Marvell Technology, Inc. (NASDAQ:MRVL) Stake Lifted by Handelsbanken Fonder AB

Handelsbanken Fonder AB boosted its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 19.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 361,763 shares of the semiconductor company’s stock after buying an additional 58,644 shares during the period. Handelsbanken Fonder AB’s holdings in Marvell Technology were worth $39,957,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. State Street Corp grew its holdings in Marvell Technology by 0.3% in 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. Geode Capital Management LLC boosted its position in Marvell Technology by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 11,388,139 shares of the semiconductor company’s stock worth $818,916,000 after acquiring an additional 219,692 shares during the period. Wellington Management Group LLP grew its stake in shares of Marvell Technology by 4.3% in the third quarter. Wellington Management Group LLP now owns 8,694,320 shares of the semiconductor company’s stock worth $627,034,000 after purchasing an additional 359,005 shares in the last quarter. Van ECK Associates Corp grew its stake in shares of Marvell Technology by 26.6% in the third quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock worth $538,868,000 after purchasing an additional 1,570,050 shares in the last quarter. Finally, Nordea Investment Management AB increased its holdings in shares of 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 purchasing an additional 571,005 shares during the period. 83.51% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently weighed in on MRVL. William Blair raised shares of Marvell Technology to a “strong-buy” rating in a report on Wednesday, February 5th. Cantor Fitzgerald upped their price target on shares of Marvell Technology from $120.00 to $135.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Piper Sandler reiterated an “overweight” rating and issued a $120.00 price objective (up from $100.00) on shares of Marvell Technology in a report on Wednesday, December 4th. KeyCorp raised their price objective on shares of Marvell Technology from $125.00 to $135.00 and gave the company an “overweight” rating in a research note on Wednesday, January 22nd. Finally, Citigroup upped their target price on Marvell Technology from $91.00 to $112.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Three analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $127.60.

Marvell Technology Stock Performance

Shares of MRVL opened at $108.66 on Friday. The company has a 50-day moving average of $113.93 and a two-hundred day moving average of $91.69. The stock has a market cap of $94.03 billion, a price-to-earnings ratio of -63.92, a PEG ratio of 1.59 and a beta of 1.40. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. Marvell Technology, Inc. has a one year low of $53.19 and a one year high of $127.48.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 30th. Shareholders of record on Friday, January 10th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.22%. The ex-dividend date was Friday, January 10th. Marvell Technology’s payout ratio is -14.12%.

Insider Activity

In related news, EVP Mark Casper sold 7,755 shares of the stock in a transaction on Friday, January 17th. The stock was sold at an average price of $123.08, for a total transaction of $954,485.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Monday, December 16th. The shares were sold at an average price of $122.50, for a total value of $183,750.00. Following the sale, the chief financial officer now directly owns 112,711 shares of the company’s stock, valued at approximately $13,807,097.50. The trade was a 1.31 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 36,255 shares of company stock worth $4,330,980. 0.33% of the stock is owned by corporate insiders.

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.