Geode Capital Management LLC Raises Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Geode Capital Management LLC lifted its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 0.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,468,144 shares of the semiconductor company’s stock after purchasing an additional 80,005 shares during the period. Geode Capital Management LLC’s holdings in Marvell Technology were worth $1,263,755,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of MRVL. Norges Bank purchased a new stake in Marvell Technology in the fourth quarter worth about $1,138,354,000. GQG Partners LLC bought a new stake in shares of Marvell Technology during the fourth quarter valued at approximately $802,410,000. Wellington Management Group LLP lifted its position in Marvell Technology by 43.1% during the fourth quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock valued at $1,374,252,000 after buying an additional 3,747,982 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Marvell Technology in the 4th quarter worth about $366,896,000. Finally, Artisan Partners Limited Partnership increased its stake in shares of Marvell Technology by 98.4% in the 4th quarter. Artisan Partners Limited Partnership now owns 4,100,825 shares of the semiconductor company’s stock worth $452,936,000 after acquiring an additional 2,034,353 shares in the last quarter. Institutional investors own 83.51% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on MRVL. KeyCorp cut their price objective on shares of Marvell Technology from $135.00 to $115.00 and set an “overweight” rating on the stock in a report on Thursday, March 6th. The Goldman Sachs Group upped their price target on Marvell Technology from $115.00 to $131.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Loop Capital raised Marvell Technology from a “hold” rating to a “buy” rating and set a $110.00 target price on the stock in a report on Thursday, March 6th. Roth Capital set a $100.00 target price on Marvell Technology in a research note on Thursday, March 6th. Finally, Melius started coverage on Marvell Technology in a research report on Monday, January 27th. They issued a “buy” rating and a $188.00 price target for the company. Three equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $120.44.

Insider Buying and Selling

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $68.83, for a total value of $103,245.00. Following the completion of the transaction, the chief financial officer now directly owns 113,592 shares in the company, valued at $7,818,537.36. This represents a 1.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Mark Casper sold 2,500 shares of Marvell Technology stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $113.00, for a total transaction of $282,500.00. Following the transaction, the executive vice president now owns 24,706 shares in the company, valued at approximately $2,791,778. This trade represents a 9.19 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 37,685 shares of company stock valued at $4,026,768. 0.33% of the stock is owned by corporate insiders.

Marvell Technology Price Performance

Shares of Marvell Technology stock opened at $62.67 on Wednesday. The stock’s fifty day moving average is $91.56 and its 200 day moving average is $93.58. Marvell Technology, Inc. has a one year low of $53.19 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 stock has a market cap of $54.28 billion, a P/E ratio of -36.86, a P/E/G ratio of 1.61 and a beta of 1.42.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Friday, April 11th will be paid a dividend of $0.06 per share. The ex-dividend date is Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.38%. Marvell Technology’s dividend payout ratio (DPR) is presently -23.53%.

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.