SouthState Corp Buys 229 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

SouthState Corp lifted its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 91.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 479 shares of the semiconductor company’s stock after purchasing an additional 229 shares during the period. SouthState Corp’s holdings in Marvell Technology were worth $53,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in MRVL. Raymond James Financial Inc. bought a new position in shares of Marvell Technology in the fourth quarter worth about $366,896,000. Temasek Holdings Private Ltd increased its stake in Marvell Technology by 581.8% during the third quarter. Temasek Holdings Private Ltd now owns 2,240,085 shares of the semiconductor company’s stock valued at $161,555,000 after acquiring an additional 1,911,532 shares during the period. Holocene Advisors LP bought a new position in Marvell Technology during the third quarter valued at about $120,116,000. Perpetual Ltd increased its stake in Marvell Technology by 3,405.3% during the fourth quarter. Perpetual Ltd now owns 702,498 shares of the semiconductor company’s stock valued at $77,591,000 after acquiring an additional 682,457 shares during the period. Finally, Nordea Investment Management AB increased its stake in Marvell Technology by 14.0% during 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 period. 83.51% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CAO Panteha Dixon sold 1,430 shares of the firm’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $68.75, for a total transaction of $98,312.50. Following the sale, the chief accounting officer now owns 31,100 shares of the company’s stock, valued at approximately $2,138,125. This trade represents a 4.40 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $68.83, for a total value of $412,980.00. Following the sale, the chief operating officer now directly owns 81,931 shares in the company, valued at $5,639,310.73. The trade was a 6.82 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 37,685 shares of company stock valued at $4,026,768. 0.33% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages recently issued reports on MRVL. Craig Hallum boosted their price target on Marvell Technology from $132.00 to $149.00 and gave the company a “buy” rating in a research note on Monday, January 6th. KeyCorp lowered their price target on Marvell Technology from $135.00 to $115.00 and set an “overweight” rating on the stock in a research note on Thursday, March 6th. Rosenblatt Securities restated a “buy” rating and set a $140.00 price target on shares of Marvell Technology in a research note on Thursday, March 6th. The Goldman Sachs Group lifted their price objective on Marvell Technology from $115.00 to $131.00 and gave the company a “buy” rating in a report on Friday, January 10th. Finally, Susquehanna lifted their price objective on Marvell Technology from $110.00 to $125.00 and gave the company a “positive” rating in a report on Wednesday, December 4th. Three investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $120.44.

Marvell Technology Stock Performance

MRVL stock opened at $68.28 on Wednesday. The company has a market cap of $59.13 billion, a P/E ratio of -40.16, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42. Marvell Technology, Inc. has a twelve month low of $53.19 and a twelve month 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 business’s fifty day moving average is $101.86 and its 200-day moving average is $93.89.

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.