Pictet Asset Management Holding SA Reduces Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Pictet Asset Management Holding SA trimmed its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 24.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,287,586 shares of the semiconductor company's stock after selling 2,383,082 shares during the period. Marvell Technology comprises about 0.9% of Pictet Asset Management Holding SA's portfolio, making the stock its 20th largest position. Pictet Asset Management Holding SA owned approximately 0.84% of Marvell Technology worth $804,914,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. True Wealth Design LLC increased its holdings in Marvell Technology by 1,481.8% during the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company's stock valued at $25,000 after buying an additional 326 shares during the period. ORG Partners LLC raised its position in shares of Marvell Technology by 175.3% in the 4th quarter. ORG Partners LLC now owns 234 shares of the semiconductor company's stock worth $26,000 after acquiring an additional 149 shares in the last quarter. Centricity Wealth Management LLC bought a new stake in Marvell Technology during the fourth quarter valued at about $26,000. Rialto Wealth Management LLC purchased a new position in Marvell Technology in the fourth quarter valued at about $27,000. Finally, Kieckhefer Group LLC purchased a new stake in shares of Marvell Technology during the fourth quarter valued at about $33,000. Hedge funds and other institutional investors own 83.51% of the company's stock.

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Insider Transactions at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the company's stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $118.33, for a total transaction of $177,495.00. Following the completion of the transaction, the chief financial officer now owns 111,211 shares in the company, valued at $13,159,597.63. This represents a 1.33 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Panteha Dixon sold 1,430 shares of Marvell Technology stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $68.75, for a total value of $98,312.50. Following the completion of the sale, the chief accounting officer now owns 31,100 shares in the company, valued at approximately $2,138,125. The trade was a 4.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 37,685 shares of company stock valued at $4,026,768 in the last three months. 0.33% of the stock is currently owned by company insiders.

Marvell Technology Stock Performance

Shares of MRVL traded down $2.14 during trading hours on Monday, hitting $59.90. The stock had a trading volume of 6,358,719 shares, compared to its average volume of 16,016,575. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. Marvell Technology, Inc. has a fifty-two week low of $53.19 and a fifty-two week high of $127.48. The firm has a 50-day moving average price of $94.05 and a 200 day moving average price of $93.75. The firm has a market capitalization of $51.88 billion, a price-to-earnings ratio of -35.29, 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 will be paid on Thursday, May 1st. Stockholders of record on Friday, April 11th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.40%. The ex-dividend date of this dividend is Friday, April 11th. Marvell Technology's dividend payout ratio (DPR) is presently -23.53%.

Analysts Set New Price Targets

MRVL has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. raised their price target 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. Loop Capital raised shares of Marvell Technology from a "hold" rating to a "buy" rating and set a $110.00 price target on the stock in a report on Thursday, March 6th. Melius Research upgraded Marvell Technology to a "strong-buy" rating in a report on Monday, January 27th. Raymond James set a $110.00 price objective on Marvell Technology in a research report on Thursday, March 6th. Finally, Susquehanna upped their target price on Marvell Technology from $110.00 to $125.00 and gave the company a "positive" rating in a research report on Wednesday, December 4th. Three equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $120.44.

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.