Marvell Technology, Inc. (NASDAQ:MRVL) Shares Bought by Costello Asset Management INC

Costello Asset Management INC lifted its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 0.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 33,848 shares of the semiconductor company’s stock after acquiring an additional 297 shares during the period. Marvell Technology accounts for approximately 2.5% of Costello Asset Management INC’s portfolio, making the stock its 13th biggest holding. Costello Asset Management INC’s holdings in Marvell Technology were worth $3,739,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Temasek Holdings Private Ltd lifted its stake in shares of Marvell Technology by 581.8% during the 3rd quarter. Temasek Holdings Private Ltd now owns 2,240,085 shares of the semiconductor company’s stock worth $161,555,000 after purchasing an additional 1,911,532 shares during the period. Holocene Advisors LP purchased a new position in Marvell Technology during the third quarter worth about $120,116,000. Van ECK Associates Corp lifted its position in Marvell Technology by 26.6% during the third quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock worth $538,868,000 after buying an additional 1,570,050 shares during the period. Perpetual Ltd grew its holdings in Marvell Technology by 3,405.3% in the 4th quarter. Perpetual Ltd now owns 702,498 shares of the semiconductor company’s stock valued at $77,591,000 after buying an additional 682,457 shares during the period. Finally, Nordea Investment Management AB grew its holdings in Marvell Technology by 14.0% in the 4th quarter. Nordea Investment Management AB now owns 4,652,983 shares of the semiconductor company’s stock valued at $518,435,000 after buying an additional 571,005 shares during the period. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Insider Activity

In related news, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $89.14, for a total transaction of $534,840.00. Following the completion of the sale, the executive vice president now owns 103,244 shares of the company’s stock, valued at $9,203,170.16. This represents a 5.49 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Mark Casper sold 7,755 shares of the stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $123.08, for a total value of $954,485.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 37,755 shares of company stock worth $4,361,430. 0.33% of the stock is currently owned by insiders.

Marvell Technology Stock Up 2.3 %

MRVL opened at $112.86 on Friday. Marvell Technology, Inc. has a 12-month low of $53.19 and a 12-month high of $127.48. 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 firm’s fifty day moving average price is $111.72 and its 200 day moving average price is $87.43.

Marvell Technology Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on MRVL shares. Morgan Stanley decreased their target price on shares of Marvell Technology from $120.00 to $113.00 and set an “equal weight” rating on the stock in a research report on Tuesday. StockNews.com upgraded shares of Marvell Technology from a “sell” rating to a “hold” rating in a report on Thursday, January 9th. B. Riley upped their price objective on Marvell Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Stifel Nicolaus lifted their target price on Marvell Technology from $125.00 to $130.00 and gave the company a “buy” rating in a report on Monday, January 6th. Finally, Oppenheimer upped their price target on Marvell Technology from $110.00 to $125.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Three equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Marvell Technology currently has an average rating of “Moderate Buy” and a consensus target price of $127.60.

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.