PointState Capital LP Has $76.47 Million Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

PointState Capital LP decreased its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 75.8% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 692,302 shares of the semiconductor company’s stock after selling 2,165,780 shares during the quarter. Marvell Technology accounts for approximately 1.4% of PointState Capital LP’s holdings, making the stock its 23rd biggest holding. PointState Capital LP owned 0.08% of Marvell Technology worth $76,465,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Norges Bank acquired a new stake in shares of Marvell Technology during the 4th quarter worth about $1,138,354,000. GQG Partners LLC acquired a new stake in shares of Marvell Technology during the 4th quarter worth about $802,410,000. Nuveen Asset Management LLC increased its position in shares of Marvell Technology by 232.2% during the 4th quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company’s stock worth $1,033,859,000 after purchasing an additional 6,543,132 shares in the last quarter. 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 worth $1,374,252,000 after purchasing an additional 3,747,982 shares in the last quarter. Finally, Invesco Ltd. increased its position in shares of Marvell Technology by 30.1% during the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock worth $1,784,649,000 after purchasing an additional 3,737,705 shares in the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

Insider Activity

In other Marvell Technology news, EVP Mark Casper sold 12,460 shares of Marvell Technology stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $55.00, for a total transaction of $685,300.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Monday, March 17th. The stock was sold at an average price of $68.83, for a total transaction of $103,245.00. Following the transaction, the chief financial officer now directly owns 113,592 shares of the company’s stock, valued at approximately $7,818,537.36. This trade represents a 1.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 30,176 shares of company stock worth $2,111,528 over the last ninety days. Insiders own 0.19% of the company’s stock.

Marvell Technology Stock Performance

Shares of MRVL opened at $65.90 on Thursday. 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 twelve month low of $47.09 and a twelve month high of $127.48. The firm’s 50 day moving average price is $60.44 and its two-hundred day moving average price is $88.95. The firm has a market cap of $56.93 billion, a P/E ratio of -38.76, a PEG ratio of 1.61 and a beta of 1.83.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Friday, April 11th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.36%. The ex-dividend date was Friday, April 11th. Marvell Technology’s payout ratio is currently -23.53%.

Analyst Upgrades and Downgrades

MRVL has been the subject of a number of recent analyst reports. Barclays dropped their target price on shares of Marvell Technology from $130.00 to $80.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. Rosenblatt Securities reiterated a “buy” rating and set a $140.00 target price on shares of Marvell Technology in a research report on Thursday, March 6th. Roth Capital set a $100.00 target price on shares of Marvell Technology in a research report on Thursday, March 6th. Cantor Fitzgerald lowered shares of Marvell Technology from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $125.00 to $60.00 in a report on Wednesday, May 7th. Finally, Bank of America decreased their price objective on shares of Marvell Technology from $120.00 to $72.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. Four research analysts have rated the stock with a hold rating, twenty-two have assigned 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 a consensus target price of $111.27.

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.