Cornerstone Wealth Management LLC Purchases Shares of 3,348 Marvell Technology, Inc. (NASDAQ:MRVL)

Cornerstone Wealth Management LLC acquired a new stake in Marvell Technology, Inc. (NASDAQ:MRVL) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 3,348 shares of the semiconductor company’s stock, valued at approximately $370,000.

A number of other hedge funds have also recently made changes to their positions in the business. AQR Capital Management LLC boosted its stake in Marvell Technology by 597.5% during the 2nd quarter. AQR Capital Management LLC now owns 437,771 shares of the semiconductor company’s stock valued at $30,600,000 after purchasing an additional 375,012 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in Marvell Technology by 18.5% during the second quarter. The Manufacturers Life Insurance Company now owns 1,053,967 shares of the semiconductor company’s stock worth $73,672,000 after buying an additional 164,250 shares in the last quarter. Mackenzie Financial Corp raised its position in Marvell Technology by 30.8% in the 2nd quarter. Mackenzie Financial Corp now owns 73,644 shares of the semiconductor company’s stock valued at $5,148,000 after buying an additional 17,342 shares during the last quarter. Lighthouse Investment Partners LLC bought a new position in Marvell Technology during the 2nd quarter valued at $512,000. Finally, MidWestOne Financial Group Inc. boosted its holdings in Marvell Technology by 90.5% during the 2nd quarter. MidWestOne Financial Group Inc. now owns 15,264 shares of the semiconductor company’s stock worth $1,067,000 after acquiring an additional 7,251 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Marvell Technology Trading Down 1.6 %

Shares of MRVL opened at $124.02 on Monday. The business’s 50-day moving average price is $110.11 and its 200-day moving average price is $86.44. 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, Inc. has a twelve month low of $53.19 and a twelve month high of $127.48. The stock has a market cap of $107.31 billion, a PE ratio of -72.95, a P/E/G ratio of 4.12 and a beta of 1.41.

Marvell Technology Announces Dividend

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

Insider Buying and Selling at Marvell Technology

In related news, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction on Friday, November 15th. The stock was 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 approximately $9,203,170.16. This trade represents a 5.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $89.14, for a total value of $133,710.00. Following the transaction, the chief financial officer now owns 114,211 shares of the company’s stock, valued at approximately $10,180,768.54. The trade was a 1.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 37,755 shares of company stock valued at $4,361,430 in the last three months. Company insiders own 0.33% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on MRVL. The Goldman Sachs Group raised their price target on shares of Marvell Technology from $115.00 to $131.00 and gave the company a “buy” rating in a research report on Friday, January 10th. Wells Fargo & Company increased their price target on Marvell Technology from $130.00 to $140.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. Oppenheimer boosted their price objective on Marvell Technology from $110.00 to $125.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. UBS Group raised their target price on Marvell Technology from $110.00 to $115.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Finally, Cantor Fitzgerald boosted their price target on shares of Marvell Technology from $120.00 to $135.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Three research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the stock. Based on data from MarketBeat, Marvell Technology presently has an average rating of “Moderate Buy” and a consensus target price of $125.38.

About Marvell Technology

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.