Smith Group Asset Management LLC Makes New Investment in Marvell Technology, Inc. (NASDAQ:MRVL)

Smith Group Asset Management LLC bought a new position in Marvell Technology, Inc. (NASDAQ:MRVL) during the 4th quarter, Holdings Channel.com reports. The fund bought 258,550 shares of the semiconductor company’s stock, valued at approximately $28,557,000. Marvell Technology accounts for about 2.1% of Smith Group Asset Management LLC’s investment portfolio, making the stock its 17th largest holding.

A number of other large investors have also recently made changes to their positions in the stock. Tsfg LLC grew its stake in shares of Marvell Technology by 7.5% during the 4th quarter. Tsfg LLC now owns 1,593 shares of the semiconductor company’s stock valued at $176,000 after acquiring an additional 111 shares during the period. Citizens Financial Group Inc. RI grew its stake in shares of Marvell Technology by 1.5% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 7,842 shares of the semiconductor company’s stock valued at $566,000 after acquiring an additional 116 shares during the period. Patton Albertson Miller Group LLC grew its stake in shares of Marvell Technology by 1.6% during the 4th quarter. Patton Albertson Miller Group LLC now owns 7,500 shares of the semiconductor company’s stock valued at $828,000 after acquiring an additional 120 shares during the period. Crumly & Associates Inc. grew its stake in shares of Marvell Technology by 1.5% during the 3rd quarter. Crumly & Associates Inc. now owns 8,223 shares of the semiconductor company’s stock valued at $593,000 after acquiring an additional 121 shares during the period. Finally, United Capital Management of KS Inc. grew its stake in shares of Marvell Technology by 0.4% during the 3rd quarter. United Capital Management of KS Inc. now owns 34,251 shares of the semiconductor company’s stock valued at $2,470,000 after acquiring an additional 131 shares during the period. 83.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MRVL has been the subject of a number of recent research reports. Wells Fargo & Company boosted their price objective on Marvell Technology from $130.00 to $140.00 and gave the company an “overweight” rating in a research note on Monday, January 13th. Loop Capital upped their price target on Marvell Technology from $95.00 to $110.00 and gave the stock a “hold” rating in a research note on Wednesday, December 4th. Cantor Fitzgerald upped their price target on Marvell Technology from $120.00 to $135.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. TD Cowen upped their price target on Marvell Technology from $90.00 to $125.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Finally, Morgan Stanley dropped their price target on Marvell Technology from $120.00 to $113.00 and set an “equal weight” rating for the company in a research note on Tuesday. Three investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Marvell Technology presently has a consensus rating of “Moderate Buy” and an average price target of $127.60.

Insider Transactions at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $122.50, for a total value of $183,750.00. Following the completion of the transaction, the chief financial officer now directly owns 112,711 shares in the company, valued at $13,807,097.50. This trade represents a 1.31 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $124.40, for a total value of $746,400.00. Following the completion of the transaction, the executive vice president now owns 93,931 shares of the company’s stock, valued at approximately $11,685,016.40. The trade was a 6.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 37,755 shares of company stock valued at $4,361,430. 0.33% of the stock is currently owned by corporate insiders.

Marvell Technology Stock Performance

MRVL stock opened at $103.88 on Wednesday. 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’s fifty day simple moving average is $110.63 and its two-hundred day simple moving average is $86.85. Marvell Technology, Inc. has a twelve month low of $53.19 and a twelve month high of $127.48. The firm has a market cap of $89.89 billion, a price-to-earnings ratio of -61.11, a PEG ratio of 4.12 and a beta of 1.41.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Friday, January 10th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.23%. The ex-dividend date is Friday, January 10th. Marvell Technology’s payout ratio is -14.12%.

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.