Permanent Capital Management LP Takes Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Permanent Capital Management LP purchased a new stake in Marvell Technology, Inc. (NASDAQ:MRVL) during the fourth quarter, Holdings Channel reports. The firm purchased 3,592 shares of the semiconductor company’s stock, valued at approximately $397,000.

A number of other institutional investors have also modified their holdings of the company. Dorsey & Whitney Trust CO LLC boosted its holdings in shares of Marvell Technology by 3.4% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 21,646 shares of the semiconductor company’s stock valued at $2,391,000 after buying an additional 720 shares in the last quarter. Rialto Wealth Management LLC bought a new stake in shares of Marvell Technology in the 4th quarter valued at about $27,000. PNC Financial Services Group Inc. boosted its holdings in shares of Marvell Technology by 7.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 77,167 shares of the semiconductor company’s stock valued at $8,523,000 after buying an additional 5,384 shares in the last quarter. Banco Santander S.A. acquired a new stake in Marvell Technology in the 4th quarter worth approximately $400,000. Finally, Bank Julius Baer & Co. Ltd Zurich boosted its stake in Marvell Technology by 45.4% in the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 55,090 shares of the semiconductor company’s stock worth $6,715,000 after purchasing an additional 17,214 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Brad W. Buss purchased 3,000 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The stock was bought at an average price of $69.00 per share, with a total value of $207,000.00. Following the acquisition, the director now owns 87,113 shares in the company, valued at $6,010,797. The trade was a 3.57 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Chris Koopmans sold 6,000 shares of the business’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $106.35, for a total transaction of $638,100.00. Following the completion of the sale, the chief operating officer now directly owns 87,931 shares of the company’s stock, valued at approximately $9,351,461.85. The trade was a 6.39 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 36,255 shares of company stock valued at $4,330,980. 0.33% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

MRVL has been the subject of a number of recent analyst reports. Melius Research upgraded shares of Marvell Technology to a “strong-buy” rating in a research note on Monday, January 27th. Oppenheimer lifted their target price on shares of Marvell Technology from $110.00 to $125.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Summit Insights cut shares of Marvell Technology from a “buy” rating to a “hold” rating in a research note on Thursday. Piper Sandler lowered their target price on shares of Marvell Technology from $120.00 to $95.00 and set an “overweight” rating for the company in a research note on Thursday. Finally, Loop Capital upgraded shares of Marvell Technology from a “hold” rating to a “buy” rating and set a $110.00 target price for the company in a research note on Thursday. Three analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $121.68.

Marvell Technology Price Performance

Shares of NASDAQ MRVL opened at $70.84 on Friday. The firm has a market cap of $61.30 billion, a PE ratio of -41.67, a PEG ratio of 1.61 and a beta of 1.40. The firm has a fifty day moving average of $109.13 and a 200 day moving average of $93.67. 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 one year low of $53.19 and a one year high of $127.48.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 30th. Investors of record on Friday, January 10th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.34%. The ex-dividend date was Friday, January 10th. Marvell Technology’s payout ratio is presently -14.12%.

Marvell Technology Company 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.