Sierra Summit Advisors LLC Purchases Shares of 110,925 Marvell Technology, Inc. (NASDAQ:MRVL)

Sierra Summit Advisors LLC acquired a new position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) in the fourth quarter, Holdings Channel reports. The fund acquired 110,925 shares of the semiconductor company’s stock, valued at approximately $12,252,000. Marvell Technology comprises 2.5% of Sierra Summit Advisors LLC’s investment portfolio, making the stock its 13th biggest position.

Other institutional investors have also made changes to their positions in the company. Intrepid Financial Planning Group LLC raised its holdings in Marvell Technology by 0.3% during the 4th quarter. Intrepid Financial Planning Group LLC now owns 25,890 shares of the semiconductor company’s stock worth $2,860,000 after purchasing an additional 90 shares during the last quarter. PDS Planning Inc grew its position in shares of Marvell Technology by 3.3% during the 4th quarter. PDS Planning Inc now owns 2,888 shares of the semiconductor company’s stock worth $319,000 after buying an additional 92 shares during the period. Lodestone Wealth Management LLC raised its stake in shares of Marvell Technology by 2.0% during the fourth quarter. Lodestone Wealth Management LLC now owns 4,655 shares of the semiconductor company’s stock worth $514,000 after buying an additional 93 shares during the last quarter. Valley National Advisers Inc. lifted its holdings in Marvell Technology by 0.4% in the fourth quarter. Valley National Advisers Inc. now owns 25,135 shares of the semiconductor company’s stock valued at $2,775,000 after buying an additional 96 shares during the period. Finally, Private Trust Co. NA boosted its stake in Marvell Technology by 2.7% in the fourth quarter. Private Trust Co. NA now owns 3,744 shares of the semiconductor company’s stock valued at $414,000 after acquiring an additional 97 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Marvell Technology Trading Down 11.2 %

Shares of Marvell Technology stock opened at $49.43 on Monday. Marvell Technology, Inc. has a 12-month low of $46.50 and a 12-month high of $127.48. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. The business’s 50 day moving average is $87.42 and its 200-day moving average is $93.23. The stock has a market cap 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.

Marvell Technology Dividend Announcement

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

Analysts Set New Price Targets

Several brokerages have commented on MRVL. Loop Capital upgraded shares of Marvell Technology from a “hold” rating to a “buy” rating and set a $110.00 target price for the company in a research report on Thursday, March 6th. Roth Capital set a $100.00 target price on Marvell Technology in a research note on Thursday, March 6th. Benchmark restated a “buy” rating and set a $135.00 target price on shares of Marvell Technology in a research report on Thursday, March 6th. KeyCorp cut their price target on shares of Marvell Technology from $135.00 to $115.00 and set an “overweight” rating on the stock in a research report on Thursday, March 6th. Finally, Rosenblatt Securities restated a “buy” rating and set a $140.00 price objective on shares of Marvell Technology in a report on Thursday, March 6th. Three analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $120.44.

Insider Transactions at Marvell Technology

In related news, 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Panteha Dixon sold 1,430 shares of the firm’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $68.75, for a total value of $98,312.50. Following the sale, the chief accounting officer now directly owns 31,100 shares of the company’s stock, valued at $2,138,125. This represents a 4.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 30,185 shares of company stock worth $3,131,018 in the last ninety days. 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.