Sowell Financial Services LLC Buys Shares of 22,348 Marvell Technology, Inc. (NASDAQ:MRVL)

Sowell Financial Services LLC bought a new stake in Marvell Technology, Inc. (NASDAQ:MRVL) in the fourth quarter, HoldingsChannel reports. The fund bought 22,348 shares of the semiconductor company’s stock, valued at approximately $2,468,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Zweig DiMenna Associates LLC grew its stake in Marvell Technology by 6.3% in the fourth quarter. Zweig DiMenna Associates LLC now owns 213,521 shares of the semiconductor company’s stock valued at $23,583,000 after acquiring an additional 12,700 shares during the period. Berbice Capital Management LLC acquired a new position in Marvell Technology in the fourth quarter valued at about $637,000. RFG Advisory LLC grew its stake in Marvell Technology by 6.2% in the fourth quarter. RFG Advisory LLC now owns 42,621 shares of the semiconductor company’s stock valued at $4,708,000 after acquiring an additional 2,507 shares during the period. Braun Stacey Associates Inc. acquired a new position in shares of Marvell Technology during the third quarter worth about $16,435,000. Finally, Charles Schwab Investment Management Inc. boosted its position 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 worth $235,247,000 after buying an additional 66,654 shares during the period. 83.51% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Marvell Technology

In other news, Director Brad W. Buss bought 3,000 shares of the stock in a transaction dated Friday, March 7th. The shares were bought at an average price of $69.00 per share, for a total transaction of $207,000.00. Following the completion of the purchase, the director now owns 87,113 shares in the company, valued at approximately $6,010,797. This trade represents a 3.57 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Mark Casper sold 7,755 shares of the stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $123.08, for a total value of $954,485.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 36,255 shares of company stock worth $4,330,980. Company insiders own 0.33% of the company’s stock.

Marvell Technology Price Performance

NASDAQ:MRVL opened at $70.84 on Monday. The firm has a market capitalization of $61.30 billion, a price-to-earnings ratio of -41.67, a P/E/G ratio of 1.61 and a beta of 1.42. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. Marvell Technology, Inc. has a 12-month low of $53.19 and a 12-month high of $127.48. The stock’s 50 day moving average price is $108.27 and its two-hundred day moving average price is $94.00.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 30th. Stockholders of record on Friday, January 10th were paid a dividend of $0.06 per share. The ex-dividend date was Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.34%. Marvell Technology’s dividend payout ratio (DPR) is currently -23.53%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MRVL. StockNews.com raised Marvell Technology from a “sell” rating to a “hold” rating in a research report on Thursday, January 9th. Wells Fargo & Company upped their price objective on Marvell Technology from $130.00 to $140.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. William Blair raised Marvell Technology to a “strong-buy” rating in a research report on Wednesday, February 5th. Stifel Nicolaus reduced their price objective on Marvell Technology from $130.00 to $115.00 and set a “buy” rating for the company in a research report on Thursday. Finally, Melius began coverage on Marvell Technology in a research report on Monday, January 27th. They set a “buy” rating and a $188.00 price objective for the company. Three analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Marvell Technology presently has an average rating of “Moderate Buy” and a consensus price target of $121.68.

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.