Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. lowered its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 0.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 73,008 shares of the semiconductor company’s stock after selling 362 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Marvell Technology were worth $8,064,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in MRVL. Raymond James Financial Inc. purchased a new position in Marvell Technology in the fourth quarter valued at about $366,896,000. Temasek Holdings Private Ltd boosted its position in shares of Marvell Technology by 581.8% in the 3rd quarter. Temasek Holdings Private Ltd now owns 2,240,085 shares of the semiconductor company’s stock worth $161,555,000 after purchasing an additional 1,911,532 shares during the last quarter. Holocene Advisors LP acquired a new stake in Marvell Technology during the 3rd quarter worth $120,116,000. Perpetual Ltd raised its stake in shares of Marvell Technology by 3,405.3% in the 4th quarter. Perpetual Ltd now owns 702,498 shares of the semiconductor company’s stock valued at $77,591,000 after purchasing an additional 682,457 shares during the period. Finally, Nordea Investment Management AB grew its holdings 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 worth $518,435,000 after purchasing an additional 571,005 shares during the period. Institutional investors and hedge funds own 83.51% of the company’s stock.

Marvell Technology Stock Up 2.4 %

Shares of NASDAQ MRVL opened at $70.40 on Tuesday. The stock has a market cap of $60.97 billion, a PE ratio of -41.41, a PEG ratio of 1.61 and a beta of 1.42. The business has a fifty day moving average of $102.82 and a two-hundred day moving average of $93.95. Marvell Technology, Inc. has a 52-week low of $53.19 and a 52-week high of $127.48. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $118.33, for a total transaction of $177,495.00. Following the completion of the transaction, the chief financial officer now directly owns 111,211 shares of the company’s stock, valued at approximately $13,159,597.63. This trade represents a 1.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael G. Strachan sold 5,000 shares of Marvell Technology stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $122.65, for a total value of $613,250.00. Following the completion of the transaction, the director now directly owns 30,959 shares of the company’s stock, valued at $3,797,121.35. This represents a 13.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 28,755 shares of company stock valued at $3,412,230. 0.33% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

MRVL has been the subject of several research analyst reports. Melius Research upgraded shares of Marvell Technology to a “strong-buy” rating in a report on Monday, January 27th. Bank of America decreased their target price on shares of Marvell Technology from $150.00 to $120.00 and set a “buy” rating on the stock in a research report on Thursday, March 6th. William Blair raised shares of Marvell Technology to a “strong-buy” rating in a report on Wednesday, February 5th. Oppenheimer lifted their target price on shares of Marvell Technology from $110.00 to $125.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Finally, Loop Capital upgraded shares of Marvell Technology from a “hold” rating to a “buy” rating and set a $110.00 price target on the stock in a report on Thursday, March 6th. Three research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Marvell Technology currently has an average rating of “Moderate Buy” and an average target price of $120.44.

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.