Chesapeake Wealth Management Makes New $263,000 Investment in Marvell Technology, Inc. (NASDAQ:MRVL)

Chesapeake Wealth Management purchased a new position in Marvell Technology, Inc. (NASDAQ:MRVL) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 2,385 shares of the semiconductor company’s stock, valued at approximately $263,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Ballentine Partners LLC grew its holdings in Marvell Technology by 7.3% in the fourth quarter. Ballentine Partners LLC now owns 6,470 shares of the semiconductor company’s stock worth $715,000 after purchasing an additional 439 shares during the last quarter. Regent Peak Wealth Advisors LLC purchased a new stake in shares of Marvell Technology during the fourth quarter valued at $200,000. Cove Private Wealth LLC purchased a new stake in shares of Marvell Technology during the fourth quarter valued at $243,000. Diversify Advisory Services LLC grew its holdings in shares of Marvell Technology by 16.8% during the fourth quarter. Diversify Advisory Services LLC now owns 3,743 shares of the semiconductor company’s stock valued at $428,000 after buying an additional 538 shares during the last quarter. Finally, Ariose Capital Management Ltd purchased a new stake in shares of Marvell Technology during the fourth quarter valued at $2,021,000. 83.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. The Goldman Sachs Group boosted their price objective on shares of Marvell Technology from $115.00 to $131.00 and gave the company a “buy” rating in a report on Friday, January 10th. Rosenblatt Securities boosted their price objective on shares of Marvell Technology from $120.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Craig Hallum boosted their price objective on shares of Marvell Technology from $132.00 to $149.00 and gave the company a “buy” rating in a report on Monday, January 6th. Morgan Stanley boosted their target price on shares of Marvell Technology from $102.00 to $120.00 and gave the company an “equal weight” rating in a research report on Friday, December 20th. Finally, KeyCorp boosted their target price on shares of Marvell Technology from $95.00 to $125.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Three investment analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. Based on data from MarketBeat, Marvell Technology presently has a consensus rating of “Moderate Buy” and an average price target of $124.96.

Marvell Technology Stock Performance

Shares of NASDAQ MRVL opened at $124.76 on Tuesday. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. The firm has a 50-day moving average price of $107.35 and a 200 day moving average price of $85.01. Marvell Technology, Inc. has a 52 week low of $53.19 and a 52 week high of $126.15.

Marvell Technology Announces Dividend

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

Insider Buying and Selling at Marvell Technology

In related news, EVP Chris Koopmans sold 6,000 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $89.14, for a total transaction of $534,840.00. Following the transaction, the executive vice president now owns 103,244 shares of the company’s stock, valued at approximately $9,203,170.16. This represents a 5.49 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Mark Casper sold 2,500 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $113.00, for a total transaction of $282,500.00. Following the transaction, the executive vice president now directly owns 24,706 shares of the company’s stock, valued at $2,791,778. This trade represents a 9.19 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 31,755 shares of company stock valued at $3,615,030 over the last quarter. Corporate insiders own 0.33% of the company’s stock.

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.