OFI Invest Asset Management Takes $39.07 Million Position in Marvell Technology, Inc. (NASDAQ:MRVL)

OFI Invest Asset Management purchased a new stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 366,243 shares of the semiconductor company's stock, valued at approximately $39,065,000. Marvell Technology accounts for about 0.9% of OFI Invest Asset Management's investment portfolio, making the stock its 28th largest position.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MRVL. Raymond James Financial Inc. bought a new position in shares of Marvell Technology during the 4th quarter worth about $366,896,000. Temasek Holdings Private Ltd lifted its holdings in shares of Marvell Technology by 581.8% during the 3rd quarter. Temasek Holdings Private Ltd now owns 2,240,085 shares of the semiconductor company's stock worth $161,555,000 after acquiring an additional 1,911,532 shares during the period. Holocene Advisors LP bought a new position in shares of Marvell Technology during the 3rd quarter worth about $120,116,000. Perpetual Ltd lifted its holdings in shares of Marvell Technology by 3,405.3% during the 4th quarter. Perpetual Ltd now owns 702,498 shares of the semiconductor company's stock worth $77,591,000 after acquiring an additional 682,457 shares during the period. Finally, Nordea Investment Management AB lifted its holdings in shares of Marvell Technology by 14.0% during the 4th quarter. Nordea Investment Management AB now owns 4,652,983 shares of the semiconductor company's stock worth $518,435,000 after acquiring an additional 571,005 shares during the period. 83.51% of the stock is owned by institutional investors.

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Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on MRVL shares. Susquehanna raised their price objective on shares of Marvell Technology from $110.00 to $125.00 and gave the stock a "positive" rating in a report on Wednesday, December 4th. Evercore ISI increased their target price on shares of Marvell Technology from $98.00 to $122.00 and gave the stock an "outperform" rating in a research report on Monday, December 2nd. 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 research report on Wednesday, December 4th. Craig Hallum increased their target price on shares of Marvell Technology from $132.00 to $149.00 and gave the stock a "buy" rating in a research report on Monday, January 6th. Finally, Barclays dropped their target price on shares of Marvell Technology from $150.00 to $130.00 and set an "overweight" rating for the company in a research report on Thursday. Three 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 stock. According to data from MarketBeat, Marvell Technology presently has an average rating of "Moderate Buy" and an average target price of $121.68.

Insider Transactions at Marvell Technology

In other news, Director Brad W. Buss bought 3,000 shares of the stock in a transaction that occurred on Friday, March 7th. The shares were acquired at an average cost of $69.00 per share, for a total transaction of $207,000.00. Following the completion of the acquisition, the director now owns 87,113 shares in the company, valued at approximately $6,010,797. This represents a 3.57 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the business's stock in a transaction on Monday, December 16th. The stock was sold at an average price of $122.50, for a total transaction of $183,750.00. Following the transaction, the chief financial officer now owns 112,711 shares in the company, valued at approximately $13,807,097.50. The trade was a 1.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 36,255 shares of company stock valued at $4,330,980 over the last 90 days. 0.33% of the stock is owned by corporate insiders.

Marvell Technology Stock Down 2.0 %

MRVL traded down $1.44 during trading on Friday, reaching $70.84. The company had a trading volume of 38,787,463 shares, compared to its average volume of 12,675,750. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. Marvell Technology, Inc. has a 12 month low of $53.19 and a 12 month high of $127.48. The business's fifty day moving average price is $108.27 and its 200 day moving average price is $94.00. The company has a market cap of $61.30 billion, a P/E ratio of -41.67, a PEG ratio of 1.61 and a beta of 1.42.

Marvell Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 30th. Stockholders of record on Friday, January 10th were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.34%. The ex-dividend date of this dividend was Friday, January 10th. Marvell Technology's dividend payout ratio is presently -23.53%.

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.