Axiom Investors LLC DE Acquires New Shares in Marvell Technology, Inc. (NASDAQ:MRVL)

Axiom Investors LLC DE bought a new stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 24,050 shares of the semiconductor company’s stock, valued at approximately $2,656,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. AIA Group Ltd purchased a new stake in Marvell Technology during the fourth quarter valued at $640,000. Wellington Management Group LLP increased its position in shares of Marvell Technology by 43.1% during the 4th quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock valued at $1,374,252,000 after purchasing an additional 3,747,982 shares during the last quarter. O Shaughnessy Asset Management LLC lifted its stake in shares of Marvell Technology by 23.6% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 36,778 shares of the semiconductor company’s stock worth $4,062,000 after purchasing an additional 7,019 shares during the period. CIBC Private Wealth Group LLC lifted its stake in shares of Marvell Technology by 150.4% in the 4th quarter. CIBC Private Wealth Group LLC now owns 1,494,622 shares of the semiconductor company’s stock worth $176,709,000 after purchasing an additional 897,839 shares during the period. Finally, California Public Employees Retirement System boosted its holdings in shares of Marvell Technology by 31.3% in the fourth quarter. California Public Employees Retirement System now owns 1,869,352 shares of the semiconductor company’s stock worth $206,470,000 after buying an additional 445,765 shares during the last quarter. 83.51% of the stock is owned by institutional investors.

Marvell Technology Price Performance

MRVL opened at $61.57 on Tuesday. 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 has a fifty day moving average of $92.78 and a 200 day moving average of $93.66. Marvell Technology, Inc. has a 52-week low of $53.19 and a 52-week high of $127.48. The stock has a market cap of $53.32 billion, a P/E ratio of -36.22, a PEG ratio of 1.61 and a beta of 1.42.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Friday, April 11th will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.39%. The ex-dividend date is Friday, April 11th. Marvell Technology’s payout ratio is presently -23.53%.

Analysts Set New Price Targets

Several research analysts have weighed in on MRVL shares. Citigroup decreased their price target on shares of Marvell Technology from $136.00 to $122.00 and set a “buy” rating on the stock in a research report on Thursday, March 6th. Roth Capital set a $100.00 target price on Marvell Technology in a research report on Thursday, March 6th. JPMorgan Chase & Co. upped their price target on Marvell Technology from $90.00 to $130.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. UBS Group lifted their price objective on Marvell Technology from $110.00 to $115.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Finally, Evercore ISI raised their target price on shares of Marvell Technology from $98.00 to $122.00 and gave the stock an “outperform” rating in a research note on Monday, December 2nd. Three equities research 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. Based on data from MarketBeat, Marvell Technology has an average rating of “Moderate Buy” and an average target price of $120.44.

Insider Buying and Selling

In other news, CAO Panteha Dixon sold 1,430 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $68.75, for a total transaction of $98,312.50. Following the transaction, the chief accounting officer now directly owns 31,100 shares of the company’s stock, valued at approximately $2,138,125. This trade represents a 4.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, 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 Monday, March 17th. The shares were sold at an average price of $68.83, for a total value of $412,980.00. Following the completion of the sale, the chief operating officer now owns 81,931 shares of the company’s stock, valued at $5,639,310.73. The trade was a 6.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 37,685 shares of company stock valued at $4,026,768 in the last 90 days. 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.