Cornerstone Advisory LLC Invests $291,000 in Marvell Technology, Inc. (NASDAQ:MRVL)

Cornerstone Advisory LLC bought a new stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,732 shares of the semiconductor company’s stock, valued at approximately $291,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of MRVL. Centricity Wealth Management LLC purchased a new stake in shares of Marvell Technology during the 4th quarter valued at $26,000. Rialto Wealth Management LLC acquired a new position in Marvell Technology during the 4th quarter valued at about $27,000. Financial Life Planners purchased a new stake in Marvell Technology in the fourth quarter valued at about $33,000. Lee Danner & Bass Inc. purchased a new stake in Marvell Technology in the fourth quarter valued at about $35,000. Finally, Capital Analysts LLC boosted its holdings in Marvell Technology by 236.3% in the fourth quarter. Capital Analysts LLC now owns 343 shares of the semiconductor company’s stock worth $38,000 after acquiring an additional 241 shares in the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Marvell Technology Stock Up 2.9%

MRVL stock opened at $61.85 on Friday. Marvell Technology, Inc. has a one year low of $47.09 and a one year high of $127.48. 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 firm’s fifty day moving average is $59.73 and its 200 day moving average is $88.09. The firm has a market cap of $53.43 billion, a PE ratio of -36.38, a P/E/G ratio of 1.61 and a beta of 1.83.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Friday, April 11th were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.39%. The ex-dividend date of this dividend was Friday, April 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -23.53%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on MRVL shares. Roth Capital set a $100.00 price objective on shares of Marvell Technology in a report on Thursday, March 6th. Cantor Fitzgerald downgraded shares of Marvell Technology from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $125.00 to $60.00 in a research report on Wednesday, May 7th. Wells Fargo & Company reaffirmed an “overweight” rating on shares of Marvell Technology in a report on Thursday, March 6th. Bank of America dropped their price objective on shares of Marvell Technology from $120.00 to $72.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. Finally, Barclays cut their target price on Marvell Technology from $130.00 to $80.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 22nd. Six equities research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Marvell Technology has a consensus rating of “Moderate Buy” and an average price target of $104.52.

Insider Activity

In other news, CAO Panteha Dixon sold 1,239 shares of the company’s stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $65.01, for a total transaction of $80,547.39. Following the completion of the transaction, the chief accounting officer now directly owns 30,855 shares of the company’s stock, valued at $2,005,883.55. This represents a 3.86% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Mark Casper sold 626 shares of the stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $61.10, for a total value of $38,248.60. Following the transaction, the executive vice president now owns 626 shares in the company, valued at $38,248.60. This trade represents a 50.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 33,541 shares of company stock worth $2,079,948 in the last ninety days. Company insiders own 0.19% of the company’s stock.

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.