Westend Capital Management LLC Takes Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Westend Capital Management LLC acquired a new position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 131,424 shares of the semiconductor company’s stock, valued at approximately $14,516,000. Marvell Technology makes up 4.3% of Westend Capital Management LLC’s holdings, making the stock its 7th biggest holding.

Other hedge funds have also recently bought and sold shares of the company. Ameriprise Financial Inc. raised its stake in shares of Marvell Technology by 24.1% during the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock worth $812,509,000 after buying an additional 2,254,610 shares during the last quarter. Temasek Holdings Private Ltd grew its holdings in Marvell Technology by 581.8% during the 3rd quarter. Temasek Holdings Private Ltd now owns 2,240,085 shares of the semiconductor company’s stock worth $161,555,000 after acquiring an additional 1,911,532 shares during the period. Holocene Advisors LP bought a new stake in shares of Marvell Technology during the 3rd quarter valued at $120,116,000. Van ECK Associates Corp lifted its stake in shares of Marvell Technology by 26.6% in the 3rd quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock valued at $538,868,000 after purchasing an additional 1,570,050 shares during the period. Finally, D1 Capital Partners L.P. bought a new position in Marvell Technology during the second quarter worth about $108,204,000. 83.51% of the stock is currently owned by institutional investors.

Marvell Technology Trading Up 6.1 %

Shares of NASDAQ:MRVL opened at $124.76 on Friday. Marvell Technology, Inc. has a 52-week low of $53.19 and a 52-week high of $126.15. 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 has a market capitalization of $107.95 billion, a P/E ratio of -73.39, a price-to-earnings-growth ratio of 3.76 and a beta of 1.41. The company has a 50-day simple moving average of $106.70 and a 200 day simple moving average of $84.46.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Friday, January 10th will be paid a dividend of $0.06 per share. The ex-dividend date is Friday, January 10th. This represents a $0.24 annualized dividend and a dividend yield of 0.19%. Marvell Technology’s dividend payout ratio is currently -14.12%.

Insider Buying and Selling

In other news, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $80.77, for a total transaction of $484,620.00. Following the completion of the sale, the executive vice president now owns 109,244 shares in the company, valued at $8,823,637.88. The trade was a 5.21 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Mark Casper sold 7,755 shares of the stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $123.08, for a total value of $954,485.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 37,755 shares of company stock valued at $4,099,650. 0.33% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

MRVL has been the subject of a number of recent analyst reports. 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 note on Wednesday, December 4th. Piper Sandler reaffirmed an “overweight” rating and issued a $120.00 target price (up previously from $100.00) on shares of Marvell Technology in a research note on Wednesday, December 4th. Barclays raised their price objective on Marvell Technology from $115.00 to $150.00 and gave the stock an “overweight” rating in a research note on Friday. Citigroup boosted their target price on Marvell Technology from $91.00 to $112.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Finally, Stifel Nicolaus raised their price target on Marvell Technology from $125.00 to $130.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $123.08.

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.