Norges Bank Makes New $1.14 Billion Investment in Marvell Technology, Inc. (NASDAQ:MRVL)

Norges Bank acquired a new position in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 10,306,512 shares of the semiconductor company's stock, valued at approximately $1,138,354,000. Norges Bank owned approximately 1.19% of Marvell Technology at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MRVL. Howe & Rusling Inc. raised its position in shares of Marvell Technology by 14.5% during the 4th quarter. Howe & Rusling Inc. now owns 3,362 shares of the semiconductor company's stock worth $371,000 after purchasing an additional 427 shares during the last quarter. NEOS Investment Management LLC boosted its position in shares of Marvell Technology by 20.8% in the fourth quarter. NEOS Investment Management LLC now owns 61,612 shares of the semiconductor company's stock worth $6,805,000 after acquiring an additional 10,600 shares during the last quarter. Sava Infond d.o.o. acquired a new stake in Marvell Technology during the fourth quarter worth about $6,737,000. Artisan Partners Limited Partnership grew its holdings in shares of Marvell Technology by 98.4% during the 4th quarter. Artisan Partners Limited Partnership now owns 4,100,825 shares of the semiconductor company's stock worth $452,936,000 after purchasing an additional 2,034,353 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Marvell Technology by 10.2% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 709,998 shares of the semiconductor company's stock valued at $83,908,000 after buying an additional 65,922 shares during the period. 83.51% of the stock is currently owned by institutional investors and hedge funds.

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Insider Activity

In other Marvell Technology news, CAO Panteha Dixon sold 1,430 shares of Marvell Technology stock in a transaction that occurred on Monday, March 17th. The shares were 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 directly owns 31,100 shares in the company, valued at $2,138,125. The trade was a 4.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $68.83, for a total value of $103,245.00. Following the transaction, the chief financial officer now directly owns 113,592 shares in the company, valued at approximately $7,818,537.36. This represents a 1.30 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 37,685 shares of company stock worth $4,026,768 over the last quarter. Corporate insiders own 0.33% of the company's stock.

Marvell Technology Trading Down 3.1 %

Shares of NASDAQ MRVL traded down $1.95 during mid-day trading on Monday, hitting $60.09. 4,961,254 shares of the company traded hands, compared to its average volume of 12,884,198. The business has a 50 day moving average of $94.05 and a two-hundred day moving average of $93.75. The stock has a market capitalization of $52.05 billion, a price-to-earnings ratio of -35.25, a PEG ratio of 1.61 and a beta of 1.42. Marvell Technology, Inc. has a 1 year low of $53.19 and a 1 year 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.

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Friday, April 11th will be issued 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 0.40%. Marvell Technology's dividend payout ratio is currently -23.53%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Rosenblatt Securities reaffirmed a "buy" rating and set a $140.00 price target on shares of Marvell Technology in a research report on Thursday, March 6th. StockNews.com raised shares of Marvell Technology from a "sell" rating to a "hold" rating in a report on Thursday, January 9th. Roth Capital set a $100.00 price objective on Marvell Technology in a research note on Thursday, March 6th. Melius initiated coverage on Marvell Technology in a research note on Monday, January 27th. They issued a "buy" rating and a $188.00 target price for the company. Finally, Wells Fargo & Company reiterated an "overweight" rating on shares of Marvell Technology in a research note on Thursday, March 6th. Three equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Marvell Technology has an average rating of "Moderate Buy" and a consensus target price of $120.44.

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.