Needham Investment Management LLC Increases Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Needham Investment Management LLC grew its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 13.8% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 70,000 shares of the semiconductor company’s stock after purchasing an additional 8,500 shares during the quarter. Needham Investment Management LLC’s holdings in Marvell Technology were worth $5,048,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in MRVL. True Wealth Design LLC grew its position in shares of Marvell Technology by 1,481.8% during the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock worth $25,000 after acquiring an additional 326 shares during the last quarter. Strategic Investment Solutions Inc. IL purchased a new position in Marvell Technology during the 2nd quarter worth $32,000. Quarry LP acquired a new position in Marvell Technology in the second quarter valued at $32,000. Whittier Trust Co. raised its holdings in shares of Marvell Technology by 74.5% in the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after buying an additional 210 shares during the last quarter. Finally, Briaud Financial Planning Inc acquired a new stake in shares of Marvell Technology during the third quarter worth about $43,000. 83.51% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Marvell Technology

In other news, CEO Matthew J. Murphy sold 6,000 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $73.29, for a total transaction of $439,740.00. Following the completion of the sale, the chief executive officer now owns 208,915 shares in the company, valued at approximately $15,311,380.35. The trade was a 2.79 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $73.87, for a total transaction of $110,805.00. Following the completion of the transaction, the chief financial officer now owns 111,753 shares in the company, valued at $8,255,194.11. The trade was a 1.32 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 267,000 shares of company stock worth $20,899,260 in the last three months. Company insiders own 0.33% of the company’s stock.

Marvell Technology Trading Up 4.5 %

Shares of NASDAQ MRVL traded up $4.17 during midday trading on Tuesday, reaching $96.86. 17,482,036 shares of the stock were exchanged, compared to its average volume of 8,545,211. The stock has a 50 day moving average price of $83.01 and a 200-day moving average price of $74.56. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. Marvell Technology, Inc. has a 52-week low of $50.35 and a 52-week high of $97.63.

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Friday, October 11th were paid a $0.06 dividend. The ex-dividend date of this dividend was Friday, October 11th. This represents a $0.24 annualized dividend and a yield of 0.25%. Marvell Technology’s payout ratio is currently -21.62%.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Citigroup reaffirmed a “buy” rating and set a $91.00 price objective on shares of Marvell Technology in a research note on Monday, October 14th. StockNews.com upgraded shares of Marvell Technology from a “sell” rating to a “hold” rating in a research report on Monday. Oppenheimer upped their price objective on shares of Marvell Technology from $90.00 to $110.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 26th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $85.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Finally, Barclays raised their price objective on shares of Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, August 30th. Three analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $96.43.

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.