Select Equity Group L.P. Makes New $3.08 Million Investment in Marvell Technology, Inc. (NASDAQ:MRVL)

Select Equity Group L.P. bought a new position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 27,868 shares of the semiconductor company’s stock, valued at approximately $3,078,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Invesco Ltd. lifted its holdings in shares of Marvell Technology by 30.1% during the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock worth $1,784,649,000 after acquiring an additional 3,737,705 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of Marvell Technology by 6.9% during 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 acquiring an additional 857,087 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Marvell Technology by 43.1% during 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 acquiring an additional 3,747,982 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Marvell Technology by 0.7% during 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 acquiring an additional 80,005 shares during the period. Finally, Norges Bank bought a new stake in shares of Marvell Technology during the 4th quarter worth approximately $1,138,354,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

Insider Buying and Selling

In related news, EVP Mark Casper sold 12,460 shares of Marvell Technology stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $55.00, for a total transaction of $685,300.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Brad W. Buss bought 3,000 shares of the stock in a transaction that occurred on Friday, March 7th. The shares were purchased at an average cost of $69.00 per share, with a total value of $207,000.00. Following the purchase, the director now directly owns 87,113 shares of the company’s stock, valued at $6,010,797. The trade was a 3.57% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 38,915 shares of company stock valued at $2,679,800 over the last quarter. Insiders own 0.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Barclays cut their price target on shares of Marvell Technology from $130.00 to $80.00 and set an “overweight” rating for the company in a report on Tuesday, April 22nd. Benchmark cut their price target 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. Loop Capital raised shares of Marvell Technology from a “hold” rating to a “buy” rating and set a $110.00 price target for the company in a report on Thursday, March 6th. Stifel Nicolaus cut their price target on shares of Marvell Technology from $115.00 to $80.00 and set a “buy” rating for the company in a report on Thursday, April 17th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $140.00 price objective on shares of Marvell Technology in a research note on Thursday, March 6th. Four equities research 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 stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $111.27.

Marvell Technology Price Performance

MRVL stock opened at $63.76 on Friday. The company has a fifty day moving average price of $60.36 and a 200-day moving average price of $88.72. The company has a market capitalization of $55.08 billion, a P/E ratio of -37.51, 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 quick ratio of 1.11 and a current ratio of 1.60.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Friday, April 11th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.38%. The ex-dividend date was Friday, April 11th. Marvell Technology’s dividend payout ratio is presently -23.53%.

Marvell Technology Company Profile

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.