Forge First Asset Management Inc. Makes New $13.02 Million Investment in Marvell Technology, Inc. (NASDAQ:MRVL)

Forge First Asset Management Inc. bought a new stake in Marvell Technology, Inc. (NASDAQ:MRVL) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 117,921 shares of the semiconductor company’s stock, valued at approximately $13,024,000. Marvell Technology accounts for approximately 4.7% of Forge First Asset Management Inc.’s investment portfolio, making the stock its 7th largest position.

A number of other large investors also recently made changes to their positions in the business. Great Lakes Advisors LLC boosted its position in Marvell Technology by 143.6% during the fourth quarter. Great Lakes Advisors LLC now owns 13,932 shares of the semiconductor company’s stock worth $1,539,000 after purchasing an additional 8,213 shares during the period. Truvestments Capital LLC boosted its position in shares of Marvell Technology by 12.6% in the fourth quarter. Truvestments Capital LLC now owns 16,925 shares of the semiconductor company’s stock valued at $1,869,000 after acquiring an additional 1,897 shares during the period. Sequoia Financial Advisors LLC boosted its position in shares of Marvell Technology by 2.2% in the fourth quarter. Sequoia Financial Advisors LLC now owns 15,398 shares of the semiconductor company’s stock valued at $1,701,000 after acquiring an additional 326 shares during the period. Wealth High Governance Capital Ltda bought a new stake in shares of Marvell Technology in the fourth quarter valued at approximately $8,217,000. Finally, Briaud Financial Planning Inc boosted its position in shares of Marvell Technology by 41.3% in the fourth quarter. Briaud Financial Planning Inc now owns 848 shares of the semiconductor company’s stock valued at $93,000 after acquiring an additional 248 shares during the period. Institutional investors and hedge funds own 83.51% of the company’s stock.

Marvell Technology Trading Up 2.3 %

Shares of Marvell Technology stock opened at $67.16 on Wednesday. Marvell Technology, Inc. has a 12-month low of $53.19 and a 12-month high of $127.48. The stock has a market cap of $58.11 billion, a P/E ratio of -39.51, a P/E/G ratio of 1.61 and a beta of 1.42. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. The business’s 50 day moving average is $107.36 and its 200-day moving average is $93.97.

Marvell Technology Dividend Announcement

The firm also recently announced 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 dividend yield of 0.36%. The ex-dividend date was Friday, January 10th. Marvell Technology’s payout ratio is presently -23.53%.

Insider Buying and Selling

In other news, EVP Chris Koopmans sold 6,000 shares of the stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $124.40, for a total transaction of $746,400.00. Following the sale, the executive vice president now directly owns 93,931 shares of the company’s stock, valued at approximately $11,685,016.40. This represents a 6.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Mark Casper sold 7,755 shares of the stock in a transaction on Friday, January 17th. The stock was 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. In the last three months, insiders have sold 36,255 shares of company stock valued at $4,330,980. 0.33% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on MRVL shares. Citigroup reduced their price objective on Marvell Technology from $136.00 to $122.00 and set a “buy” rating for the company in a research report on Thursday, March 6th. Rosenblatt Securities reissued a “buy” rating and issued a $140.00 price objective on shares of Marvell Technology in a research report on Thursday, March 6th. Melius Research raised Marvell Technology to a “strong-buy” rating in a research report on Monday, January 27th. Cantor Fitzgerald upped their target price on Marvell Technology from $120.00 to $135.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Finally, Craig Hallum upped their target price on Marvell Technology from $132.00 to $149.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Three investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $120.44.

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.