Franchise Capital Ltd Purchases Shares of 13,368 Marvell Technology, Inc. (NASDAQ:MRVL)

Franchise Capital Ltd acquired a new position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 13,368 shares of the semiconductor company’s stock, valued at approximately $1,476,000. Marvell Technology makes up about 0.7% of Franchise Capital Ltd’s portfolio, making the stock its 16th largest holding.

A number of other hedge funds and other institutional investors have also made changes to their positions in MRVL. State Street Corp boosted its position in Marvell Technology by 0.3% during the 3rd quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company’s stock worth $1,438,336,000 after acquiring an additional 68,893 shares during the last quarter. Ameriprise Financial Inc. lifted its position in shares of Marvell Technology by 24.1% in the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock worth $812,509,000 after purchasing an additional 2,254,610 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Marvell Technology by 2.0% during the third quarter. Geode Capital Management LLC now owns 11,388,139 shares of the semiconductor company’s stock worth $818,916,000 after purchasing an additional 219,692 shares during the last quarter. Wellington Management Group LLP grew its position in Marvell Technology by 4.3% in the third quarter. Wellington Management Group LLP now owns 8,694,320 shares of the semiconductor company’s stock valued at $627,034,000 after purchasing an additional 359,005 shares in the last quarter. Finally, Van ECK Associates Corp increased its stake in 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 buying an additional 1,570,050 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Barclays lifted their target price on Marvell Technology from $85.00 to $115.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Rosenblatt Securities boosted their price target on Marvell Technology from $120.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Wells Fargo & Company increased their price objective on Marvell Technology from $110.00 to $130.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. B. Riley raised their target price on shares of Marvell Technology from $105.00 to $135.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $120.00 price target (up from $100.00) on shares of Marvell Technology in a research report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have issued a buy rating to the company’s stock. According to MarketBeat, Marvell Technology presently has an average rating of “Moderate Buy” and an average target price of $119.76.

Marvell Technology Price Performance

Shares of Marvell Technology stock opened at $113.56 on Friday. 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 stock has a market capitalization of $98.26 billion, a price-to-earnings ratio of -66.80, a price-to-earnings-growth ratio of 4.03 and a beta of 1.46. Marvell Technology, Inc. has a twelve month low of $53.19 and a twelve month high of $126.15. The company has a 50-day simple moving average of $99.80 and a two-hundred day simple moving average of $80.88.

Marvell Technology Announces Dividend

The firm 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 $0.06 dividend. The ex-dividend date is Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.21%. Marvell Technology’s payout ratio is -14.12%.

Insider Activity at Marvell Technology

In related news, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $80.77, for a total value of $484,620.00. Following the completion of the transaction, the executive vice president now owns 109,244 shares of the company’s stock, valued at $8,823,637.88. The trade was a 5.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Matthew J. Murphy acquired 13,000 shares of Marvell Technology stock in a transaction on Monday, October 14th. The shares were purchased at an average price of $77.63 per share, for a total transaction of $1,009,190.00. Following the completion of the purchase, the chief executive officer now directly owns 221,915 shares of the company’s stock, valued at approximately $17,227,261.45. This represents a 6.22 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 172,500 shares of company stock worth $14,267,670. Company insiders own 0.33% of the company’s stock.

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.