Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 3.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 193,389 shares of the semiconductor company's stock after purchasing an additional 5,722 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Marvell Technology were worth $21,360,000 as of its most recent filing with the SEC.
Other institutional investors have also recently bought and sold shares of the company. State Street Corp boosted its holdings in shares of Marvell Technology by 0.3% in the 3rd quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company's stock valued at $1,438,336,000 after purchasing an additional 68,893 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Marvell Technology by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 11,388,139 shares of the semiconductor company's stock worth $818,916,000 after buying an additional 219,692 shares during the period. Wellington Management Group LLP raised its position in shares of Marvell Technology by 4.3% in the 3rd quarter. Wellington Management Group LLP now owns 8,694,320 shares of the semiconductor company's stock worth $627,034,000 after buying an additional 359,005 shares during the period. Nordea Investment Management AB boosted its holdings in Marvell Technology by 14.0% in the fourth quarter. Nordea Investment Management AB now owns 4,652,983 shares of the semiconductor company's stock valued at $518,435,000 after acquiring an additional 571,005 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Marvell Technology by 5.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,427,745 shares of the semiconductor company's stock valued at $378,594,000 after acquiring an additional 165,858 shares during the period. 83.51% of the stock is currently owned by hedge funds and other institutional investors.
Insider Transactions at Marvell Technology
In other Marvell Technology news, EVP Chris Koopmans sold 6,000 shares of the firm's stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $122.50, for a total value of $735,000.00. Following the transaction, the executive vice president now owns 97,244 shares of the company's stock, valued at $11,912,390. This trade represents a 5.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Brad W. Buss bought 3,000 shares of the firm's stock in a transaction on Friday, March 7th. The stock was bought at an average price of $69.00 per share, with a total value of $207,000.00. Following the completion of the purchase, the director now owns 87,113 shares of the company's stock, valued at $6,010,797. This trade represents a 3.57 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders sold 36,255 shares of company stock worth $4,330,980. 0.33% of the stock is currently owned by corporate insiders.
Analyst Ratings Changes
A number of equities analysts have recently commented on the company. Morgan Stanley cut their price objective on Marvell Technology from $113.00 to $90.00 and set an "equal weight" rating on the stock in a report on Thursday, March 6th. KeyCorp cut their price target on shares of Marvell Technology from $135.00 to $115.00 and set an "overweight" rating on the stock in a report on Thursday, March 6th. Susquehanna boosted their price objective on shares of Marvell Technology from $110.00 to $125.00 and gave the stock a "positive" rating in a research note on Wednesday, December 4th. Melius Research raised shares of Marvell Technology to a "strong-buy" rating in a research note on Monday, January 27th. Finally, The Goldman Sachs Group lifted their target price on shares of Marvell Technology from $115.00 to $131.00 and gave the company a "buy" rating in a report on Friday, January 10th. Three equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Marvell Technology presently has an average rating of "Moderate Buy" and an average target price of $120.44.
View Our Latest Stock Report on MRVL
Marvell Technology Stock Performance
Shares of Marvell Technology stock opened at $67.16 on Wednesday. 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 1 year low of $53.19 and a 1 year high of $127.48. The firm's 50-day simple moving average is $107.36 and its 200-day simple moving average is $93.97. The firm has a market cap of $58.11 billion, a PE ratio of -39.51, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42.
Marvell Technology Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, January 30th. Shareholders of record on Friday, January 10th were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.36%. The ex-dividend date of this dividend was Friday, January 10th. Marvell Technology's dividend payout ratio is presently -23.53%.
About Marvell Technology
(
Free Report)
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.
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