Marvell Technology, Inc. (NASDAQ:MRVL) Shares Purchased by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc boosted its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 2.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 137,170 shares of the semiconductor company’s stock after purchasing an additional 3,783 shares during the period. Pinnacle Financial Partners Inc’s holdings in Marvell Technology were worth $15,150,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Centricity Wealth Management LLC acquired a new stake in Marvell Technology in the 4th quarter valued at $26,000. ORG Partners LLC increased its holdings in Marvell Technology by 175.3% in the 4th quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 149 shares in the last quarter. Kieckhefer Group LLC acquired a new stake in Marvell Technology in the 4th quarter valued at $33,000. Financial Life Planners acquired a new stake in Marvell Technology in the 4th quarter valued at $33,000. Finally, GHP Investment Advisors Inc. increased its holdings in 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. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on MRVL shares. Morgan Stanley lowered their target price on Marvell Technology from $120.00 to $113.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 28th. Bank of America increased their price target on shares of Marvell Technology from $108.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Rosenblatt Securities raised their target price on shares of Marvell Technology from $120.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Citigroup raised their target price on shares of Marvell Technology from $91.00 to $112.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Finally, Needham & Company LLC raised their target price on shares of Marvell Technology from $95.00 to $120.00 and gave the stock a “buy” rating in a report 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 issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $127.60.

Marvell Technology Price Performance

NASDAQ MRVL opened at $103.85 on Friday. Marvell Technology, Inc. has a twelve month low of $53.19 and a twelve month high of $127.48. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. The firm’s 50 day moving average price is $113.59 and its two-hundred day moving average price is $92.01.

Marvell Technology Dividend Announcement

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

Insiders Place Their Bets

In other news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $122.50, for a total transaction of $183,750.00. Following the transaction, the chief financial officer now directly owns 112,711 shares in the company, valued at $13,807,097.50. The trade was a 1.31 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $122.50, for a total transaction of $735,000.00. Following the transaction, the executive vice president now directly owns 97,244 shares of the company’s stock, valued at approximately $11,912,390. This represents a 5.81 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 36,255 shares of company stock worth $4,330,980. Corporate insiders own 0.33% of the company’s stock.

About Marvell Technology

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.