Marvell Technology, Inc. (NASDAQ:MRVL) Stock Position Trimmed by Fmr LLC

Fmr LLC trimmed its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 0.1% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 129,991,631 shares of the semiconductor company’s stock after selling 89,133 shares during the quarter. Marvell Technology comprises about 0.9% of Fmr LLC’s portfolio, making the stock its 15th biggest holding. Fmr LLC owned about 0.15% of Marvell Technology worth $14,357,576,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of MRVL. State Street Corp raised its position in shares of Marvell Technology by 0.3% during the 3rd quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company’s stock worth $1,438,336,000 after buying an additional 68,893 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Marvell Technology by 43.1% during the 4th 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. Geode Capital Management LLC raised its stake in shares of Marvell Technology by 0.7% in the 4th quarter. Geode Capital Management LLC now owns 11,468,144 shares of the semiconductor company’s stock worth $1,263,755,000 after buying an additional 80,005 shares in the last quarter. Norges Bank acquired a new stake in shares of Marvell Technology in the fourth quarter valued at $1,138,354,000. Finally, Massachusetts Financial Services Co. MA boosted its stake in Marvell Technology by 28.7% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 7,592,726 shares of the semiconductor company’s stock valued at $838,617,000 after buying an additional 1,691,242 shares in the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Marvell Technology

In other news, CAO Panteha Dixon sold 1,430 shares of the business’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $68.75, for a total transaction of $98,312.50. Following the transaction, the chief accounting officer now owns 31,100 shares in the company, valued at approximately $2,138,125. The trade was a 4.40 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Brad W. Buss bought 3,000 shares of Marvell Technology stock in a transaction that occurred 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 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 position. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 35,185 shares of company stock worth $3,744,268. Insiders own 0.33% of the company’s stock.

Marvell Technology Trading Down 11.2 %

Marvell Technology stock opened at $49.43 on Friday. The business’s 50-day simple moving average is $87.42 and its 200-day simple moving average is $93.08. Marvell Technology, Inc. has a 52 week low of $47.31 and a 52 week high of $127.48. The firm has a market capitalization of $42.81 billion, a PE ratio of -29.08, a PEG ratio of 1.61 and a beta of 1.42. 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 Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Friday, April 11th will be given a $0.06 dividend. The ex-dividend date is Friday, April 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.49%. Marvell Technology’s dividend payout ratio is -23.53%.

Analyst Ratings Changes

Several equities research analysts have commented on MRVL shares. Citigroup dropped their price target on shares of Marvell Technology from $136.00 to $122.00 and set a “buy” rating on the stock in a research report on Thursday, March 6th. KeyCorp reduced their target price on shares of Marvell Technology from $135.00 to $115.00 and set an “overweight” rating for the company in a report on Thursday, March 6th. Benchmark reaffirmed a “buy” rating and issued a $135.00 price target on shares of Marvell Technology in a report on Thursday, March 6th. Stifel Nicolaus decreased their target price on Marvell Technology from $130.00 to $115.00 and set a “buy” rating on the stock in a report on Thursday, March 6th. Finally, Piper Sandler reduced their target price on Marvell Technology from $120.00 to $95.00 and set an “overweight” rating for the company in a report on Thursday, March 6th. Three analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $120.44.

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.