Norges Bank Purchases New Shares in Marvell Technology, Inc. (NASDAQ:MRVL)

Norges Bank purchased a new position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 10,306,512 shares of the semiconductor company’s stock, valued at approximately $1,138,354,000. Norges Bank owned about 1.19% of Marvell Technology as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in MRVL. Centricity Wealth Management LLC bought a new stake in shares of Marvell Technology during the 4th quarter worth $26,000. ORG Partners LLC boosted its stake in Marvell Technology by 175.3% in the fourth quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 149 shares during the last quarter. Rialto Wealth Management LLC purchased a new position in Marvell Technology in the fourth quarter valued at about $27,000. Kieckhefer Group LLC purchased a new stake in shares of Marvell Technology during the 4th quarter worth approximately $33,000. Finally, Financial Life Planners purchased a new stake in shares of Marvell Technology during the 4th quarter worth approximately $33,000. 83.51% of the stock is owned by institutional investors.

Marvell Technology Stock Down 2.8 %

Shares of MRVL opened at $64.86 on Friday. The firm has a market cap of $56.17 billion, a P/E ratio of -38.15, a P/E/G 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 stock has a 50 day simple moving average of $95.30 and a two-hundred day simple moving average of $93.52. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Friday, April 11th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.37%. The ex-dividend date is Friday, April 11th. Marvell Technology’s dividend payout ratio is currently -23.53%.

Insider Buying and Selling

In other news, CAO Panteha Dixon sold 1,430 shares of the firm’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $68.75, for a total transaction of $98,312.50. Following the transaction, the chief accounting officer now directly owns 31,100 shares of the company’s stock, valued at approximately $2,138,125. This trade represents a 4.40 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $124.40, for a total value of $746,400.00. Following the completion of the sale, the executive vice president now directly owns 93,931 shares of the company’s stock, valued at approximately $11,685,016.40. This trade represents a 6.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 37,685 shares of company stock worth $4,026,768 in the last 90 days. 0.33% of the stock is owned by company insiders.

Analyst Ratings Changes

Several brokerages have weighed in on MRVL. Citigroup reduced their price objective on Marvell Technology from $136.00 to $122.00 and set a “buy” rating for the company in a report on Thursday, March 6th. Craig Hallum increased their price target on Marvell Technology from $132.00 to $149.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Barclays decreased their price objective on Marvell Technology from $150.00 to $130.00 and set an “overweight” rating for the company in a report on Thursday, March 6th. Melius initiated coverage on shares of Marvell Technology in a research report on Monday, January 27th. They set a “buy” rating and a $188.00 target price for the company. Finally, Wells Fargo & Company reissued an “overweight” rating on shares of Marvell Technology in a research report on Thursday, March 6th. Three investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target 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.