10,306,512 Shares in Marvell Technology, Inc. (NASDAQ:MRVL) Purchased by Norges Bank

Norges Bank purchased a new stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) during the fourth quarter, HoldingsChannel.com reports. The firm purchased 10,306,512 shares of the semiconductor company’s stock, valued at approximately $1,138,354,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Cerity Partners LLC raised its holdings in shares of Marvell Technology by 84.3% during the third quarter. Cerity Partners LLC now owns 61,016 shares of the semiconductor company’s stock valued at $4,401,000 after acquiring an additional 27,902 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Marvell Technology in the 3rd quarter worth about $516,000. D.A. Davidson & CO. boosted its stake in shares of Marvell Technology by 8.5% during the 3rd quarter. D.A. Davidson & CO. now owns 60,056 shares of the semiconductor company’s stock valued at $4,331,000 after purchasing an additional 4,718 shares in the last quarter. Townsquare Capital LLC increased its position in shares of Marvell Technology by 54.9% during the third quarter. Townsquare Capital LLC now owns 11,669 shares of the semiconductor company’s stock valued at $842,000 after buying an additional 4,136 shares during the period. Finally, Blueshift Asset Management LLC bought a new position in Marvell Technology in the third quarter worth about $215,000. Institutional investors own 83.51% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on MRVL. Stifel Nicolaus decreased their target price on Marvell Technology from $130.00 to $115.00 and set a “buy” rating for the company in a research report on Thursday, March 6th. B. Riley upped their target price on shares of Marvell Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. JPMorgan Chase & Co. lifted their price target on shares of Marvell Technology from $90.00 to $130.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. William Blair upgraded shares of Marvell Technology to a “strong-buy” rating in a report on Wednesday, February 5th. Finally, KeyCorp lowered 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. Three analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $120.44.

Insider Activity at Marvell Technology

In other news, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $124.40, for a total transaction of $746,400.00. Following the transaction, the executive vice president now directly owns 93,931 shares of the company’s stock, valued at $11,685,016.40. The trade was a 6.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Panteha Dixon sold 1,430 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $68.75, for a total value of $98,312.50. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 37,685 shares of company stock worth $4,026,768. Corporate insiders own 0.33% of the company’s stock.

Marvell Technology Stock Performance

Shares of NASDAQ MRVL opened at $64.86 on Friday. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. Marvell Technology, Inc. has a 12-month low of $53.19 and a 12-month high of $127.48. The firm has a market capitalization of $56.17 billion, a price-to-earnings ratio of -38.15, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42. The firm has a 50 day moving average of $95.30 and a 200 day moving average of $93.52.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Friday, April 11th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Friday, April 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.37%. Marvell Technology’s dividend payout ratio (DPR) is -23.53%.

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.