Nuveen Asset Management LLC Has $1.03 Billion Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Nuveen Asset Management LLC increased its stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 232.2% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 9,360,425 shares of the semiconductor company's stock after purchasing an additional 6,543,132 shares during the quarter. Nuveen Asset Management LLC owned approximately 1.08% of Marvell Technology worth $1,033,859,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Invesco Ltd. lifted its holdings in Marvell Technology by 30.1% in the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company's stock worth $1,784,649,000 after purchasing an additional 3,737,705 shares during the last quarter. Janus Henderson Group PLC increased its position in Marvell Technology by 6.9% in the 4th quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company's stock worth $1,462,274,000 after buying an additional 857,087 shares during the period. Wellington Management Group LLP increased its position in Marvell Technology by 43.1% in the 4th quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company's stock worth $1,374,252,000 after buying an additional 3,747,982 shares during the period. Geode Capital Management LLC increased its position in Marvell Technology by 0.7% in the 4th quarter. Geode Capital Management LLC now owns 11,468,144 shares of the semiconductor company's stock worth $1,263,755,000 after buying an additional 80,005 shares during the period. Finally, Norges Bank bought a new position in Marvell Technology in the 4th quarter worth approximately $1,138,354,000. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MRVL has been the topic of a number of research reports. TD Cowen lowered their price objective on Marvell Technology from $125.00 to $95.00 and set a "buy" rating on the stock in a research report on Thursday, March 6th. Barclays reduced their price objective on Marvell Technology from $130.00 to $80.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. Needham & Company LLC reduced their price objective on Marvell Technology from $120.00 to $100.00 and set a "buy" rating on the stock in a research note on Thursday, March 6th. Roth Capital set a $100.00 price target on Marvell Technology in a research note on Thursday, March 6th. Finally, William Blair raised Marvell Technology to a "strong-buy" rating in a research note on Wednesday, February 5th. Four investment analysts have rated the stock with a hold rating, twenty-two have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Marvell Technology has an average rating of "Moderate Buy" and a consensus price target of $111.27.

Insiders Place Their Bets

In related news, COO Chris Koopmans sold 6,000 shares of the business's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $65.10, for a total value of $390,600.00. Following the completion of the sale, the chief operating officer now directly owns 92,065 shares in the company, valued at $5,993,431.50. The trade was a 6.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Panteha Dixon sold 1,239 shares of the business's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $65.01, for a total value of $80,547.39. Following the completion of the sale, the chief accounting officer now owns 30,855 shares of the company's stock, valued at $2,005,883.55. This trade represents a 3.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 38,915 shares of company stock valued at $2,679,800 in the last 90 days. 0.19% of the stock is currently owned by insiders.

Marvell Technology Stock Down 2.2%

Shares of NASDAQ:MRVL traded down $1.44 during trading on Friday, hitting $63.76. 18,619,351 shares of the company were exchanged, compared to its average volume of 14,035,225. The stock has a market cap of $55.08 billion, a price-to-earnings ratio of -37.51, a P/E/G ratio of 1.61 and a beta of 1.83. 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 fifty day moving average price of $60.36 and a two-hundred day moving average price of $88.72. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Friday, April 11th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.38%. The ex-dividend date was Friday, April 11th. Marvell Technology's dividend payout ratio (DPR) 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.