Marvell Technology, Inc. (NASDAQ:MRVL) Position Reduced by T. Rowe Price Investment Management Inc.

T. Rowe Price Investment Management Inc. reduced its stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 22.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 21,130,386 shares of the semiconductor company's stock after selling 6,160,855 shares during the quarter. Marvell Technology accounts for 1.4% of T. Rowe Price Investment Management Inc.'s investment portfolio, making the stock its 9th biggest holding. T. Rowe Price Investment Management Inc. owned about 2.44% of Marvell Technology worth $2,333,852,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Marvell Technology during the 4th quarter valued at about $1,138,354,000. GQG Partners LLC acquired a new stake in shares of Marvell Technology in the fourth quarter valued at about $802,410,000. Wellington Management Group LLP raised its stake in shares of 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 purchasing an additional 3,747,982 shares during the period. Invesco Ltd. lifted its holdings in Marvell Technology by 30.1% in the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company's stock worth $1,784,649,000 after buying an additional 3,737,705 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in Marvell Technology in the fourth quarter valued at about $366,896,000. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Marvell Technology

In other news, EVP Mark Casper sold 12,460 shares of Marvell Technology stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total value of $685,300.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Chris Koopmans sold 6,000 shares of the firm's stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $106.35, for a total transaction of $638,100.00. Following the completion of the transaction, the chief operating officer now directly owns 87,931 shares of the company's stock, valued at approximately $9,351,461.85. This trade represents a 6.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,390 shares of company stock worth $1,937,938. 0.33% of the stock is owned by insiders.

Wall Street Analyst Weigh In

MRVL has been the subject of a number of research analyst reports. Piper Sandler lowered their price target on Marvell Technology from $120.00 to $95.00 and set an "overweight" rating for the company in a report on Thursday, March 6th. Craig Hallum upped their target price on Marvell Technology from $132.00 to $149.00 and gave the company a "buy" rating in a report on Monday, January 6th. Citigroup lowered their price objective on shares of Marvell Technology from $122.00 to $96.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. TD Cowen dropped their price objective on shares of Marvell Technology from $125.00 to $95.00 and set a "buy" rating on the stock in a research note on Thursday, March 6th. Finally, Stifel Nicolaus dropped their target price on Marvell Technology from $115.00 to $80.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. Three investment 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, the company presently has an average rating of "Moderate Buy" and an average price target of $114.56.

Marvell Technology Stock Up 2.8 %

Shares of Marvell Technology stock traded up $1.59 during midday trading on Friday, hitting $58.92. The company had a trading volume of 11,919,398 shares, compared to its average volume of 13,618,558. The stock has a market capitalization of $51.03 billion, a P/E ratio of -34.66, a P/E/G ratio of 1.61 and a beta of 1.78. 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 company has a 50 day moving average of $68.53 and a 200 day moving average of $90.58. Marvell Technology, Inc. has a 52-week low of $47.09 and a 52-week high of $127.48.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Friday, April 11th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.41%. The ex-dividend date is Friday, April 11th. Marvell Technology's payout ratio is currently -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.