Massachusetts Financial Services Co. MA Acquires 1,691,242 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Massachusetts Financial Services Co. MA increased its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 28.7% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 7,592,726 shares of the semiconductor company’s stock after purchasing an additional 1,691,242 shares during the period. Massachusetts Financial Services Co. MA owned approximately 0.88% of Marvell Technology worth $838,617,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Norges Bank bought a new position in shares of Marvell Technology during the 4th quarter worth about $1,138,354,000. GQG Partners LLC acquired a new stake in Marvell Technology during the fourth quarter worth about $802,410,000. Wellington Management Group LLP increased its stake in Marvell Technology by 43.1% during the fourth quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock valued at $1,374,252,000 after acquiring an additional 3,747,982 shares during the period. Raymond James Financial Inc. acquired a new position in Marvell Technology in the 4th quarter valued at approximately $366,896,000. Finally, Artisan Partners Limited Partnership lifted its position in shares of Marvell Technology by 98.4% in the 4th quarter. Artisan Partners Limited Partnership now owns 4,100,825 shares of the semiconductor company’s stock worth $452,936,000 after acquiring an additional 2,034,353 shares during the period. Institutional investors own 83.51% of the company’s stock.

Marvell Technology Stock Up 1.8 %

NASDAQ:MRVL opened at $62.67 on Wednesday. The stock’s fifty day simple moving average is $91.56 and its 200-day simple moving average is $93.58. The firm has a market capitalization of $54.28 billion, a P/E ratio of -36.86, a P/E/G ratio of 1.61 and a beta of 1.42. The company has a quick ratio of 1.11, a current ratio of 1.60 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 Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Friday, April 11th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, April 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.38%. Marvell Technology’s payout ratio is currently -23.53%.

Insider Activity

In other news, Director Brad W. Buss acquired 3,000 shares of the stock in a transaction that occurred on Friday, March 7th. The stock was acquired at an average price of $69.00 per share, for a total transaction of $207,000.00. Following the transaction, the director now directly owns 87,113 shares in the company, valued at approximately $6,010,797. This represents a 3.57 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Monday, March 17th. The stock was 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 represents a 1.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 37,685 shares of company stock valued at $4,026,768 in the last ninety days. 0.33% of the stock is owned by insiders.

Wall Street Analyst Weigh In

MRVL has been the subject of a number of recent research reports. The Goldman Sachs Group upped their target price on Marvell Technology from $115.00 to $131.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Craig Hallum lifted their target price on shares of Marvell Technology from $132.00 to $149.00 and gave the company a “buy” rating in a research report on Monday, January 6th. StockNews.com raised shares of Marvell Technology from a “sell” rating to a “hold” rating in a research report on Thursday, January 9th. Rosenblatt Securities reaffirmed a “buy” rating and set a $140.00 price objective on shares of Marvell Technology in a report on Thursday, March 6th. Finally, Susquehanna increased their target price on Marvell Technology from $110.00 to $125.00 and gave the stock a “positive” rating in a report on Wednesday, December 4th. Three equities 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 company. According to data from MarketBeat, Marvell Technology currently has a consensus rating of “Moderate Buy” and an average target price of $120.44.

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.