Polymer Capital Management HK LTD Purchases 44,103 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Polymer Capital Management HK LTD increased its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 711.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 50,303 shares of the semiconductor company’s stock after purchasing an additional 44,103 shares during the quarter. Marvell Technology makes up 1.0% of Polymer Capital Management HK LTD’s holdings, making the stock its 25th largest position. Polymer Capital Management HK LTD’s holdings in Marvell Technology were worth $5,556,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Norges Bank bought a new position in shares of Marvell Technology during the 4th quarter worth approximately $1,138,354,000. GQG Partners LLC acquired a new stake in Marvell Technology during the 4th quarter valued at $802,410,000. Wellington Management Group LLP boosted its position in Marvell Technology by 43.1% during the fourth quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock worth $1,374,252,000 after purchasing an additional 3,747,982 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Marvell Technology in the fourth quarter valued at $366,896,000. Finally, Artisan Partners Limited Partnership raised its position in shares of Marvell Technology by 98.4% in the fourth quarter. Artisan Partners Limited Partnership now owns 4,100,825 shares of the semiconductor company’s stock valued at $452,936,000 after purchasing an additional 2,034,353 shares during the period. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MRVL has been the subject of several research analyst reports. Wells Fargo & Company reaffirmed an “overweight” rating on shares of Marvell Technology in a report on Thursday, March 6th. Barclays reduced their price objective on Marvell Technology from $150.00 to $130.00 and set an “overweight” rating for the company in a report on Thursday, March 6th. Melius assumed coverage on Marvell Technology in a research note on Monday, January 27th. They set a “buy” rating and a $188.00 target price on the stock. Bank of America reduced their price target on Marvell Technology from $150.00 to $120.00 and set a “buy” rating for the company in a research note on Thursday, March 6th. Finally, William Blair upgraded Marvell Technology to a “strong-buy” rating in a research report on Wednesday, February 5th. Three equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $120.44.

Marvell Technology Stock Performance

Shares of Marvell Technology stock opened at $49.43 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. Marvell Technology, Inc. has a fifty-two week low of $47.31 and a fifty-two week high of $127.48. The firm has a market capitalization of $42.81 billion, a P/E ratio of -29.08, a P/E/G ratio of 1.61 and a beta of 1.42. The company’s 50 day moving average price is $87.42 and its two-hundred day moving average price is $93.08.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date of this dividend is Friday, April 11th. Marvell Technology’s payout ratio is -23.53%.

Insider Buying and Selling at Marvell Technology

In other news, Director Michael G. Strachan sold 5,000 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $122.65, for a total value of $613,250.00. Following the completion of the sale, the director now owns 30,959 shares of the company’s stock, valued at approximately $3,797,121.35. This represents a 13.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $118.33, for a total value of $177,495.00. Following the completion of the transaction, the chief financial officer now directly owns 111,211 shares in the company, valued at approximately $13,159,597.63. This represents a 1.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 35,185 shares of company stock worth $3,744,268. 0.33% of the stock is currently owned by company insiders.

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.