Rivermont Capital Management LP Purchases New Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Rivermont Capital Management LP acquired a new position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 113,967 shares of the semiconductor company’s stock, valued at approximately $12,588,000. Marvell Technology comprises about 4.7% of Rivermont Capital Management LP’s portfolio, making the stock its 11th biggest holding.

Other institutional investors have also recently bought and sold shares of the company. Norges Bank acquired a new stake in Marvell Technology during the 4th quarter worth $1,138,354,000. GQG Partners LLC acquired a new position in Marvell Technology in the fourth quarter valued at about $802,410,000. Nuveen Asset Management LLC increased its holdings in shares of Marvell Technology by 232.2% in the fourth quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company’s stock worth $1,033,859,000 after acquiring an additional 6,543,132 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Marvell Technology by 43.1% during the fourth quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock worth $1,374,252,000 after purchasing an additional 3,747,982 shares during the period. Finally, Invesco Ltd. raised its position 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 purchasing an additional 3,737,705 shares during the period. Institutional investors and hedge funds own 83.51% of the company’s stock.

Insider Buying and Selling

In other news, CAO Panteha Dixon sold 1,286 shares of Marvell Technology stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $65.00, for a total transaction of $83,590.00. Following the completion of the transaction, the chief accounting officer now directly owns 32,094 shares in the company, valued at approximately $2,086,110. The trade was a 3.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $106.35, for a total value of $638,100.00. Following the sale, the chief operating officer now directly owns 87,931 shares of the company’s stock, valued at $9,351,461.85. This represents a 6.39% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 30,176 shares of company stock worth $2,111,528. Company insiders own 0.19% of the company’s stock.

Wall Street Analyst Weigh In

MRVL has been the subject of a number of research reports. Barclays lowered their target price on Marvell Technology from $130.00 to $80.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. Rosenblatt Securities restated a “buy” rating and set a $140.00 price objective on shares of Marvell Technology in a report on Thursday, March 6th. Needham & Company LLC cut their price objective on shares of Marvell Technology from $120.00 to $100.00 and set a “buy” rating on the stock in a research report on Thursday, March 6th. Cantor Fitzgerald cut Marvell Technology from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $125.00 to $60.00 in a report on Wednesday, May 7th. Finally, Melius Research upgraded Marvell Technology to a “strong-buy” rating in a report on Monday, January 27th. Four equities research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $111.27.

Marvell Technology Stock Performance

Shares of MRVL stock opened at $65.90 on Thursday. The company has a fifty day moving average price of $60.44 and a two-hundred day moving average price of $88.95. Marvell Technology, Inc. has a one year low of $47.09 and a one year high of $127.48. The stock has a market cap of $56.93 billion, a P/E ratio of -38.76, a P/E/G ratio of 1.61 and a beta of 1.83. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Friday, April 11th were paid a $0.06 dividend. The ex-dividend date of this dividend was Friday, April 11th. This represents a $0.24 annualized dividend and a yield of 0.36%. Marvell Technology’s dividend payout ratio (DPR) is currently -23.53%.

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.