Geode Capital Management LLC Has $818.92 Million Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Geode Capital Management LLC lifted its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 2.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,388,139 shares of the semiconductor company’s stock after buying an additional 219,692 shares during the quarter. Geode Capital Management LLC owned about 1.29% of Marvell Technology worth $818,916,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Ameriprise Financial Inc. grew its holdings in Marvell Technology by 24.1% in the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock worth $812,509,000 after purchasing an additional 2,254,610 shares during the period. Swedbank AB grew its holdings in Marvell Technology by 653.5% in the second quarter. Swedbank AB now owns 2,334,015 shares of the semiconductor company’s stock worth $163,148,000 after purchasing an additional 2,024,269 shares during the period. Temasek Holdings Private Ltd grew its holdings in Marvell Technology by 581.8% in the third 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 period. Holocene Advisors LP acquired a new stake in Marvell Technology in the third quarter worth $120,116,000. Finally, Van ECK Associates Corp grew its holdings in 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 during the period. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MRVL. Needham & Company LLC lifted their price objective on shares of Marvell Technology from $95.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Craig Hallum lifted their price objective on shares of Marvell Technology from $88.00 to $132.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Morgan Stanley lifted their price objective on shares of Marvell Technology from $82.00 to $102.00 and gave the company an “equal weight” rating in a report on Wednesday, December 4th. StockNews.com upgraded shares of Marvell Technology from a “sell” rating to a “hold” rating in a report on Monday, December 2nd. Finally, Wells Fargo & Company lifted their price objective on shares of Marvell Technology from $110.00 to $130.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Three equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. According to data from MarketBeat, Marvell Technology currently has a consensus rating of “Moderate Buy” and an average price target of $119.04.

Insider Activity

In other news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $73.87, for a total value of $110,805.00. Following the sale, the chief financial officer now owns 111,753 shares of the company’s stock, valued at $8,255,194.11. The trade was a 1.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $80.77, for a total transaction of $484,620.00. Following the completion of the sale, the executive vice president now directly owns 109,244 shares in the company, valued at approximately $8,823,637.88. This trade represents a 5.21 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 175,000 shares of company stock valued at $14,076,540 over the last quarter. Company insiders own 0.33% of the company’s stock.

Marvell Technology Stock Performance

NASDAQ MRVL opened at $111.36 on Thursday. The company’s 50 day moving average is $88.30 and its 200-day moving average is $76.29. Marvell Technology, Inc. has a 12-month low of $53.19 and a 12-month high of $119.88. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. The firm has a market cap of $96.36 billion, a P/E ratio of -65.51, a price-to-earnings-growth ratio of 3.79 and a beta of 1.46.

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.