Allianz SE Acquires New Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Allianz SE purchased a new stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) during the fourth quarter, Holdings Channel.com reports. The firm purchased 104,960 shares of the semiconductor company’s stock, valued at approximately $11,720,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. True Wealth Design LLC raised its stake in shares of Marvell Technology by 1,481.8% in the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 326 shares during the last quarter. ORG Partners LLC boosted its holdings in shares of Marvell Technology by 175.3% in the 4th quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 149 shares during the last quarter. Centricity Wealth Management LLC acquired a new stake in shares of Marvell Technology in the fourth quarter worth $26,000. Rialto Wealth Management LLC acquired a new stake in shares of Marvell Technology in the fourth quarter worth $27,000. Finally, Kieckhefer Group LLC purchased a new position in shares of Marvell Technology during the 4th quarter valued at about $33,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on MRVL shares. Melius Research upgraded shares of Marvell Technology to a “strong-buy” rating in a research report on Monday, January 27th. Benchmark reaffirmed a “buy” rating and set a $135.00 target price on shares of Marvell Technology in a research note on Thursday, March 6th. Susquehanna boosted their price objective on shares of Marvell Technology from $110.00 to $125.00 and gave the company a “positive” rating in a report on Wednesday, December 4th. Piper Sandler decreased their price target on Marvell Technology from $120.00 to $95.00 and set an “overweight” rating on the stock in a research note on Thursday, March 6th. Finally, JPMorgan Chase & Co. lifted their price objective on Marvell Technology from $90.00 to $130.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Three research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Marvell Technology presently has an average rating of “Moderate Buy” and an average price target of $120.44.

Insider Buying and Selling

In other Marvell Technology news, Director Michael G. Strachan sold 5,000 shares of the business’s stock in a transaction on 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 transaction, the director now directly owns 30,959 shares in the company, valued at approximately $3,797,121.35. The trade was a 13.90 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Mark Casper sold 7,755 shares of the business’s stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $123.08, for a total transaction of $954,485.40. The disclosure for this sale can be found here. Insiders have sold 37,685 shares of company stock worth $4,026,768 in the last three months. Corporate insiders own 0.33% of the company’s stock.

Marvell Technology Price Performance

Shares of MRVL opened at $62.04 on Friday. Marvell Technology, Inc. has a twelve month low of $53.19 and a twelve month high of $127.48. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. The stock’s 50 day moving average is $94.05 and its two-hundred day moving average is $93.47. The firm has a market capitalization of $53.73 billion, a PE ratio of -36.49, a P/E/G ratio of 1.61 and a beta of 1.42.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.39%. Marvell Technology’s payout ratio is -23.53%.

Marvell Technology 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.