Everence Capital Management Inc. Invests $2.22 Million in Marvell Technology, Inc. (NASDAQ:MRVL)

Everence Capital Management Inc. acquired a new stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 20,060 shares of the semiconductor company’s stock, valued at approximately $2,216,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Citizens Financial Group Inc. RI boosted its position in shares of Marvell Technology by 1.5% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 7,842 shares of the semiconductor company’s stock valued at $566,000 after purchasing an additional 116 shares in the last quarter. Crumly & Associates Inc. boosted its holdings in Marvell Technology by 1.5% during the third quarter. Crumly & Associates Inc. now owns 8,223 shares of the semiconductor company’s stock worth $593,000 after buying an additional 121 shares in the last quarter. United Capital Management of KS Inc. grew its position in Marvell Technology by 0.4% in the third quarter. United Capital Management of KS Inc. now owns 34,251 shares of the semiconductor company’s stock worth $2,470,000 after buying an additional 131 shares during the last quarter. Integrated Wealth Concepts LLC increased its holdings in shares of Marvell Technology by 1.4% in the third quarter. Integrated Wealth Concepts LLC now owns 9,931 shares of the semiconductor company’s stock valued at $716,000 after buying an additional 139 shares in the last quarter. Finally, ASB Consultores LLC lifted its position in shares of Marvell Technology by 3.8% during the 3rd quarter. ASB Consultores LLC now owns 3,824 shares of the semiconductor company’s stock valued at $276,000 after acquiring an additional 140 shares during the last quarter. Institutional investors own 83.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Barclays boosted their target price on Marvell Technology from $85.00 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. StockNews.com lowered shares of Marvell Technology from a “hold” rating to a “sell” rating in a research note on Wednesday. Bank of America lifted their target price on shares of Marvell Technology from $108.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Cantor Fitzgerald upped their price target on shares of Marvell Technology from $120.00 to $135.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Finally, UBS Group boosted their target price on shares of Marvell Technology from $110.00 to $115.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $119.76.

Insider Activity at Marvell Technology

In other news, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $122.50, for a total value of $735,000.00. Following the transaction, the executive vice president now directly owns 97,244 shares in the company, valued at approximately $11,912,390. The trade was a 5.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $122.50, for a total value of $183,750.00. Following the transaction, the chief financial officer now directly owns 112,711 shares of the company’s stock, valued at $13,807,097.50. This represents a 1.31 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 172,500 shares of company stock worth $14,267,670. 0.33% of the stock is owned by insiders.

Marvell Technology Stock Up 4.1 %

MRVL opened at $118.18 on Friday. The firm has a market cap of $102.26 billion, a P/E ratio of -69.52, a price-to-earnings-growth ratio of 4.03 and a beta of 1.46. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. The business has a 50 day moving average price of $100.53 and a 200 day moving average price of $81.20. Marvell Technology, Inc. has a twelve month low of $53.19 and a twelve month high of $126.15.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Friday, January 10th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.20%. The ex-dividend date is Friday, January 10th. Marvell Technology’s payout ratio is -14.12%.

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.