ZEGA Investments LLC Takes $352,000 Position in Marvell Technology, Inc. (NASDAQ:MRVL)

ZEGA Investments LLC bought a new position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) during the fourth quarter, HoldingsChannel reports. The firm bought 3,184 shares of the semiconductor company’s stock, valued at approximately $352,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Swedbank AB increased its position in shares of Marvell Technology by 1.0% during the third quarter. Swedbank AB now owns 2,357,695 shares of the semiconductor company’s stock valued at $170,037,000 after purchasing an additional 23,680 shares during the period. PNC Financial Services Group Inc. boosted its stake in Marvell Technology by 1.5% during the third quarter. PNC Financial Services Group Inc. now owns 71,783 shares of the semiconductor company’s stock worth $5,177,000 after buying an additional 1,062 shares in the last quarter. Avior Wealth Management LLC increased its holdings in Marvell Technology by 26.2% in the 3rd quarter. Avior Wealth Management LLC now owns 1,363 shares of the semiconductor company’s stock valued at $98,000 after buying an additional 283 shares during the period. Citizens Financial Group Inc. RI lifted its holdings in shares of Marvell Technology by 1.5% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 7,842 shares of the semiconductor company’s stock worth $566,000 after acquiring an additional 116 shares during the period. Finally, Intech Investment Management LLC boosted its position in shares of Marvell Technology by 16.6% during the 3rd quarter. Intech Investment Management LLC now owns 104,296 shares of the semiconductor company’s stock valued at $7,522,000 after acquiring an additional 14,846 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors.

Insider Transactions at Marvell Technology

In other Marvell Technology news, CAO Panteha Dixon sold 1,430 shares of the firm’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $68.75, for a total transaction of $98,312.50. Following the transaction, the chief accounting officer now owns 31,100 shares in the company, valued at approximately $2,138,125. This trade represents a 4.40 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Brad W. Buss purchased 3,000 shares of the stock in a transaction dated Friday, March 7th. The stock was bought at an average cost of $69.00 per share, with a total value of $207,000.00. Following the completion of the purchase, the director now owns 87,113 shares in the company, valued at $6,010,797. The trade was a 3.57 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 37,685 shares of company stock worth $4,026,768 in the last three months. Insiders own 0.33% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on MRVL shares. Bank of America cut their price target on shares of Marvell Technology from $150.00 to $120.00 and set a “buy” rating for the company in a research note on Thursday, March 6th. Evercore ISI boosted their price target on Marvell Technology from $98.00 to $122.00 and gave the company an “outperform” rating in a research note on Monday, December 2nd. Wells Fargo & Company reiterated an “overweight” rating on shares of Marvell Technology in a research report on Thursday, March 6th. Barclays cut their price objective on Marvell Technology from $150.00 to $130.00 and set an “overweight” rating for the company in a report on Thursday, March 6th. Finally, Summit Insights lowered shares of Marvell Technology from a “buy” rating to a “hold” rating in a report on Thursday, March 6th. Three investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $120.44.

Marvell Technology Trading Down 0.1 %

MRVL opened at $70.39 on Friday. Marvell Technology, Inc. has a fifty-two week low of $53.19 and a fifty-two week high of $127.48. The company has a market cap of $60.96 billion, a price-to-earnings ratio of -41.41, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. The firm has a 50 day simple moving average of $99.06 and a 200 day simple moving average of $93.52.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Friday, April 11th will be paid a $0.06 dividend. 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%.

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.