Zurich Insurance Group Ltd FI Takes $75.35 Million Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Zurich Insurance Group Ltd FI purchased a new stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 682,186 shares of the semiconductor company's stock, valued at approximately $75,347,000. Zurich Insurance Group Ltd FI owned approximately 0.08% of Marvell Technology at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in MRVL. Vident Advisory LLC increased its stake in Marvell Technology by 8.0% during the fourth quarter. Vident Advisory LLC now owns 24,070 shares of the semiconductor company's stock valued at $2,659,000 after purchasing an additional 1,775 shares during the last quarter. Sphera Management Technology Funds Ltd acquired a new stake in Marvell Technology during the fourth quarter worth about $6,075,000. Visionary Wealth Advisors bought a new position in Marvell Technology in the fourth quarter worth about $257,000. WBI Investments LLC acquired a new position in Marvell Technology in the fourth quarter valued at approximately $1,838,000. Finally, Westwood Holdings Group Inc. grew its holdings in shares of Marvell Technology by 405.6% during the fourth quarter. Westwood Holdings Group Inc. now owns 513,519 shares of the semiconductor company's stock valued at $56,718,000 after purchasing an additional 411,952 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. TD Cowen reduced their price objective on Marvell Technology from $125.00 to $95.00 and set a "buy" rating for the company in a research report on Thursday, March 6th. Summit Insights downgraded shares of Marvell Technology from a "buy" rating to a "hold" rating 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. Citigroup reduced their target price on shares of Marvell Technology from $122.00 to $96.00 and set a "buy" rating for the company in a research note on Friday, April 11th. Finally, Barclays dropped their price target on shares of Marvell Technology from $130.00 to $80.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. Six investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $104.52.

Insider Transactions at Marvell Technology

In other news, Director Brad W. Buss acquired 3,000 shares of the stock in a transaction on Friday, March 7th. The shares were purchased at an average cost of $69.00 per share, for a total transaction of $207,000.00. Following the transaction, the director now owns 87,113 shares in the company, valued at approximately $6,010,797. This trade represents a 3.57% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Mark Casper sold 626 shares of the stock in a transaction on Monday, May 19th. The shares were sold at an average price of $61.10, for a total value of $38,248.60. Following the completion of the sale, the executive vice president now owns 626 shares of the company's stock, valued at $38,248.60. The trade was a 50.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 33,541 shares of company stock valued at $2,079,948 over the last ninety days. Corporate insiders own 0.19% of the company's stock.

Marvell Technology Trading Up 2.9%

Shares of Marvell Technology stock traded up $1.74 on Thursday, reaching $61.85. 16,624,281 shares of the company were exchanged, compared to its average volume of 14,143,475. Marvell Technology, Inc. has a fifty-two week low of $47.09 and a fifty-two week high of $127.48. The firm has a market capitalization of $53.43 billion, a price-to-earnings ratio of -36.38, a price-to-earnings-growth ratio of 1.61 and a beta of 1.83. 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 $59.90 and a 200-day moving average price of $88.24.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Friday, April 11th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.39%. The ex-dividend date was Friday, April 11th. Marvell Technology's payout ratio is -23.53%.

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.