Atika Capital Management LLC Takes $6.74 Million Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Atika Capital Management LLC acquired a new position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 61,000 shares of the semiconductor company’s stock, valued at approximately $6,737,000.

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

Analyst Ratings Changes

Several research firms recently issued reports on MRVL. Bank of America dropped their target price on Marvell Technology from $150.00 to $120.00 and set a “buy” rating on the stock in a report on Thursday, March 6th. Roth Capital set a $100.00 price objective on Marvell Technology in a report on Thursday, March 6th. Summit Insights downgraded shares of Marvell Technology from a “buy” rating to a “hold” rating in a report on Thursday, March 6th. Melius assumed coverage on shares of Marvell Technology in a research note on Monday, January 27th. They issued a “buy” rating and a $188.00 price target for the company. Finally, Raymond James set a $110.00 target price on shares of Marvell Technology in a report on Thursday, March 6th. Three investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $120.44.

Marvell Technology Stock Performance

MRVL opened at $49.43 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. Marvell Technology, Inc. has a 52-week low of $47.31 and a 52-week high of $127.48. The firm has a market cap of $42.81 billion, a P/E ratio of -29.08, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42. The business’s fifty day moving average is $87.42 and its 200-day moving average is $93.08.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.49%. The ex-dividend date is Friday, April 11th. Marvell Technology’s dividend payout ratio is currently -23.53%.

Insider Activity

In other Marvell Technology news, CAO Panteha Dixon sold 1,430 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $68.75, for a total transaction of $98,312.50. Following the completion of the transaction, the chief accounting officer now directly owns 31,100 shares in the company, valued at $2,138,125. The trade was a 4.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Michael G. Strachan sold 5,000 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $122.65, for a total value of $613,250.00. Following the completion of the sale, the director now directly owns 30,959 shares in the company, valued at approximately $3,797,121.35. This represents a 13.90 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 35,185 shares of company stock worth $3,744,268. 0.33% of the stock is currently owned by corporate insiders.

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.