Fmr LLC Has $9.38 Billion Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Fmr LLC increased its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 0.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 130,080,764 shares of the semiconductor company’s stock after buying an additional 207,791 shares during the quarter. Marvell Technology accounts for 0.6% of Fmr LLC’s portfolio, making the stock its 22nd biggest holding. Fmr LLC owned approximately 14.68% of Marvell Technology worth $9,381,425,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Quarry LP bought a new position in Marvell Technology in the second quarter worth $32,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Marvell Technology during the 2nd quarter valued at about $32,000. Whittier Trust Co. raised its position in Marvell Technology by 74.5% in the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock worth $35,000 after purchasing an additional 210 shares in the last quarter. Briaud Financial Planning Inc acquired a new position in Marvell Technology in the third quarter worth about $43,000. Finally, Exchange Traded Concepts LLC grew its stake in shares of Marvell Technology by 125.4% in the 3rd quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company’s stock valued at $44,000 after purchasing an additional 336 shares during the period. 83.51% of the stock is currently owned by institutional investors.

Insider Activity at Marvell Technology

In related news, EVP Chris Koopmans sold 6,000 shares of the company’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $80.77, for a total value of $484,620.00. Following the completion of the sale, the executive vice president now owns 109,244 shares in the company, valued at $8,823,637.88. This represents a 5.21 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Muhammad Raghib Hussain sold 150,000 shares of Marvell Technology stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total value of $12,075,000.00. Following the transaction, the insider now owns 694,487 shares in the company, valued at approximately $55,906,203.50. This represents a 17.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 267,000 shares of company stock worth $20,899,260 in the last ninety days. Company insiders own 0.33% of the company’s stock.

Marvell Technology Price Performance

Shares of MRVL stock opened at $92.24 on Tuesday. The firm’s 50 day moving average price is $80.67 and its two-hundred day moving average price is $73.59. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. Marvell Technology, Inc. has a 52-week low of $50.35 and a 52-week high of $95.09. The stock has a market cap of $81.74 billion, a PE ratio of -83.10, a PEG ratio of 4.02 and a beta of 1.44.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.30. The business had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The firm’s revenue was down 5.1% on a year-over-year basis. During the same period last year, the company earned $0.18 EPS. As a group, analysts forecast that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were paid a $0.06 dividend. The ex-dividend date of this dividend was Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.26%. Marvell Technology’s dividend payout ratio (DPR) is presently -21.62%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on MRVL shares. Citigroup reaffirmed a “buy” rating and issued a $91.00 price target on shares of Marvell Technology in a research note on Monday, October 14th. Morgan Stanley lifted their price target on shares of Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. Bank of America upped their price objective on shares of Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Piper Sandler reissued an “overweight” rating and issued a $100.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Finally, Benchmark raised their price target on Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a report on Friday, August 30th. Three investment analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Marvell Technology has an average rating of “Moderate Buy” and an average target price of $93.43.

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.