Procyon Advisors LLC Increases Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Procyon Advisors LLC boosted its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 27.4% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 7,767 shares of the semiconductor company’s stock after buying an additional 1,671 shares during the period. Procyon Advisors LLC’s holdings in Marvell Technology were worth $858,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Mercer Global Advisors Inc. ADV boosted its stake in shares of Marvell Technology by 21.6% during the second quarter. Mercer Global Advisors Inc. ADV now owns 33,540 shares of the semiconductor company’s stock valued at $2,344,000 after purchasing an additional 5,969 shares during the period. Intech Investment Management LLC boosted its position in Marvell Technology by 14.7% in the 2nd quarter. Intech Investment Management LLC now owns 89,450 shares of the semiconductor company’s stock valued at $6,253,000 after buying an additional 11,441 shares during the period. Ieq Capital LLC boosted its position in Marvell Technology by 2.3% in the 2nd quarter. Ieq Capital LLC now owns 55,860 shares of the semiconductor company’s stock valued at $3,905,000 after buying an additional 1,249 shares during the period. Bridges Investment Management Inc. purchased a new position in shares of Marvell Technology during the second quarter worth approximately $255,000. Finally, ASB Consultores LLC increased its position in shares of Marvell Technology by 8.8% during the second quarter. ASB Consultores LLC now owns 3,684 shares of the semiconductor company’s stock worth $258,000 after acquiring an additional 299 shares during the period. 83.51% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Marvell Technology

In related news, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $80.77, for a total value of $484,620.00. Following the sale, the executive vice president now directly owns 109,244 shares in the company, valued at $8,823,637.88. This trade represents a 5.21 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Mark Casper sold 7,755 shares of Marvell Technology stock in a transaction that occurred on Friday, January 17th. The shares were 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. Insiders sold a total of 37,755 shares of company stock worth $4,099,650 over the last ninety days. Company insiders own 0.33% of the company’s stock.

Marvell Technology Stock Up 6.1 %

Shares of Marvell Technology stock opened at $124.76 on Friday. The business has a 50-day moving average price of $106.70 and a 200 day moving average price of $84.55. Marvell Technology, Inc. has a fifty-two week low of $53.19 and a fifty-two week high of $126.15. The firm has a market cap of $107.95 billion, a P/E ratio of -73.39, a P/E/G ratio of 3.76 and a beta of 1.41. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30.

Marvell Technology Announces Dividend

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

Analysts Set New Price Targets

MRVL has been the subject of several recent research reports. Piper Sandler restated an “overweight” rating and issued a $120.00 price objective (up from $100.00) on shares of Marvell Technology in a report on Wednesday, December 4th. Oppenheimer boosted their price target on shares of Marvell Technology from $110.00 to $125.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. increased their price objective on shares of Marvell Technology from $90.00 to $130.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Benchmark reissued a “buy” rating and issued a $135.00 price objective (up previously from $115.00) on shares of Marvell Technology in a research note on Wednesday, December 4th. Finally, Morgan Stanley increased their target price on Marvell Technology from $102.00 to $120.00 and gave the company an “equal weight” rating in a research report on Friday, December 20th. Three equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $123.08.

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.