Quarry LP Acquires 1,914 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Quarry LP raised its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 412.5% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,378 shares of the semiconductor company’s stock after purchasing an additional 1,914 shares during the period. Quarry LP’s holdings in Marvell Technology were worth $172,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in MRVL. True Wealth Design LLC increased its position in Marvell Technology by 1,481.8% during the 3rd quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock valued at $25,000 after buying an additional 326 shares in the last quarter. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Marvell Technology in the second quarter worth $32,000. Whittier Trust Co. increased its holdings in shares of Marvell Technology by 74.5% during the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after acquiring an additional 210 shares in the last quarter. Briaud Financial Planning Inc purchased a new position in shares of Marvell Technology in the 3rd quarter worth about $43,000. Finally, Exchange Traded Concepts LLC boosted its stake in Marvell Technology by 125.4% in the 3rd quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company’s stock worth $44,000 after purchasing an additional 336 shares in the last quarter. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Marvell Technology Price Performance

Shares of NASDAQ:MRVL opened at $113.51 on Friday. The company has a market capitalization of $100.59 billion, a P/E ratio of -66.77, a P/E/G ratio of 4.15 and a beta of 1.46. Marvell Technology, Inc. has a 1-year low of $50.56 and a 1-year high of $119.88. The firm’s 50 day simple moving average is $86.09 and its two-hundred day simple moving average is $75.57. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Friday, October 11th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.21%. The ex-dividend date was Friday, October 11th. Marvell Technology’s dividend payout ratio is currently -14.12%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on MRVL shares. Cantor Fitzgerald lifted their target price on shares of Marvell Technology from $120.00 to $135.00 and gave the stock an “overweight” rating in a report on Wednesday. Barclays upped their price objective on Marvell Technology from $85.00 to $115.00 and gave the company an “overweight” rating in a research report on Wednesday. Rosenblatt Securities lifted their target price on Marvell Technology from $120.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday. B. Riley boosted their price target on Marvell Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Benchmark reaffirmed a “buy” rating and set a $135.00 price objective (up from $115.00) on shares of Marvell Technology in a research report on Wednesday. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $119.04.

Insiders Place Their Bets

In related news, EVP Chris Koopmans sold 6,000 shares of the stock in a transaction dated 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 owns 109,244 shares in the company, valued at approximately $8,823,637.88. This trade represents a 5.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $89.14, for a total value of $133,710.00. Following the sale, 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 position. The disclosure for this sale can be found here. In the last quarter, insiders sold 267,000 shares of company stock worth $20,899,260. Corporate insiders own 0.33% of the company’s stock.

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.