Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Impax Asset Management Group plc

Impax Asset Management Group plc reduced its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 24.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 436,284 shares of the semiconductor company’s stock after selling 138,712 shares during the period. Impax Asset Management Group plc’s holdings in Marvell Technology were worth $48,188,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in MRVL. State Street Corp grew its stake in Marvell Technology by 0.3% during the 3rd quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company’s stock worth $1,438,336,000 after buying an additional 68,893 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Marvell Technology by 2.0% during the third quarter. Geode Capital Management LLC now owns 11,388,139 shares of the semiconductor company’s stock valued at $818,916,000 after acquiring an additional 219,692 shares during the period. Wellington Management Group LLP grew its position in shares of Marvell Technology by 4.3% during the third quarter. Wellington Management Group LLP now owns 8,694,320 shares of the semiconductor company’s stock worth $627,034,000 after acquiring an additional 359,005 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of Marvell Technology by 26.6% in the 3rd quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock worth $538,868,000 after acquiring an additional 1,570,050 shares during the period. Finally, Nordea Investment Management AB boosted its stake in Marvell Technology by 14.0% during the 4th quarter. Nordea Investment Management AB now owns 4,652,983 shares of the semiconductor company’s stock valued at $518,435,000 after purchasing an additional 571,005 shares during the period. 83.51% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

MRVL has been the topic of several analyst reports. William Blair upgraded shares of Marvell Technology to a “strong-buy” rating in a research note on Wednesday, February 5th. Evercore ISI boosted their price target on Marvell Technology from $98.00 to $122.00 and gave the stock an “outperform” rating in a research report on Monday, December 2nd. B. Riley lifted their price objective on shares of Marvell Technology from $105.00 to $135.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Citigroup raised their target price on shares of Marvell Technology from $91.00 to $112.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Finally, StockNews.com raised shares of Marvell Technology from a “sell” rating to a “hold” rating in a research note on Thursday, January 9th. Three analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Marvell Technology has an average rating of “Moderate Buy” and an average target price of $127.60.

Insider Buying and Selling at Marvell Technology

In other news, EVP Mark Casper sold 7,755 shares of Marvell Technology stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $123.08, for a total value of $954,485.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $106.35, for a total transaction of $638,100.00. Following the completion of the transaction, the chief operating officer now owns 87,931 shares in the company, valued at $9,351,461.85. The trade was a 6.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 36,255 shares of company stock worth $4,330,980 over the last 90 days. 0.33% of the stock is currently owned by corporate insiders.

Marvell Technology Stock Performance

Shares of MRVL opened at $103.85 on Monday. Marvell Technology, Inc. has a 52 week low of $53.19 and a 52 week high of $127.48. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. The company has a market capitalization of $89.86 billion, a PE ratio of -61.09, a PEG ratio of 1.61 and a beta of 1.40. The company’s 50 day moving average price is $113.59 and its 200 day moving average price is $92.50.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 30th. Investors of record on Friday, January 10th were given a dividend of $0.06 per share. The ex-dividend date was Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a yield of 0.23%. Marvell Technology’s payout ratio is -14.12%.

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.