Benjamin Edwards Inc. Boosts Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Benjamin Edwards Inc. grew its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 1,231.1% in the third quarter, HoldingsChannel reports. The institutional investor owned 4,499 shares of the semiconductor company’s stock after buying an additional 4,161 shares during the period. Benjamin Edwards Inc.’s holdings in Marvell Technology were worth $325,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in MRVL. Ameriprise Financial Inc. raised its holdings 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 buying an additional 2,254,610 shares during the last quarter. Swedbank AB raised its holdings in shares of Marvell Technology by 653.5% in the second quarter. Swedbank AB now owns 2,334,015 shares of the semiconductor company’s stock worth $163,148,000 after buying an additional 2,024,269 shares during the last quarter. Van ECK Associates Corp raised its holdings in shares of Marvell Technology by 26.6% in the third quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock worth $538,868,000 after buying an additional 1,570,050 shares during the last quarter. D1 Capital Partners L.P. purchased a new position in shares of Marvell Technology in the second quarter worth $108,204,000. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Marvell Technology by 934.2% in the second quarter. Assenagon Asset Management S.A. now owns 1,512,839 shares of the semiconductor company’s stock worth $105,747,000 after buying an additional 1,366,553 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Marvell Technology Stock Performance

MRVL opened at $107.03 on Tuesday. The firm has a market capitalization of $92.61 billion, a PE ratio of -62.96, a PEG ratio of 3.79 and a beta of 1.46. Marvell Technology, Inc. has a twelve month low of $52.89 and a twelve month high of $119.88. The firm’s 50-day moving average price is $86.79 and its 200 day moving average price is $75.83. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Friday, October 11th were given a dividend of $0.06 per share. The ex-dividend date was Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.22%. Marvell Technology’s payout ratio is presently -14.12%.

Insider Buying and Selling

In other Marvell Technology news, insider Muhammad Raghib Hussain sold 150,000 shares of Marvell Technology stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the transaction, the insider now directly owns 694,487 shares of the company’s stock, valued at $55,906,203.50. The trade was a 17.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $89.14, for a total transaction of $133,710.00. Following the transaction, the chief financial officer now directly owns 114,211 shares in the company, valued at $10,180,768.54. This trade represents a 1.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 267,000 shares of company stock worth $20,899,260. 0.33% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on MRVL shares. UBS Group raised their price target on shares of Marvell Technology from $110.00 to $115.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. KeyCorp raised their target price on shares of Marvell Technology from $95.00 to $125.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Oppenheimer raised their target price on shares of Marvell Technology from $110.00 to $125.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Evercore ISI raised their target price on shares of Marvell Technology from $98.00 to $122.00 and gave the stock an “outperform” rating in a report on Monday, December 2nd. Finally, Benchmark reissued a “buy” rating and set a $135.00 target price (up previously from $115.00) on shares of Marvell Technology in a report on Wednesday, December 4th. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $119.04.

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.