Miracle Mile Advisors LLC Raises Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Miracle Mile Advisors LLC raised its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 0.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,773 shares of the semiconductor company’s stock after purchasing an additional 147 shares during the period. Miracle Mile Advisors LLC’s holdings in Marvell Technology were worth $2,736,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of MRVL. True Wealth Design LLC raised its position in shares of Marvell Technology by 1,481.8% during the 3rd quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 326 shares during the last quarter. ORG Partners LLC increased its stake in Marvell Technology by 175.3% during the 4th 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. Strategic Investment Solutions Inc. IL acquired a new position in shares of Marvell Technology during the second quarter valued at approximately $32,000. Quarry LP purchased a new position in shares of Marvell Technology in the second quarter valued at approximately $32,000. Finally, Kieckhefer Group LLC acquired a new stake in shares of Marvell Technology in the fourth quarter worth approximately $33,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

Marvell Technology Trading Up 0.7 %

MRVL opened at $115.15 on Tuesday. Marvell Technology, Inc. has a 52 week low of $53.19 and a 52 week high of $126.15. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. The business has a fifty day simple moving average of $103.93 and a 200-day simple moving average of $82.98. The firm has a market cap of $99.64 billion, a P/E ratio of -67.73, a P/E/G ratio of 4.03 and a beta of 1.41.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Friday, January 10th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.21%. The ex-dividend date is Friday, January 10th. Marvell Technology’s dividend payout ratio is currently -14.12%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on MRVL shares. Needham & Company LLC increased their price objective on Marvell Technology from $95.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Susquehanna raised their price target on shares of Marvell Technology from $110.00 to $125.00 and gave the stock a “positive” rating in a research note on Wednesday, December 4th. Citigroup upped their price objective on shares of Marvell Technology from $91.00 to $112.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Piper Sandler reissued an “overweight” rating and issued a $120.00 target price (up from $100.00) on shares of Marvell Technology in a research note on Wednesday, December 4th. Finally, B. Riley boosted their target price on Marvell Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Three equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $121.68.

Insiders Place Their Bets

In other news, Director Michael G. Strachan sold 5,000 shares of the company’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $122.65, for a total transaction of $613,250.00. Following the sale, the director now owns 30,959 shares of the company’s stock, valued at approximately $3,797,121.35. This represents a 13.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction on Monday, October 21st. The shares were sold at an average price of $80.77, for a total value of $484,620.00. Following the completion of the transaction, the executive vice president now owns 109,244 shares of the company’s stock, valued at approximately $8,823,637.88. This trade represents a 5.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,500 shares of company stock worth $2,967,670 over the last three months. Company insiders own 0.33% of the company’s stock.

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.