Taikang Asset Management Hong Kong Co Ltd Acquires New Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Taikang Asset Management Hong Kong Co Ltd bought a new position in Marvell Technology, Inc. (NASDAQ:MRVL) during the 4th quarter, HoldingsChannel reports. The firm bought 34,700 shares of the semiconductor company’s stock, valued at approximately $3,833,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Prudential Financial Inc. raised its stake in Marvell Technology by 1,006.0% during the 4th quarter. Prudential Financial Inc. now owns 806,027 shares of the semiconductor company’s stock worth $89,026,000 after buying an additional 733,147 shares during the period. Congress Wealth Management LLC DE acquired a new stake in shares of Marvell Technology during the fourth quarter worth about $1,234,000. Hill Island Financial LLC bought a new position in shares of Marvell Technology during the 4th quarter valued at about $289,000. LPL Financial LLC grew its position in shares of Marvell Technology by 20.2% in the 4th quarter. LPL Financial LLC now owns 675,332 shares of the semiconductor company’s stock valued at $74,590,000 after purchasing an additional 113,389 shares during the period. Finally, Fox Run Management L.L.C. bought a new stake in Marvell Technology during the 4th quarter worth approximately $537,000. 83.51% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on MRVL shares. Barclays reduced their price target on shares of Marvell Technology from $150.00 to $130.00 and set an “overweight” rating for the company in a report on Thursday, March 6th. Summit Insights cut Marvell Technology from a “buy” rating to a “hold” rating in a report on Thursday, March 6th. The Goldman Sachs Group boosted their price target on Marvell Technology from $115.00 to $131.00 and gave the company a “buy” rating in a report on Friday, January 10th. Melius Research upgraded Marvell Technology to a “strong-buy” rating in a report on Monday, January 27th. Finally, Citigroup cut their target price on Marvell Technology from $136.00 to $122.00 and set a “buy” rating on the stock in a research note on Thursday, March 6th. Three 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. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $120.44.

Insider Activity

In other news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $118.33, for a total transaction of $177,495.00. Following the transaction, the chief financial officer now owns 111,211 shares in the company, valued at approximately $13,159,597.63. This trade represents a 1.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Panteha Dixon sold 1,430 shares of the business’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $68.75, for a total value of $98,312.50. Following the completion of the sale, the chief accounting officer now owns 31,100 shares of the company’s stock, valued at $2,138,125. This trade represents a 4.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 37,685 shares of company stock valued at $4,026,768 over the last ninety days. 0.33% of the stock is currently owned by company insiders.

Marvell Technology Stock Performance

Shares of NASDAQ MRVL opened at $72.76 on Tuesday. Marvell Technology, Inc. has a 12 month low of $53.19 and a 12 month high of $127.48. The stock has a 50 day moving average of $98.21 and a 200-day moving average of $93.87. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $63.01 billion, a P/E ratio of -42.80, a P/E/G ratio of 1.61 and a beta of 1.42.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be issued a $0.06 dividend. The ex-dividend date is Friday, April 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. Marvell Technology’s dividend payout ratio is currently -23.53%.

Marvell Technology 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.