T. Rowe Price Investment Management Inc. Sells 6,160,855 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

T. Rowe Price Investment Management Inc. cut its position in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 22.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 21,130,386 shares of the semiconductor company's stock after selling 6,160,855 shares during the period. Marvell Technology accounts for about 1.4% of T. Rowe Price Investment Management Inc.'s investment portfolio, making the stock its 9th biggest position. T. Rowe Price Investment Management Inc. owned 2.44% of Marvell Technology worth $2,333,852,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Pinebridge Investments L.P. boosted its position in Marvell Technology by 26.3% in the fourth quarter. Pinebridge Investments L.P. now owns 143,306 shares of the semiconductor company's stock valued at $15,828,000 after buying an additional 29,819 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Marvell Technology by 16.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,080,921 shares of the semiconductor company's stock worth $782,089,000 after purchasing an additional 1,018,839 shares in the last quarter. Alta Advisers Ltd lifted its position in shares of Marvell Technology by 7.3% during the fourth quarter. Alta Advisers Ltd now owns 2,898 shares of the semiconductor company's stock worth $320,000 after purchasing an additional 198 shares in the last quarter. Canal Capital Management LLC acquired a new position in shares of Marvell Technology during the fourth quarter worth approximately $228,000. Finally, J. Safra Sarasin Holding AG lifted its position in shares of Marvell Technology by 17.3% during the fourth quarter. J. Safra Sarasin Holding AG now owns 24,975 shares of the semiconductor company's stock worth $2,758,000 after purchasing an additional 3,685 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Benchmark reiterated a "buy" rating and set a $135.00 target price on shares of Marvell Technology in a research report on Thursday, March 6th. StockNews.com upgraded shares of Marvell Technology from a "sell" rating to a "hold" rating in a research report on Thursday, January 9th. Summit Insights lowered shares of Marvell Technology from a "buy" rating to a "hold" rating in a report on Thursday, March 6th. The Goldman Sachs Group increased their price objective on shares of Marvell Technology from $115.00 to $131.00 and gave the company a "buy" rating in a report on Friday, January 10th. Finally, KeyCorp cut their price objective on shares of Marvell Technology from $135.00 to $115.00 and set an "overweight" rating on the stock in a report on Thursday, March 6th. Three analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $114.56.

Insider Buying and Selling at Marvell Technology

In other news, COO Chris Koopmans sold 6,000 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $106.35, for a total transaction of $638,100.00. Following the transaction, the chief operating officer now owns 87,931 shares in the company, valued at approximately $9,351,461.85. This trade represents a 6.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Mark Casper sold 12,460 shares of the stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total value of $685,300.00. The disclosure for this sale can be found here. Insiders have sold 27,390 shares of company stock worth $1,937,938 over the last 90 days. Company insiders own 0.33% of the company's stock.

Marvell Technology Stock Performance

NASDAQ:MRVL traded up $1.59 on Friday, hitting $58.92. The company's stock had a trading volume of 11,919,398 shares, compared to its average volume of 13,626,901. 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 of $68.53 and a two-hundred day moving average of $90.83. The firm has a market capitalization of $51.03 billion, a P/E ratio of -34.66, a price-to-earnings-growth ratio of 1.61 and a beta of 1.78. Marvell Technology, Inc. has a one year low of $47.09 and a one year high of $127.48.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be paid a $0.06 dividend. The ex-dividend date is Friday, April 11th. This represents a $0.24 annualized dividend and a yield of 0.41%. Marvell Technology's dividend payout ratio is -23.53%.

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.