Ithaka Group LLC Sells 1,556 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Ithaka Group LLC lowered its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 1.5% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 103,642 shares of the semiconductor company’s stock after selling 1,556 shares during the quarter. Marvell Technology makes up approximately 2.1% of Ithaka Group LLC’s holdings, making the stock its 19th biggest position. Ithaka Group LLC’s holdings in Marvell Technology were worth $11,447,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in MRVL. State Street Corp increased its holdings in Marvell Technology by 0.3% during the third quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company’s stock valued at $1,438,336,000 after buying an additional 68,893 shares during the last quarter. Geode Capital Management LLC raised its holdings in Marvell Technology by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 11,388,139 shares of the semiconductor company’s stock worth $818,916,000 after purchasing an additional 219,692 shares during the period. Wellington Management Group LLP lifted its position in Marvell Technology by 4.3% during the third quarter. Wellington Management Group LLP now owns 8,694,320 shares of the semiconductor company’s stock valued at $627,034,000 after purchasing an additional 359,005 shares in the last quarter. Nordea Investment Management AB grew its holdings in Marvell Technology by 14.0% during the fourth quarter. Nordea Investment Management AB now owns 4,652,983 shares of the semiconductor company’s stock valued at $518,435,000 after purchasing an additional 571,005 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in Marvell Technology by 5.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,427,745 shares of the semiconductor company’s stock worth $378,594,000 after buying an additional 165,858 shares in the last quarter. Institutional investors own 83.51% of the company’s stock.

Marvell Technology Price Performance

Shares of MRVL opened at $69.85 on Thursday. The company has a 50 day moving average of $106.49 and a two-hundred day moving average of $93.94. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. Marvell Technology, Inc. has a twelve month low of $53.19 and a twelve month high of $127.48. The company has a market cap of $60.44 billion, a price-to-earnings ratio of -41.09, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Melius started coverage on Marvell Technology in a report on Monday, January 27th. They set a “buy” rating and a $188.00 price target on the stock. The Goldman Sachs Group upped their price target on shares of Marvell Technology from $115.00 to $131.00 and gave the company a “buy” rating in a research note on Friday, January 10th. TD Cowen dropped their price objective on shares of Marvell Technology from $125.00 to $95.00 and set a “buy” rating for the company in a research note on Thursday, March 6th. Morgan Stanley decreased their target price on shares of Marvell Technology from $113.00 to $90.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 6th. Finally, Bank of America dropped their price target on Marvell Technology from $150.00 to $120.00 and set a “buy” rating for the company in a research report on Thursday, March 6th. Three investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $120.44.

Insider Transactions at Marvell Technology

In related news, EVP Mark Casper sold 7,755 shares of the stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $123.08, for a total value of $954,485.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $122.50, for a total transaction of $735,000.00. Following the sale, the executive vice president now directly owns 97,244 shares in the company, valued at approximately $11,912,390. This represents a 5.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 36,255 shares of company stock valued at $4,330,980 in the last quarter. 0.33% of the stock is currently owned by corporate insiders.

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.