Synovus Financial Corp Has $468,000 Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Synovus Financial Corp raised its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 60.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,489 shares of the semiconductor company’s stock after acquiring an additional 2,445 shares during the quarter. Synovus Financial Corp’s holdings in Marvell Technology were worth $468,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. Davidson Kempner Capital Management LP lifted its holdings in Marvell Technology by 26.5% during the 2nd quarter. Davidson Kempner Capital Management LP now owns 250,000 shares of the semiconductor company’s stock worth $17,482,000 after purchasing an additional 52,365 shares during the last quarter. Braun Stacey Associates Inc. acquired a new stake in shares of Marvell Technology during the third quarter worth $16,435,000. Charles Schwab Investment Management Inc. boosted its position in shares of Marvell Technology by 2.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,261,887 shares of the semiconductor company’s stock valued at $235,247,000 after acquiring an additional 66,654 shares during the period. Nomura Asset Management Co. Ltd. increased its position in Marvell Technology by 23.0% during the third quarter. Nomura Asset Management Co. Ltd. now owns 2,862,151 shares of the semiconductor company’s stock worth $206,418,000 after acquiring an additional 535,203 shares during the period. Finally, Wilmington Savings Fund Society FSB acquired a new stake in Marvell Technology in the 3rd quarter worth about $3,432,000. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Marvell Technology

In other news, EVP Mark Casper sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $70.83, for a total value of $177,075.00. Following the transaction, the executive vice president now owns 22,494 shares in the company, valued at approximately $1,593,250.02. The trade was a 10.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew J. Murphy acquired 13,000 shares of the firm’s stock in a transaction dated Monday, October 14th. The shares were purchased at an average price of $77.63 per share, with a total value of $1,009,190.00. Following the completion of the transaction, the chief executive officer now owns 221,915 shares of the company’s stock, valued at $17,227,261.45. This trade represents a 6.22 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 175,000 shares of company stock worth $14,444,745 over the last ninety days. Insiders own 0.33% of the company’s stock.

Marvell Technology Stock Performance

NASDAQ MRVL opened at $105.28 on Thursday. The company has a market capitalization of $91.10 billion, a price-to-earnings ratio of -61.93, a PEG ratio of 3.72 and a beta of 1.46. Marvell Technology, Inc. has a twelve month low of $53.19 and a twelve month high of $126.15. The stock has a fifty day simple moving average of $91.79 and a 200 day simple moving average of $77.46. 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 Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Friday, January 10th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.23%. The ex-dividend date of this dividend is Friday, January 10th. Marvell Technology’s dividend payout ratio is currently -14.12%.

Analyst Upgrades and Downgrades

MRVL has been the topic of a number of analyst reports. Needham & Company LLC increased their target price on shares of Marvell Technology from $95.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Barclays increased their price target on Marvell Technology from $85.00 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. TD Cowen lifted their price objective on Marvell Technology from $90.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. B. Riley upped their price objective on shares of Marvell Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Finally, Evercore ISI lifted their price objective on shares of Marvell Technology from $98.00 to $122.00 and gave the company an “outperform” rating in a research note on Monday, December 2nd. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $119.04.

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.