Axa S.A. Trims Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Axa S.A. reduced its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 5.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 647,022 shares of the semiconductor company’s stock after selling 38,611 shares during the quarter. Axa S.A. owned 0.07% of Marvell Technology worth $71,464,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Invesco Ltd. grew its position in Marvell Technology by 30.1% in the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock valued at $1,784,649,000 after buying an additional 3,737,705 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Marvell Technology by 43.1% in the fourth quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock valued at $1,374,252,000 after acquiring an additional 3,747,982 shares in the last quarter. Geode Capital Management LLC lifted its position in Marvell Technology by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 11,468,144 shares of the semiconductor company’s stock valued at $1,263,755,000 after purchasing an additional 80,005 shares during the period. Norges Bank purchased a new stake in Marvell Technology in the 4th quarter valued at approximately $1,138,354,000. Finally, Massachusetts Financial Services Co. MA increased its position in Marvell Technology by 28.7% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 7,592,726 shares of the semiconductor company’s stock worth $838,617,000 after purchasing an additional 1,691,242 shares during the period. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Marvell Technology Stock Performance

NASDAQ MRVL opened at $62.33 on Friday. 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 company has a market capitalization of $53.98 billion, a PE ratio of -36.66, a price-to-earnings-growth ratio of 1.61 and a beta of 1.83. The business’s 50-day moving average price is $64.22 and its 200 day moving average price is $90.05. Marvell Technology, Inc. has a twelve month low of $47.09 and a twelve month high of $127.48.

Marvell Technology Dividend Announcement

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

Insiders Place Their Bets

In related news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $60.00, for a total value of $90,000.00. Following the transaction, the chief financial officer now directly owns 124,348 shares of the company’s stock, valued at approximately $7,460,880. This trade represents a 1.19 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Mark Casper sold 12,460 shares of the business’s stock in a transaction dated Wednesday, April 23rd. The shares were 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 a total of 28,890 shares of company stock valued at $2,027,938 over the last quarter. Company insiders own 0.33% of the company’s stock.

Analysts Set New Price Targets

MRVL has been the subject of several recent analyst reports. StockNews.com raised Marvell Technology from a “sell” rating to a “hold” rating in a report on Thursday, January 9th. The Goldman Sachs Group boosted their target price on shares of Marvell Technology from $115.00 to $131.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. William Blair upgraded shares of Marvell Technology to a “strong-buy” rating in a research note on Wednesday, February 5th. Melius Research upgraded shares of Marvell Technology to a “strong-buy” rating in a research report on Monday, January 27th. Finally, Citigroup reduced their price target on shares of Marvell Technology from $122.00 to $96.00 and set a “buy” rating for the company in a research report on Friday, April 11th. Three investment 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 stock. Based on data from MarketBeat, Marvell Technology has a consensus rating of “Moderate Buy” and an average price target of $114.56.

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.