Massachusetts Financial Services Co. MA Purchases 45,042 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Massachusetts Financial Services Co. MA raised its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 1.2% in the third quarter, HoldingsChannel reports. The firm owned 3,690,691 shares of the semiconductor company’s stock after buying an additional 45,042 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Marvell Technology were worth $222,586,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the business. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in shares of Marvell Technology by 34.5% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 148,069 shares of the semiconductor company’s stock valued at $8,637,000 after acquiring an additional 37,968 shares during the period. O Shaughnessy Asset Management LLC bought a new position in shares of Marvell Technology during the 2nd quarter valued at approximately $153,000. Rockefeller Capital Management L.P. grew its stake in shares of Marvell Technology by 44.1% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 26,038 shares of the semiconductor company’s stock valued at $1,518,000 after acquiring an additional 7,970 shares during the period. Mid Atlantic Financial Management Inc. ADV grew its stake in shares of Marvell Technology by 2.3% during the 2nd quarter. Mid Atlantic Financial Management Inc. ADV now owns 7,780 shares of the semiconductor company’s stock valued at $454,000 after acquiring an additional 178 shares during the period. Finally, Skandinaviska Enskilda Banken AB publ grew its stake in shares of Marvell Technology by 16.3% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 136,544 shares of the semiconductor company’s stock valued at $7,965,000 after acquiring an additional 19,172 shares during the period. Institutional investors and hedge funds own 82.24% of the company’s stock.

In other news, EVP Loi Nguyen sold 495 shares of the stock in a transaction on Tuesday, December 28th. The stock was sold at an average price of $90.81, for a total transaction of $44,950.95. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Muhammad Raghib Hussain sold 100,000 shares of the stock in a transaction on Tuesday, November 30th. The stock was sold at an average price of $74.73, for a total value of $7,473,000.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 599,573 shares of company stock worth $46,543,921. Insiders own 0.29% of the company’s stock.

A number of research analysts recently issued reports on the company. UBS Group boosted their price objective on Marvell Technology from $87.00 to $95.00 and gave the company a “buy” rating in a research note on Friday, December 3rd. Wells Fargo & Company upped their price target on Marvell Technology from $62.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Friday, December 3rd. Credit Suisse Group upped their price target on Marvell Technology from $85.00 to $105.00 and gave the stock an “outperform” rating in a research note on Friday, December 3rd. Rosenblatt Securities upped their price target on Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, December 3rd. Finally, Deutsche Bank Aktiengesellschaft upped their price target on Marvell Technology from $76.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, December 3rd. Three research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $98.46.

MRVL stock opened at $83.00 on Friday. The business’s fifty day simple moving average is $81.37 and its two-hundred day simple moving average is $68.47. Marvell Technology, Inc. has a twelve month low of $37.92 and a twelve month high of $93.85.

Marvell Technology (NASDAQ:MRVL) last released its earnings results on Wednesday, December 1st. The semiconductor company reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. Marvell Technology had a positive return on equity of 8.26% and a negative net margin of 10.48%. The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same quarter last year, the firm posted $0.17 earnings per share. The business’s revenue was up 61.5% compared to the same quarter last year. Sell-side analysts predict that Marvell Technology, Inc. will post 0.98 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 26th. Shareholders of record on Friday, January 7th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Thursday, January 6th. This represents a $0.24 dividend on an annualized basis and a yield of 0.29%. Marvell Technology’s payout ratio is -45.28%.

About Marvell Technology

Marvell Technology, Inc engages in the provision of data infrastructure semiconductor solutions. It offers compute, networking, storage and custom related solutions. The company was founded in 1995 and is headquartered in Wilmington, DE.

Recommended Story: Reverse Stock Split

Want to see what other hedge funds are holding MRVL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Marvell Technology, Inc. (NASDAQ:MRVL).

Institutional Ownership by Quarter for Marvell Technology (NASDAQ:MRVL)

Receive News & Ratings for Marvell Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Marvell Technology and related companies with MarketBeat.com's FREE daily email newsletter.