Sagespring Wealth Partners LLC Takes $413,000 Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Sagespring Wealth Partners LLC bought a new stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 3,738 shares of the semiconductor company’s stock, valued at approximately $413,000.

Other institutional investors and hedge funds have also modified their holdings of the company. ORG Partners LLC boosted its holdings in Marvell Technology by 175.3% during the fourth quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock worth $26,000 after buying an additional 149 shares in the last quarter. Centricity Wealth Management LLC purchased a new stake in Marvell Technology during the 4th quarter worth approximately $26,000. Rialto Wealth Management LLC acquired a new position in Marvell Technology in the 4th quarter valued at $27,000. Kieckhefer Group LLC acquired a new stake in shares of Marvell Technology in the fourth quarter valued at about $33,000. Finally, Financial Life Planners purchased a new position in Marvell Technology in the 4th quarter worth approximately $33,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Piper Sandler lowered their price target on shares of Marvell Technology from $120.00 to $95.00 and set an “overweight” rating on the stock in a research report on Thursday, March 6th. Wells Fargo & Company reaffirmed an “overweight” rating on shares of Marvell Technology in a research note on Thursday, March 6th. Morgan Stanley decreased their price target on shares of Marvell Technology from $113.00 to $90.00 and set an “equal weight” rating for the company in a research report on Thursday, March 6th. Summit Insights downgraded Marvell Technology from a “buy” rating to a “hold” rating in a research report on Thursday, March 6th. Finally, Barclays lowered their target price on shares of Marvell Technology from $150.00 to $130.00 and set an “overweight” rating for the company in a research note on Thursday, March 6th. Three research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, Marvell Technology currently has an average rating of “Moderate Buy” and an average target price of $119.48.

Marvell Technology Trading Up 2.0 %

Shares of Marvell Technology stock opened at $53.32 on Wednesday. Marvell Technology, Inc. has a 12-month low of $47.09 and a 12-month high of $127.48. The stock has a market cap of $46.18 billion, a PE ratio of -31.36, a price-to-earnings-growth ratio of 1.61 and a beta of 1.78. The company has a 50-day moving average of $77.26 and a two-hundred day moving average of $91.78. 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 company 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 dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.45%. The ex-dividend date of this dividend is Friday, April 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -23.53%.

Insider Buying and Selling at Marvell Technology

In related news, EVP Chris Koopmans sold 6,000 shares of the stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $124.40, for a total transaction of $746,400.00. Following the transaction, the executive vice president now directly owns 93,931 shares in the company, valued at approximately $11,685,016.40. This represents a 6.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Brad W. Buss acquired 3,000 shares of the business’s stock in a transaction dated Friday, March 7th. The shares were bought at an average price of $69.00 per share, for a total transaction of $207,000.00. Following the completion of the acquisition, the director now owns 87,113 shares in the company, valued at approximately $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 have sold 28,685 shares of company stock valued at $2,953,523 over the last quarter. Corporate insiders own 0.33% of the company’s stock.

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.