Empirical Asset Management LLC Purchases New Shares in Marvell Technology, Inc. (NASDAQ:MRVL)

Empirical Asset Management LLC acquired a new position in Marvell Technology, Inc. (NASDAQ:MRVL) in the fourth quarter, HoldingsChannel.com reports. The institutional investor acquired 82,456 shares of the semiconductor company’s stock, valued at approximately $9,107,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in MRVL. Davidson Kempner Capital Management LP increased its stake in shares of Marvell Technology by 26.5% in the 2nd quarter. Davidson Kempner Capital Management LP now owns 250,000 shares of the semiconductor company’s stock worth $17,482,000 after acquiring an additional 52,365 shares in the last quarter. Braun Stacey Associates Inc. purchased a new stake in Marvell Technology in the third quarter worth about $16,435,000. Charles Schwab Investment Management Inc. increased its stake in shares of Marvell Technology by 2.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,261,887 shares of the semiconductor company’s stock valued at $235,247,000 after purchasing an additional 66,654 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its holdings in shares of Marvell Technology by 23.0% during the third quarter. Nomura Asset Management Co. Ltd. now owns 2,862,151 shares of the semiconductor company’s stock valued at $206,418,000 after purchasing an additional 535,203 shares during the last quarter. Finally, Franchise Capital Ltd bought a new stake in shares of Marvell Technology in the 4th quarter worth approximately $1,476,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on MRVL shares. The Goldman Sachs Group lifted their price objective on Marvell Technology from $115.00 to $131.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Barclays upped their price target on shares of Marvell Technology from $85.00 to $115.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Piper Sandler restated an “overweight” rating and set a $120.00 price objective (up from $100.00) on shares of Marvell Technology in a research note on Wednesday, December 4th. Bank of America lifted their target price on shares of Marvell Technology from $108.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Finally, Morgan Stanley increased their price target on shares of Marvell Technology from $102.00 to $120.00 and gave the company an “equal weight” rating in a report on Friday, December 20th. Three equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Marvell Technology currently has a consensus rating of “Moderate Buy” and an average price target of $121.68.

Insider Transactions at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $89.14, for a total transaction of $133,710.00. Following the completion of the transaction, the chief financial officer now directly owns 114,211 shares in the company, valued at approximately $10,180,768.54. The trade was a 1.30 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Chris Koopmans sold 6,000 shares of the 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 directly owns 109,244 shares of the company’s stock, valued at $8,823,637.88. This represents a 5.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 28,500 shares of company stock worth $2,967,670 in the last three months. Corporate insiders own 0.33% of the company’s stock.

Marvell Technology Stock Up 1.4 %

Shares of NASDAQ MRVL opened at $117.58 on Friday. Marvell Technology, Inc. has a 12-month low of $53.19 and a 12-month 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 firm has a 50 day moving average of $106.09 and a 200 day moving average of $84.09.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Friday, January 10th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.20%. The ex-dividend date of this dividend is Friday, January 10th. Marvell Technology’s payout ratio is -14.12%.

Marvell Technology Company 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.