Massachusetts Financial Services Co. MA Has $838.62 Million Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Massachusetts Financial Services Co. MA grew its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 28.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,592,726 shares of the semiconductor company's stock after buying an additional 1,691,242 shares during the period. Massachusetts Financial Services Co. MA owned 0.88% of Marvell Technology worth $838,617,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Marvell Technology in the 4th quarter valued at about $1,138,354,000. GQG Partners LLC purchased a new position in shares of Marvell Technology in the fourth quarter worth about $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 purchasing an additional 3,747,982 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Marvell Technology during the 4th quarter valued at approximately $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 valued at $452,936,000 after purchasing an additional 2,034,353 shares in the last quarter. Institutional investors own 83.51% of the company's stock.

Insider Activity

In related news, CFO Willem A. Meintjes sold 1,500 shares of the business's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $68.83, for a total transaction of $103,245.00. Following the transaction, the chief financial officer now directly owns 113,592 shares of the company's stock, valued at approximately $7,818,537.36. The trade was a 1.30 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Brad W. Buss purchased 3,000 shares of the company's stock in a transaction that occurred on Friday, March 7th. The shares were purchased at an average cost of $69.00 per share, with a total value of $207,000.00. Following the completion of the acquisition, the director now owns 87,113 shares in the company, valued at $6,010,797. The trade was a 3.57 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 37,685 shares of company stock worth $4,026,768 over the last three months. Corporate insiders own 0.33% of the company's stock.

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Analyst Ratings Changes

A number of brokerages have issued reports on MRVL. Oppenheimer raised their target price on Marvell Technology from $110.00 to $125.00 and gave the stock an "outperform" rating in a research note on Wednesday, December 4th. StockNews.com raised Marvell Technology from a "sell" rating to a "hold" rating in a report on Thursday, January 9th. William Blair upgraded shares of Marvell Technology to a "strong-buy" rating in a research note on Wednesday, February 5th. TD Cowen decreased their price target on Marvell Technology from $125.00 to $95.00 and set a "buy" rating for the company in a report on Thursday, March 6th. Finally, Summit Insights downgraded Marvell Technology from a "buy" rating to a "hold" rating in a report on Thursday, March 6th. Three investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $120.44.

Marvell Technology Trading Up 0.9 %

NASDAQ MRVL traded up $0.56 during trading on Wednesday, reaching $63.23. 13,036,853 shares of the stock traded hands, compared to its average volume of 12,939,000. The firm has a market cap of $54.76 billion, a price-to-earnings ratio of -37.19, 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 quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. The stock's 50-day moving average price is $90.32 and its 200 day moving average price is $93.37.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.38%. The ex-dividend date of this dividend is Friday, April 11th. Marvell Technology's payout ratio is currently -23.53%.

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.