Point72 Asia Singapore Pte. Ltd. Makes New Investment in Marvell Technology, Inc. (NASDAQ:MRVL)

Point72 Asia Singapore Pte. Ltd. acquired a new position in Marvell Technology, Inc. (NASDAQ:MRVL) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 2,117 shares of the semiconductor company’s stock, valued at approximately $234,000.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Invesco Ltd. lifted its holdings in Marvell Technology by 30.1% in the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock worth $1,784,649,000 after buying an additional 3,737,705 shares during the period. Janus Henderson Group PLC lifted its stake in shares of Marvell Technology by 6.9% in the 4th quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company’s stock valued at $1,462,274,000 after purchasing an additional 857,087 shares during the period. Wellington Management Group LLP lifted its stake in shares of Marvell Technology by 43.1% in the 4th quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock valued at $1,374,252,000 after purchasing an additional 3,747,982 shares during the period. Geode Capital Management LLC lifted its stake in shares of Marvell Technology by 0.7% in the 4th quarter. Geode Capital Management LLC now owns 11,468,144 shares of the semiconductor company’s stock valued at $1,263,755,000 after purchasing an additional 80,005 shares during the period. Finally, Norges Bank purchased a new position in shares of Marvell Technology in the 4th quarter valued at approximately $1,138,354,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Marvell Technology Stock Down 2.2%

Marvell Technology stock opened at $63.76 on Friday. The firm has a market cap of $55.08 billion, a price-to-earnings ratio of -37.51, a PEG ratio of 1.61 and a beta of 1.83. The stock has a fifty day simple moving average of $60.36 and a two-hundred day simple moving average of $88.68. Marvell Technology, Inc. has a 12 month low of $47.09 and a 12 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.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Friday, April 11th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.38%. The ex-dividend date of this dividend was Friday, April 11th. Marvell Technology’s payout ratio is -23.53%.

Insiders Place Their Bets

In related news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $64.75, for a total value of $97,125.00. Following the completion of the sale, the chief financial officer now owns 122,848 shares of the company’s stock, valued at $7,954,408. The trade was a 1.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Panteha Dixon sold 1,239 shares of Marvell Technology stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $65.01, for a total value of $80,547.39. Following the completion of the sale, the chief accounting officer now directly owns 30,855 shares of the company’s stock, valued at $2,005,883.55. The trade was a 3.86% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 38,915 shares of company stock valued at $2,679,800. Corporate insiders own 0.19% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on MRVL shares. Piper Sandler lowered their target price on Marvell Technology from $120.00 to $95.00 and set an “overweight” rating for the company in a research note on Thursday, March 6th. Citigroup lowered their target price on Marvell Technology from $122.00 to $96.00 and set a “buy” rating for the company in a research note on Friday, April 11th. Summit Insights cut Marvell Technology from a “buy” rating to a “hold” rating in a research note on Thursday, March 6th. Melius started coverage on Marvell Technology in a research note on Monday, January 27th. They issued a “buy” rating and a $188.00 target price for the company. Finally, Wells Fargo & Company restated an “overweight” rating on shares of Marvell Technology in a research note on Thursday, March 6th. Four research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $111.27.

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.