Harvest Fund Management Co. Ltd Sells 17,266 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Harvest Fund Management Co. Ltd trimmed its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 9.5% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 164,952 shares of the semiconductor company’s stock after selling 17,266 shares during the period. Marvell Technology accounts for approximately 0.8% of Harvest Fund Management Co. Ltd’s holdings, making the stock its 18th largest position. Harvest Fund Management Co. Ltd’s holdings in Marvell Technology were worth $18,062,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in MRVL. True Wealth Design LLC grew its position in Marvell Technology by 1,481.8% in the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock worth $25,000 after acquiring an additional 326 shares in the last quarter. ORG Partners LLC boosted its holdings in shares of Marvell Technology by 175.3% during the 4th quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock worth $26,000 after buying an additional 149 shares during the period. Centricity Wealth Management LLC bought a new stake in shares of Marvell Technology during the 4th quarter worth $26,000. Rialto Wealth Management LLC bought a new stake in shares of Marvell Technology during the 4th quarter worth $27,000. Finally, Kieckhefer Group LLC bought a new stake in shares of Marvell Technology during the 4th quarter worth $33,000. 83.51% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms recently issued reports on MRVL. Craig Hallum upped their price objective on shares of Marvell Technology from $132.00 to $149.00 and gave the stock a “buy” rating in a report on Monday, January 6th. B. Riley upped their price objective on shares of Marvell Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Raymond James set a $110.00 price objective on shares of Marvell Technology in a report on Thursday, March 6th. Wells Fargo & Company reaffirmed an “overweight” rating on shares of Marvell Technology in a report on Thursday, March 6th. Finally, KeyCorp reduced their price target on shares of Marvell Technology from $135.00 to $115.00 and set an “overweight” rating for the company in a report on Thursday, March 6th. Three analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Marvell Technology has an average rating of “Moderate Buy” and a consensus price target of $120.44.

Marvell Technology Trading Down 3.0 %

MRVL opened at $68.28 on Wednesday. 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 market capitalization of $59.13 billion, a PE 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 firm has a 50-day moving average price of $101.86 and a two-hundred day moving average price of $93.89.

Insider Buying and Selling at Marvell Technology

In other news, EVP Mark Casper sold 7,755 shares of the firm’s stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $123.08, for a total value of $954,485.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Panteha Dixon sold 1,430 shares of the firm’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $68.75, for a total transaction of $98,312.50. Following the completion of the transaction, the chief accounting officer now directly owns 31,100 shares in the company, valued at $2,138,125. This trade represents a 4.40 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 37,685 shares of company stock worth $4,026,768. 0.33% of the stock is currently owned by corporate insiders.

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.