Baker Avenue Asset Management LP Decreases Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Baker Avenue Asset Management LP cut its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 7.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 209,745 shares of the semiconductor company’s stock after selling 17,463 shares during the period. Baker Avenue Asset Management LP’s holdings in Marvell Technology were worth $23,166,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Marvell Technology during the fourth quarter valued at approximately $1,138,354,000. GQG Partners LLC purchased a new position in Marvell Technology during the 4th quarter valued at $802,410,000. Wellington Management Group LLP raised 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 worth $1,374,252,000 after purchasing an additional 3,747,982 shares in the last quarter. Invesco Ltd. lifted its position in shares of Marvell Technology by 30.1% in 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 during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of Marvell Technology during the 4th quarter valued at about $366,896,000. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently issued reports on MRVL. Rosenblatt Securities restated a “buy” rating and issued a $140.00 price objective on shares of Marvell Technology in a report on Thursday, March 6th. Barclays lowered their target price on Marvell Technology from $130.00 to $80.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. Melius began coverage on Marvell Technology in a research note on Monday, January 27th. They issued a “buy” rating and a $188.00 price target on the stock. Needham & Company LLC lowered their price objective on Marvell Technology from $120.00 to $100.00 and set a “buy” rating for the company in a research report on Thursday, March 6th. Finally, Wells Fargo & Company reaffirmed an “overweight” rating on shares of Marvell Technology in a research report on Thursday, March 6th. Three analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, Marvell Technology presently has a consensus rating of “Moderate Buy” and an average target price of $114.56.

Marvell Technology Trading Up 2.3 %

Shares of NASDAQ:MRVL opened at $62.33 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. Marvell Technology, Inc. has a 1 year low of $47.09 and a 1 year high of $127.48. The company has a market cap of $53.98 billion, a P/E ratio of -36.66, a PEG ratio of 1.61 and a beta of 1.83. The stock’s fifty day moving average price is $64.22 and its 200-day moving average price is $90.11.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Friday, April 11th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.39%. The ex-dividend date of this dividend was Friday, April 11th. Marvell Technology’s dividend payout ratio is currently -23.53%.

Insider Activity

In other news, CFO Willem A. Meintjes sold 1,500 shares of the 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 $7,818,537.36. This represents a 1.30 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Brad W. Buss acquired 3,000 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The stock was purchased at an average cost of $69.00 per share, with a total value of $207,000.00. Following the acquisition, the director now directly owns 87,113 shares of the company’s stock, valued at $6,010,797. This trade represents a 3.57 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 28,890 shares of company stock valued at $2,027,938 in the last 90 days. 0.33% of the stock is currently owned by insiders.

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.