Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Swiss National Bank

Swiss National Bank lowered its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 4.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,447,003 shares of the semiconductor company's stock after selling 122,400 shares during the period. Swiss National Bank owned 0.28% of Marvell Technology worth $270,271,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Zweig DiMenna Associates LLC grew its holdings in shares of Marvell Technology by 6.3% during the fourth quarter. Zweig DiMenna Associates LLC now owns 213,521 shares of the semiconductor company's stock worth $23,583,000 after buying an additional 12,700 shares in the last quarter. Berbice Capital Management LLC purchased a new stake in Marvell Technology in the 4th quarter worth approximately $637,000. RFG Advisory LLC grew its stake in Marvell Technology by 6.2% in the 4th quarter. RFG Advisory LLC now owns 42,621 shares of the semiconductor company's stock worth $4,708,000 after acquiring an additional 2,507 shares during the period. Braun Stacey Associates Inc. acquired a new position in Marvell Technology in the 3rd quarter valued at $16,435,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Marvell Technology by 2.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,261,887 shares of the semiconductor company's stock worth $235,247,000 after purchasing an additional 66,654 shares during the period. Hedge funds and other institutional investors own 83.51% of the company's stock.

Remove Ads

Insider Activity

In other Marvell Technology news, EVP Chris Koopmans sold 6,000 shares of the firm's stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $122.50, for a total transaction of $735,000.00. Following the completion of the sale, the executive vice president now owns 97,244 shares in the company, valued at $11,912,390. This trade represents a 5.81 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $122.50, for a total value of $183,750.00. Following the sale, the chief financial officer now owns 112,711 shares in the company, valued at $13,807,097.50. This represents a 1.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 36,255 shares of company stock worth $4,330,980 over the last ninety days. Corporate insiders own 0.33% of the company's stock.

Marvell Technology Stock Down 1.6 %

Marvell Technology stock traded down $1.09 during midday trading on Thursday, hitting $68.76. 14,927,215 shares of the stock were exchanged, compared to its average volume of 12,723,853. Marvell Technology, Inc. has a 1 year low of $53.19 and a 1 year high of $127.48. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. The firm has a market cap of $59.50 billion, a P/E ratio of -40.45, a P/E/G ratio of 1.61 and a beta of 1.42. The company has a 50 day moving average price of $105.68 and a two-hundred day moving average price of $93.77.

Analysts Set New Price Targets

MRVL has been the subject of a number of recent analyst reports. Raymond James set a $110.00 price objective on Marvell Technology in a research report on Thursday, March 6th. The Goldman Sachs Group lifted their price target on Marvell Technology from $115.00 to $131.00 and gave the company a "buy" rating in a report on Friday, January 10th. Barclays cut their price objective on shares of Marvell Technology from $150.00 to $130.00 and set an "overweight" rating on the stock in a report on Thursday, March 6th. B. Riley raised their target price on shares of Marvell Technology from $105.00 to $135.00 and gave the stock a "buy" rating in a research report on Wednesday, December 4th. Finally, KeyCorp dropped their price target on shares of Marvell Technology from $135.00 to $115.00 and set an "overweight" rating for the company in a research report on Thursday, March 6th. Three equities research 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's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $120.44.

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.