Marvell Technology, Inc. (NASDAQ:MRVL) Shares Purchased by SouthState Corp

SouthState Corp boosted its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 91.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 479 shares of the semiconductor company’s stock after acquiring an additional 229 shares during the quarter. SouthState Corp’s holdings in Marvell Technology were worth $53,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Swedbank AB increased its position in shares of Marvell Technology by 1.0% during the 3rd quarter. Swedbank AB now owns 2,357,695 shares of the semiconductor company’s stock valued at $170,037,000 after purchasing an additional 23,680 shares during the period. Belmont Capital LLC acquired a new position in shares of Marvell Technology during the 3rd quarter valued at $1,082,000. Whalen Wealth Management Inc. increased its position in shares of Marvell Technology by 21.6% during the 3rd quarter. Whalen Wealth Management Inc. now owns 11,826 shares of the semiconductor company’s stock valued at $853,000 after purchasing an additional 2,097 shares during the period. Fifth Third Wealth Advisors LLC increased its position in shares of Marvell Technology by 36.5% during the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 7,314 shares of the semiconductor company’s stock valued at $527,000 after purchasing an additional 1,954 shares during the period. Finally, Banque Cantonale Vaudoise increased its position in shares of Marvell Technology by 2.9% during the 3rd quarter. Banque Cantonale Vaudoise now owns 42,186 shares of the semiconductor company’s stock valued at $3,043,000 after purchasing an additional 1,184 shares during the period. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Marvell Technology

In related news, EVP Mark Casper sold 7,755 shares of Marvell Technology stock in a transaction on Friday, January 17th. The stock was sold at an average price of $123.08, for a total transaction of $954,485.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $68.83, for a total value of $103,245.00. Following the transaction, the chief financial officer now owns 113,592 shares in the company, valued at approximately $7,818,537.36. This trade represents a 1.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 37,685 shares of company stock valued at $4,026,768. Insiders own 0.33% of the company’s stock.

Marvell Technology Price Performance

MRVL opened at $68.28 on Wednesday. The stock has a market cap of $59.13 billion, a price-to-earnings ratio of -40.16, a PEG ratio of 1.61 and a beta of 1.42. Marvell Technology, Inc. has a 1 year low of $53.19 and a 1 year high of $127.48. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. The stock has a fifty day moving average price of $101.86 and a 200 day moving average price of $93.89.

Wall Street Analyst Weigh In

MRVL has been the topic of several research analyst reports. Summit Insights cut Marvell Technology from a “buy” rating to a “hold” rating in a research report on Thursday, March 6th. Loop Capital raised Marvell Technology from a “hold” rating to a “buy” rating and set a $110.00 price objective for the company in a research note on Thursday, March 6th. Evercore ISI raised their price objective on Marvell Technology from $98.00 to $122.00 and gave the stock an “outperform” rating in a research note on Monday, December 2nd. Susquehanna raised their price objective on Marvell Technology from $110.00 to $125.00 and gave the stock a “positive” rating in a research note on Wednesday, December 4th. Finally, Barclays reduced their price objective on Marvell Technology from $150.00 to $130.00 and set an “overweight” rating for the company in a research note on Thursday, March 6th. Three research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $120.44.

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.