Perpetual Ltd Purchases 682,457 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Perpetual Ltd grew its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 3,405.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 702,498 shares of the semiconductor company’s stock after acquiring an additional 682,457 shares during the period. Perpetual Ltd owned about 0.08% of Marvell Technology worth $77,591,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of MRVL. Chesapeake Wealth Management purchased a new stake in Marvell Technology in the fourth quarter worth $263,000. Ballentine Partners LLC raised its holdings in Marvell Technology by 7.3% in the 4th quarter. Ballentine Partners LLC now owns 6,470 shares of the semiconductor company’s stock worth $715,000 after purchasing an additional 439 shares in the last quarter. Regent Peak Wealth Advisors LLC purchased a new stake in shares of Marvell Technology in the 4th quarter worth about $200,000. Cove Private Wealth LLC bought a new stake in shares of Marvell Technology during the 4th quarter valued at about $243,000. Finally, Diversify Advisory Services LLC increased its position in shares of Marvell Technology by 16.8% during the fourth quarter. Diversify Advisory Services LLC now owns 3,743 shares of the semiconductor company’s stock valued at $428,000 after buying an additional 538 shares during the period. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $122.50, for a total value of $183,750.00. Following the transaction, the chief financial officer now owns 112,711 shares of the company’s stock, valued at $13,807,097.50. This trade represents a 1.31 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $89.14, for a total value of $534,840.00. Following the transaction, the executive vice president now directly owns 103,244 shares in the company, valued at approximately $9,203,170.16. The trade was a 5.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 31,755 shares of company stock valued at $3,615,030. 0.33% of the stock is owned by insiders.

Wall Street Analyst Weigh In

MRVL has been the topic of several research reports. Rosenblatt Securities lifted their price objective on Marvell Technology from $120.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Susquehanna lifted their price target on Marvell Technology from $110.00 to $125.00 and gave the company a “positive” rating in a research report on Wednesday, December 4th. Evercore ISI upped their price objective on shares of Marvell Technology from $98.00 to $122.00 and gave the stock an “outperform” rating in a report on Monday, December 2nd. The Goldman Sachs Group boosted their price target on Marvell Technology from $115.00 to $131.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Finally, Barclays raised their price objective on Marvell Technology from $115.00 to $150.00 and gave the company an “overweight” rating in a research report on Friday. Three research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $124.96.

Marvell Technology Stock Performance

MRVL stock opened at $124.76 on Tuesday. 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 business’s 50-day moving average is $107.35 and its two-hundred day moving average is $85.01. Marvell Technology, Inc. has a fifty-two week low of $53.19 and a fifty-two week high of $126.15.

Marvell Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Friday, January 10th will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.19%. The ex-dividend date of this dividend is Friday, January 10th. Marvell Technology’s payout ratio is -14.12%.

Marvell Technology 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.