Zweig DiMenna Associates LLC Purchases 12,700 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Zweig DiMenna Associates LLC increased its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 6.3% in the fourth quarter, Holdings Channel.com reports. The fund owned 213,521 shares of the semiconductor company’s stock after acquiring an additional 12,700 shares during the quarter. Marvell Technology makes up about 1.8% of Zweig DiMenna Associates LLC’s holdings, making the stock its 16th biggest holding. Zweig DiMenna Associates LLC’s holdings in Marvell Technology were worth $23,583,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Braun Stacey Associates Inc. bought a new stake in shares of Marvell Technology in the 3rd quarter worth approximately $16,435,000. Charles Schwab Investment Management Inc. increased its position in Marvell Technology by 2.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,261,887 shares of the semiconductor company’s stock valued at $235,247,000 after purchasing an additional 66,654 shares during the period. Nomura Asset Management Co. Ltd. increased its position in Marvell Technology by 23.0% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 2,862,151 shares of the semiconductor company’s stock valued at $206,418,000 after purchasing an additional 535,203 shares during the period. Franchise Capital Ltd purchased a new stake in shares of Marvell Technology in the 4th quarter worth about $1,476,000. Finally, Wilmington Savings Fund Society FSB purchased a new stake in shares of Marvell Technology in the 3rd quarter worth about $3,432,000. 83.51% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $89.14, for a total transaction of $133,710.00. Following the transaction, the chief financial officer now owns 114,211 shares in the company, valued at approximately $10,180,768.54. This trade represents a 1.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $89.14, for a total value of $534,840.00. Following the completion of the transaction, the executive vice president now owns 103,244 shares in the company, valued at $9,203,170.16. This trade represents a 5.49 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 37,755 shares of company stock worth $4,361,430. Company insiders own 0.33% of the company’s stock.

Marvell Technology Stock Up 0.8 %

NASDAQ:MRVL opened at $127.08 on Friday. Marvell Technology, Inc. has a twelve month low of $53.19 and a twelve month high of $127.48. The company has a market cap of $109.96 billion, a price-to-earnings ratio of -73.86, a price-to-earnings-growth ratio of 4.12 and a beta of 1.41. The stock has a fifty day simple moving average of $108.68 and a 200-day simple moving average of $85.65. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30.

Marvell Technology Announces Dividend

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

Analysts Set New Price Targets

A number of analysts have recently weighed in on MRVL shares. Susquehanna upped their target price on shares of Marvell Technology from $110.00 to $125.00 and gave the stock a “positive” rating in a research report on Wednesday, December 4th. JPMorgan Chase & Co. upped their price target on shares of Marvell Technology from $90.00 to $130.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. KeyCorp upped their price target on shares of Marvell Technology from $125.00 to $135.00 and gave the company an “overweight” rating in a research report on Wednesday. Morgan Stanley increased their target price on shares of Marvell Technology from $102.00 to $120.00 and gave the stock an “equal weight” rating in a report on Friday, December 20th. Finally, Cantor Fitzgerald increased their target price 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 equities research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. According to MarketBeat, Marvell Technology currently has a consensus rating of “Moderate Buy” and an average target price of $125.38.

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.