CoreCap Advisors LLC Raises Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

CoreCap Advisors LLC boosted its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 489.4% in the 4th quarter, Holdings Channel reports. The firm owned 1,886 shares of the semiconductor company’s stock after buying an additional 1,566 shares during the quarter. CoreCap Advisors LLC’s holdings in Marvell Technology were worth $208,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the stock. Invesco Ltd. increased its holdings in Marvell Technology by 30.1% in the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock valued at $1,784,649,000 after purchasing an additional 3,737,705 shares in the last quarter. Wellington Management Group LLP increased its holdings in Marvell Technology by 43.1% in 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 in the last quarter. Geode Capital Management LLC increased its holdings in Marvell Technology by 0.7% in the 4th quarter. Geode Capital Management LLC now owns 11,468,144 shares of the semiconductor company’s stock valued at $1,263,755,000 after purchasing an additional 80,005 shares in the last quarter. Norges Bank acquired a new stake in Marvell Technology in the 4th quarter valued at $1,138,354,000. Finally, Massachusetts Financial Services Co. MA increased its holdings in Marvell Technology by 28.7% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 7,592,726 shares of the semiconductor company’s stock valued at $838,617,000 after purchasing an additional 1,691,242 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Marvell Technology

In other news, COO Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $106.35, for a total transaction of $638,100.00. Following the sale, the chief operating officer now owns 87,931 shares of the company’s stock, valued at approximately $9,351,461.85. The trade was a 6.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $60.00, for a total value of $90,000.00. Following the sale, the chief financial officer now directly owns 124,348 shares in the company, valued at approximately $7,460,880. This trade represents a 1.19% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 28,890 shares of company stock worth $2,027,938. Insiders own 0.33% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on MRVL shares. Rosenblatt Securities reiterated a “buy” rating and issued a $140.00 price target on shares of Marvell Technology in a report on Thursday, March 6th. Wells Fargo & Company restated an “overweight” rating on shares of Marvell Technology in a research note on Thursday, March 6th. William Blair upgraded Marvell Technology to a “strong-buy” rating in a research note on Wednesday, February 5th. Stifel Nicolaus lowered their target price on Marvell Technology from $115.00 to $80.00 and set a “buy” rating for the company in a research note on Thursday, April 17th. Finally, Summit Insights downgraded Marvell Technology from a “buy” rating to a “hold” rating in a research note on Thursday, March 6th. Four research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $110.30.

Marvell Technology Stock Performance

Shares of NASDAQ MRVL opened at $59.65 on Monday. 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 firm’s 50-day moving average price is $61.19 and its two-hundred day moving average price is $89.40. Marvell Technology, Inc. has a 52-week low of $47.09 and a 52-week high of $127.48. The stock has a market capitalization of $51.53 billion, a P/E ratio of -35.09, a P/E/G ratio of 1.61 and a beta of 1.83.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Friday, April 11th were given a dividend of $0.06 per share. The ex-dividend date was Friday, April 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.40%. Marvell Technology’s dividend payout ratio is currently -23.53%.

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.