Knightsbridge Asset Management LLC Has $12.31 Million Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Knightsbridge Asset Management LLC trimmed its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 4.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 111,409 shares of the semiconductor company’s stock after selling 5,406 shares during the period. Marvell Technology comprises about 2.9% of Knightsbridge Asset Management LLC’s investment portfolio, making the stock its 8th largest position. Knightsbridge Asset Management LLC’s holdings in Marvell Technology were worth $12,305,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently bought and sold shares of MRVL. Intrepid Financial Planning Group LLC grew its position in Marvell Technology by 0.3% during the 4th quarter. Intrepid Financial Planning Group LLC now owns 25,890 shares of the semiconductor company’s stock worth $2,860,000 after acquiring an additional 90 shares during the last quarter. PDS Planning Inc grew its holdings in shares of Marvell Technology by 3.3% during the fourth quarter. PDS Planning Inc now owns 2,888 shares of the semiconductor company’s stock worth $319,000 after purchasing an additional 92 shares during the last quarter. Lodestone Wealth Management LLC increased its stake in shares of Marvell Technology by 2.0% in the fourth quarter. Lodestone Wealth Management LLC now owns 4,655 shares of the semiconductor company’s stock valued at $514,000 after buying an additional 93 shares in the last quarter. Valley National Advisers Inc. lifted its position in Marvell Technology by 0.4% during the 4th quarter. Valley National Advisers Inc. now owns 25,135 shares of the semiconductor company’s stock worth $2,775,000 after buying an additional 96 shares in the last quarter. Finally, Private Trust Co. NA increased its position in Marvell Technology by 2.7% in the 4th quarter. Private Trust Co. NA now owns 3,744 shares of the semiconductor company’s stock valued at $414,000 after acquiring an additional 97 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Marvell Technology Price Performance

Shares of MRVL opened at $57.33 on Friday. The company has a 50 day moving average of $69.50 and a 200-day moving average of $90.68. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $49.65 billion, a P/E ratio of -33.72, a P/E/G ratio of 1.61 and a beta of 1.78. Marvell Technology, Inc. has a twelve month low of $47.09 and a twelve month high of $127.48.

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Friday, April 11th. This represents a $0.24 annualized dividend and a yield of 0.42%. Marvell Technology’s payout ratio is currently -23.53%.

Analyst Ratings Changes

MRVL has been the topic of a number of research reports. The Goldman Sachs Group upped their target price on shares of Marvell Technology from $115.00 to $131.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Piper Sandler dropped their target price on Marvell Technology from $120.00 to $95.00 and set an “overweight” rating for the company in a research report on Thursday, March 6th. William Blair upgraded Marvell Technology to a “strong-buy” rating in a report on Wednesday, February 5th. Craig Hallum boosted their price objective on Marvell Technology from $132.00 to $149.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Finally, Melius Research raised shares of Marvell Technology to a “strong-buy” rating in a research note on Monday, January 27th. Three investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $114.56.

Insiders Place Their Bets

In other Marvell Technology news, EVP Mark Casper sold 12,460 shares of the company’s stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $55.00, for a total transaction of $685,300.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Brad W. Buss acquired 3,000 shares of the firm’s stock in a transaction dated Friday, March 7th. The stock was purchased at an average cost of $69.00 per share, with a total value of $207,000.00. Following the transaction, the director now owns 87,113 shares in the company, valued at approximately $6,010,797. This trade represents a 3.57 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 27,390 shares of company stock valued at $1,937,938 in the last three months. 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.