Nicholas Investment Partners LP Makes New Investment in Marvell Technology, Inc. (NASDAQ:MRVL)

Nicholas Investment Partners LP acquired a new position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 4,906 shares of the semiconductor company’s stock, valued at approximately $542,000.

Several other large investors have also made changes to their positions in MRVL. Invesco Ltd. lifted its holdings in shares of Marvell Technology by 30.1% during the fourth 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 last quarter. Janus Henderson Group PLC raised its stake in Marvell Technology by 6.9% during 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 last quarter. Wellington Management Group LLP raised its stake in Marvell Technology by 43.1% during 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 last quarter. Geode Capital Management LLC raised its stake in Marvell Technology by 0.7% during 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 last quarter. Finally, Norges Bank acquired a new position in Marvell Technology during the 4th quarter valued at $1,138,354,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

Insider Activity at Marvell Technology

In related news, EVP Mark Casper sold 12,460 shares of Marvell Technology stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total value of $685,300.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Brad W. Buss purchased 3,000 shares of the stock in a transaction dated Friday, March 7th. The shares were acquired at an average price of $69.00 per share, with a total value of $207,000.00. Following the transaction, the director now owns 87,113 shares in the company, valued at $6,010,797. This trade represents a 3.57% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 30,176 shares of company stock valued at $2,111,528 over the last quarter. Corporate insiders own 0.19% of the company’s stock.

Marvell Technology Trading Up 0.6%

MRVL opened at $65.90 on Thursday. 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 has a market capitalization of $56.93 billion, a PE ratio of -38.76, a PEG ratio of 1.61 and a beta of 1.83. Marvell Technology, Inc. has a 1-year low of $47.09 and a 1-year high of $127.48. The firm has a 50-day moving average price of $60.44 and a two-hundred day moving average price of $88.95.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Investors 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 0.36%. The ex-dividend date of this dividend was Friday, April 11th. Marvell Technology’s dividend payout ratio is currently -23.53%.

Analyst Ratings Changes

MRVL has been the subject of a number of research analyst reports. Piper Sandler cut their price objective on shares of Marvell Technology from $120.00 to $95.00 and set an “overweight” rating for the company in a research report on Thursday, March 6th. Citigroup cut their price target on Marvell Technology from $122.00 to $96.00 and set a “buy” rating for the company in a report on Friday, April 11th. Needham & Company LLC cut their price target on Marvell Technology from $120.00 to $100.00 and set a “buy” rating for the company in a report on Thursday, March 6th. Rosenblatt Securities restated a “buy” rating and issued a $140.00 target price on shares of Marvell Technology in a research note on Thursday, March 6th. Finally, Benchmark cut their target price on Marvell Technology from $135.00 to $95.00 and set a “buy” rating for the company in a research note on Wednesday, May 7th. Four analysts have rated the stock with a hold rating, twenty-two have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average 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.