Wellington Management Group LLP Buys 359,005 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Wellington Management Group LLP raised its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 4.3% in the 3rd quarter, HoldingsChannel reports. The fund owned 8,694,320 shares of the semiconductor company’s stock after purchasing an additional 359,005 shares during the period. Wellington Management Group LLP’s holdings in Marvell Technology were worth $627,034,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Davidson Kempner Capital Management LP lifted its position in shares of Marvell Technology by 26.5% during the 2nd quarter. Davidson Kempner Capital Management LP now owns 250,000 shares of the semiconductor company’s stock worth $17,482,000 after buying an additional 52,365 shares during the period. Braun Stacey Associates Inc. bought a new stake in shares of Marvell Technology in the 3rd quarter worth about $16,435,000. Charles Schwab Investment Management Inc. increased its position in shares of Marvell Technology by 2.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,261,887 shares of the semiconductor company’s stock worth $235,247,000 after purchasing an additional 66,654 shares in the last quarter. Diversified Trust Co bought a new position in Marvell Technology during the 2nd quarter valued at about $932,000. Finally, Silicon Valley Capital Partners boosted its position in Marvell Technology by 254.6% in the third quarter. Silicon Valley Capital Partners now owns 32,978 shares of the semiconductor company’s stock valued at $2,378,000 after buying an additional 23,678 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Marvell Technology Price Performance

Shares of NASDAQ MRVL opened at $113.51 on Friday. Marvell Technology, Inc. has a twelve month low of $50.56 and a twelve month high of $119.88. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. The company’s fifty day moving average is $86.09 and its 200-day moving average is $75.57.

Marvell Technology Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Needham & Company LLC raised their price target on Marvell Technology from $95.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday. Piper Sandler restated an “overweight” rating and issued a $120.00 target price (up from $100.00) on shares of Marvell Technology in a research note on Wednesday. Benchmark reaffirmed a “buy” rating and issued a $135.00 price target (up from $115.00) on shares of Marvell Technology in a report on Wednesday. Barclays increased their price objective on shares of Marvell Technology from $85.00 to $115.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, Loop Capital boosted their target price on shares of Marvell Technology from $95.00 to $110.00 and gave the stock a “hold” rating in a research note on Wednesday. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to MarketBeat, Marvell Technology presently has an average rating of “Moderate Buy” and an average target price of $119.04.

Insider Activity

In related news, insider Muhammad Raghib Hussain sold 150,000 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total value of $12,075,000.00. Following the sale, the insider now directly owns 694,487 shares of the company’s stock, valued at approximately $55,906,203.50. The trade was a 17.76 % decrease in their position. The transaction was disclosed in a legal filing 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 dated Monday, September 16th. The shares were sold at an average price of $73.87, for a total value of $110,805.00. Following the completion of the sale, the chief financial officer now directly owns 111,753 shares in the company, valued at $8,255,194.11. This represents a 1.32 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 267,000 shares of company stock worth $20,899,260 in the last 90 days. Corporate insiders own 0.33% of the company’s stock.

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.