Convergence Investment Partners LLC Invests $6 Million in Marvell Technology, Inc. (NASDAQ:MRVL)

Convergence Investment Partners LLC bought a new stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) during the 4th quarter, according to its most recent filing with the SEC. The firm bought 54,311 shares of the semiconductor company’s stock, valued at approximately $5,999,000. Marvell Technology accounts for 1.3% of Convergence Investment Partners LLC’s holdings, making the stock its 10th biggest position.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. ORG Partners LLC increased its position in shares of Marvell Technology by 175.3% during the fourth quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock worth $26,000 after acquiring an additional 149 shares during the last quarter. Kieckhefer Group LLC acquired a new stake in Marvell Technology during the 4th quarter valued at approximately $33,000. Financial Life Planners purchased a new stake in Marvell Technology during the 4th quarter worth approximately $33,000. GHP Investment Advisors Inc. raised its position in shares of Marvell Technology by 48.3% in the 4th quarter. GHP Investment Advisors Inc. now owns 344 shares of the semiconductor company’s stock valued at $38,000 after purchasing an additional 112 shares in the last quarter. Finally, True Wealth Design LLC boosted its stake in shares of Marvell Technology by 1,481.8% during the 3rd quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock valued at $25,000 after buying an additional 326 shares during the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Marvell Technology

In other news, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $122.50, for a total value of $735,000.00. Following the sale, the executive vice president now owns 97,244 shares in the company, valued at approximately $11,912,390. This trade represents a 5.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Mark Casper sold 7,755 shares of the stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $123.08, for a total transaction of $954,485.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 30,255 shares of company stock valued at $3,692,880. Insiders own 0.33% of the company’s stock.

Marvell Technology Stock Up 0.7 %

Marvell Technology stock opened at $107.29 on Wednesday. Marvell Technology, Inc. has a 12 month low of $53.19 and a 12 month high of $127.48. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. The company’s fifty day simple moving average is $113.93 and its 200-day simple moving average is $91.10.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 30th. Stockholders of record on Friday, January 10th were issued a dividend of $0.06 per share. The ex-dividend date was Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.22%. Marvell Technology’s dividend payout ratio is currently -14.12%.

Wall Street Analysts Forecast Growth

MRVL has been the topic of a number of research analyst reports. Melius Research upgraded shares of Marvell Technology to a “strong-buy” rating in a research note on Monday, January 27th. UBS Group boosted their price objective on Marvell Technology from $110.00 to $115.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Rosenblatt Securities lifted their target price on Marvell Technology from $120.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Loop Capital upped their price target on Marvell Technology from $95.00 to $110.00 and gave the company a “hold” rating in a research report on Wednesday, December 4th. Finally, Needham & Company LLC raised their price objective on Marvell Technology from $95.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Three equities research 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 stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $127.60.

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.