KLP Kapitalforvaltning AS Invests $45.21 Million in Marvell Technology, Inc. (NASDAQ:MRVL)

KLP Kapitalforvaltning AS bought a new position in Marvell Technology, Inc. (NASDAQ:MRVL) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 409,339 shares of the semiconductor company’s stock, valued at approximately $45,211,000.

Several other institutional investors have also recently made changes to their positions in the company. State Street Corp grew its stake in shares of Marvell Technology by 0.3% in the 3rd quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company’s stock worth $1,438,336,000 after acquiring an additional 68,893 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Marvell Technology by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 11,388,139 shares of the semiconductor company’s stock worth $818,916,000 after acquiring an additional 219,692 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Marvell Technology by 4.3% in the 3rd quarter. Wellington Management Group LLP now owns 8,694,320 shares of the semiconductor company’s stock worth $627,034,000 after acquiring an additional 359,005 shares in the last quarter. Nordea Investment Management AB boosted its holdings in shares of Marvell Technology by 14.0% in the 4th quarter. Nordea Investment Management AB now owns 4,652,983 shares of the semiconductor company’s stock worth $518,435,000 after buying an additional 571,005 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Marvell Technology by 5.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,427,745 shares of the semiconductor company’s stock worth $378,594,000 after buying an additional 165,858 shares during the last quarter. Institutional investors own 83.51% of the company’s stock.

Marvell Technology Stock Performance

NASDAQ:MRVL opened at $70.39 on Friday. The firm has a market cap of $60.96 billion, a PE ratio of -41.41, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42. Marvell Technology, Inc. has a fifty-two week low of $53.19 and a fifty-two week 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 business has a 50 day moving average price of $99.06 and a 200-day moving average price of $93.52.

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Friday, April 11th will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.34%. Marvell Technology’s dividend payout ratio (DPR) is presently -23.53%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Cantor Fitzgerald boosted their price target 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. Raymond James set a $110.00 price target on shares of Marvell Technology in a report on Thursday, March 6th. Bank of America cut their price target on shares of Marvell Technology from $150.00 to $120.00 and set a “buy” rating on the stock in a report on Thursday, March 6th. Rosenblatt Securities reissued a “buy” rating and issued a $140.00 price target on shares of Marvell Technology in a report on Thursday, March 6th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Marvell Technology from $90.00 to $130.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Three equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $120.44.

Insider Activity

In related news, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $124.40, for a total value of $746,400.00. Following the completion of the sale, the executive vice president now owns 93,931 shares of the company’s stock, valued at $11,685,016.40. This trade represents a 6.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Mark Casper sold 7,755 shares of the firm’s stock in a transaction on Friday, January 17th. The stock was sold at an average price of $123.08, for a total value of $954,485.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 37,685 shares of company stock valued at $4,026,768. 0.33% of the stock is currently owned by company 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.