Marvell Technology, Inc. (NASDAQ:MRVL) Shares Bought by HBK Sorce Advisory LLC

HBK Sorce Advisory LLC grew its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 3.1% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,688 shares of the semiconductor company’s stock after buying an additional 199 shares during the quarter. HBK Sorce Advisory LLC’s holdings in Marvell Technology were worth $739,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. State Street Corp increased its holdings in shares of Marvell Technology by 0.3% in the 3rd quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company’s stock valued at $1,438,336,000 after purchasing an additional 68,893 shares in the last quarter. Geode Capital Management LLC increased its holdings in Marvell Technology by 2.0% in the third quarter. Geode Capital Management LLC now owns 11,388,139 shares of the semiconductor company’s stock valued at $818,916,000 after buying an additional 219,692 shares in the last quarter. Wellington Management Group LLP increased its holdings in 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 valued at $627,034,000 after buying an additional 359,005 shares in the last quarter. Nordea Investment Management AB lifted its position in shares of Marvell Technology by 14.0% during the 4th 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. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Marvell Technology by 5.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,427,745 shares of the semiconductor company’s stock worth $378,594,000 after acquiring an additional 165,858 shares in the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on MRVL shares. Craig Hallum raised their price objective on Marvell Technology from $132.00 to $149.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Benchmark restated a “buy” rating and issued a $135.00 price target on shares of Marvell Technology in a research report on Thursday, March 6th. Cantor Fitzgerald lifted their price target on Marvell Technology from $120.00 to $135.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Bank of America lowered their price objective on shares of Marvell Technology from $150.00 to $120.00 and set a “buy” rating on the stock in a research note on Thursday, March 6th. Finally, Raymond James set a $110.00 target price on shares of Marvell Technology in a research report on Thursday, March 6th. Three analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $120.44.

Insider Transactions at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s 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 transaction, the chief financial officer now owns 112,711 shares of the company’s stock, valued at approximately $13,807,097.50. This trade represents a 1.31 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Chris Koopmans sold 6,000 shares of the company’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $122.50, for a total transaction of $735,000.00. Following the sale, the executive vice president now directly owns 97,244 shares of the company’s stock, valued at approximately $11,912,390. This trade represents a 5.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 36,255 shares of company stock worth $4,330,980. 0.33% of the stock is currently owned by company insiders.

Marvell Technology Price Performance

MRVL stock opened at $68.76 on Friday. The stock has a 50-day moving average price of $105.68 and a two-hundred day moving average price of $93.77. The company has a market cap of $59.50 billion, a PE ratio of -40.45, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42. 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.

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.