Meridian Wealth Management LLC Takes $327,000 Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Meridian Wealth Management LLC bought a new stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 2,964 shares of the semiconductor company’s stock, valued at approximately $327,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. True Wealth Design LLC boosted its position in shares of 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 acquiring an additional 326 shares during the last quarter. ORG Partners LLC boosted its position in shares of Marvell Technology by 175.3% during 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 bought a new position in shares of Marvell Technology during the 4th quarter valued at approximately $26,000. Kieckhefer Group LLC bought a new position in shares of Marvell Technology during the 4th quarter valued at approximately $33,000. Finally, Financial Life Planners bought a new stake in Marvell Technology in the fourth quarter worth $33,000. 83.51% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, COO Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $106.35, for a total transaction of $638,100.00. Following the completion of the sale, the chief operating officer now owns 87,931 shares of the company’s stock, valued at $9,351,461.85. The trade was a 6.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $118.33, for a total value of $177,495.00. Following the sale, the chief financial officer now directly owns 111,211 shares of the company’s stock, valued at $13,159,597.63. This trade represents a 1.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 36,255 shares of company stock valued at $4,330,980 over the last quarter. 0.33% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Evercore ISI raised their price target on Marvell Technology from $98.00 to $122.00 and gave the stock an “outperform” rating in a research report on Monday, December 2nd. Melius Research upgraded Marvell Technology to a “strong-buy” rating in a research report on Monday, January 27th. Wells Fargo & Company raised their price target on Marvell Technology from $130.00 to $140.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. Melius assumed coverage on Marvell Technology in a research report on Monday, January 27th. They issued a “buy” rating and a $188.00 price target for the company. Finally, Cantor Fitzgerald raised their price target on Marvell Technology from $120.00 to $135.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Three equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $127.60.

Marvell Technology Price Performance

Shares of NASDAQ MRVL opened at $90.14 on Thursday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. The company has a market cap of $78.00 billion, a PE ratio of -53.02, a P/E/G ratio of 1.61 and a beta of 1.40. The business has a 50-day simple moving average of $110.52 and a two-hundred day simple moving average of $93.84. Marvell Technology, Inc. has a fifty-two week low of $53.19 and a fifty-two week high of $127.48.

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 30th. Shareholders of record on Friday, January 10th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.27%. The ex-dividend date of this dividend was Friday, January 10th. Marvell Technology’s dividend payout ratio is presently -14.12%.

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.