additional 571,005 shares during the last quarter. 83.51% of the stock is owned by institutional investors.

Marvell Technology Stock Up 4.8 %

Shares of NASDAQ MRVL opened at $91.82 on Friday. The stock has a market cap of $79.45 billion, a P/E ratio of -54.01, a P/E/G ratio of 1.61 and a beta of 1.40. The firm has a 50 day moving average price of $112.03 and a 200 day moving average price of $92.96. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. Marvell Technology, Inc. has a 52-week low of $53.19 and a 52-week high of $127.48.

Marvell Technology Announces Dividend

The company also recently disclosed 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. This represents a $0.24 dividend on an annualized basis and a yield of 0.26%. The ex-dividend date of this dividend was Friday, January 10th. Marvell Technology’s dividend payout ratio is currently -14.12%.

Insider Activity at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $122.50, for a total transaction of $183,750.00. Following the completion of the transaction, the chief financial officer now owns 112,711 shares in the company, valued at approximately $13,807,097.50. The trade was a 1.31 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Chris Koopmans sold 6,000 shares of the business’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 transaction, the chief operating officer now owns 87,931 shares of the company’s stock, valued at approximately $9,351,461.85. This represents a 6.39 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 36,255 shares of company stock worth $4,330,980. 0.33% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Wells Fargo & Company lifted their price target on shares of Marvell Technology from $130.00 to $140.00 and gave the company an “overweight” rating in a report on Monday, January 13th. Needham & Company LLC lifted their price target on shares of Marvell Technology from $95.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Piper Sandler reissued an “overweight” rating and set a $120.00 price target (up from $100.00) on shares of Marvell Technology in a report on Wednesday, December 4th. Craig Hallum lifted their price target on shares of Marvell Technology from $132.00 to $149.00 and gave the company a “buy” rating in a report on Monday, January 6th. Finally, Morgan Stanley restated an “equal weight” rating on shares of Marvell Technology in a research report on Friday, February 14th. Three analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Marvell Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $127.60.

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.