Rafferty Asset Management LLC Reduces Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Rafferty Asset Management LLC reduced its holdings in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 34.2% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,128,851 shares of the semiconductor company's stock after selling 1,623,601 shares during the period. Marvell Technology makes up 1.2% of Rafferty Asset Management LLC's portfolio, making the stock its 12th largest holding. Rafferty Asset Management LLC owned approximately 0.36% of Marvell Technology worth $345,582,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Invesco Ltd. grew its stake in shares of 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 buying an additional 3,737,705 shares in the last quarter. Janus Henderson Group PLC grew its stake in shares of 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 in the last quarter. Wellington Management Group LLP grew its stake in shares of 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 in the last quarter. Geode Capital Management LLC grew its stake in shares of 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 in the last quarter. Finally, Norges Bank bought a new stake in shares of Marvell Technology in the 4th quarter worth about $1,138,354,000. 83.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MRVL has been the subject of several analyst reports. Rosenblatt Securities restated a "buy" rating and issued a $140.00 target price on shares of Marvell Technology in a report on Thursday, March 6th. Needham & Company LLC lowered their target price on shares of Marvell Technology from $120.00 to $100.00 and set a "buy" rating for the company in a report on Thursday, March 6th. Benchmark lowered their target price on shares of Marvell Technology from $135.00 to $95.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. TD Cowen decreased their price objective on shares of Marvell Technology from $125.00 to $95.00 and set a "buy" rating for the company in a report on Thursday, March 6th. Finally, Bank of America decreased their price objective on shares of Marvell Technology from $120.00 to $72.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Four investment analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Marvell Technology currently has an average rating of "Moderate Buy" and an average target price of $110.69.

Marvell Technology Stock Performance

NASDAQ:MRVL traded down $0.94 during trading hours on Monday, hitting $62.82. 8,948,696 shares of the company were exchanged, compared to its average volume of 14,015,983. The stock has a market capitalization of $54.26 billion, a price-to-earnings ratio of -36.99, a PEG ratio of 1.61 and a beta of 1.83. Marvell Technology, Inc. has a 52-week low of $47.09 and a 52-week high of $127.48. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. The company's 50 day moving average price is $60.36 and its 200-day moving average price is $88.78.

Marvell Technology Dividend Announcement

The business also recently announced 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 yield of 0.38%. The ex-dividend date was Friday, April 11th. Marvell Technology's dividend payout ratio is presently -23.53%.

Insiders Place Their Bets

In other news, CAO Panteha Dixon sold 1,239 shares of the company'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 sale, the chief accounting officer now directly owns 30,855 shares of the company's stock, valued at $2,005,883.55. This represents a 3.86% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the company's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $68.83, for a total transaction of $103,245.00. Following the completion of the sale, the chief financial officer now directly owns 113,592 shares in the company, valued at $7,818,537.36. This trade represents a 1.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 38,915 shares of company stock valued at $2,679,800. Insiders own 0.19% of the company's stock.

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.