Pictet Asset Management Holding SA Reduces Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Pictet Asset Management Holding SA trimmed its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 24.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 7,287,586 shares of the semiconductor company’s stock after selling 2,383,082 shares during the period. Marvell Technology comprises 0.9% of Pictet Asset Management Holding SA’s investment portfolio, making the stock its 20th biggest holding. Pictet Asset Management Holding SA’s holdings in Marvell Technology were worth $804,914,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of MRVL. Intrepid Financial Planning Group LLC boosted its holdings in Marvell Technology by 0.3% in the fourth quarter. Intrepid Financial Planning Group LLC now owns 25,890 shares of the semiconductor company’s stock worth $2,860,000 after purchasing an additional 90 shares during the period. PDS Planning Inc lifted its holdings in Marvell Technology by 3.3% in the 4th quarter. PDS Planning Inc now owns 2,888 shares of the semiconductor company’s stock valued at $319,000 after acquiring an additional 92 shares during the last quarter. Lodestone Wealth Management LLC grew its holdings in shares of Marvell Technology by 2.0% in the 4th quarter. Lodestone Wealth Management LLC now owns 4,655 shares of the semiconductor company’s stock worth $514,000 after acquiring an additional 93 shares during the last quarter. Valley National Advisers Inc. raised its stake in Marvell Technology by 0.4% during the 4th quarter. Valley National Advisers Inc. now owns 25,135 shares of the semiconductor company’s stock valued at $2,775,000 after purchasing an additional 96 shares during the period. Finally, Private Trust Co. NA boosted its stake in shares of Marvell Technology by 2.7% during the 4th quarter. Private Trust Co. NA now owns 3,744 shares of the semiconductor company’s stock valued at $414,000 after buying an additional 97 shares during the period. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Marvell Technology Price Performance

Shares of NASDAQ:MRVL opened at $64.86 on Friday. The firm has a market cap of $56.17 billion, a price-to-earnings ratio of -38.15, a P/E/G ratio of 1.61 and a beta of 1.42. The firm has a fifty day moving average price of $95.30 and a 200 day moving average price of $93.52. 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, Inc. has a fifty-two week low of $53.19 and a fifty-two week high of $127.48.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Friday, April 11th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.37%. The ex-dividend date is Friday, April 11th. Marvell Technology’s payout ratio is -23.53%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Roth Capital set a $100.00 price target on shares of Marvell Technology in a report on Thursday, March 6th. UBS Group upped their price objective on Marvell Technology from $110.00 to $115.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Barclays lowered their price objective on shares of Marvell Technology from $150.00 to $130.00 and set an “overweight” rating for the company in a research report on Thursday, March 6th. Craig Hallum boosted their price target on Marvell Technology from $132.00 to $149.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Finally, The Goldman Sachs Group boosted their target price on Marvell Technology from $115.00 to $131.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Three analysts have rated the stock with a hold rating, twenty-four have given 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 price target of $120.44.

Insiders Place Their Bets

In other Marvell Technology news, EVP Mark Casper sold 2,500 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $113.00, for a total transaction of $282,500.00. Following the transaction, the executive vice president now directly owns 24,706 shares in the company, valued at $2,791,778. This represents a 9.19 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Panteha Dixon sold 1,430 shares of Marvell Technology stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $68.75, for a total value of $98,312.50. Following the completion of the transaction, the chief accounting officer now owns 31,100 shares in the company, valued at $2,138,125. This trade represents a 4.40 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 37,685 shares of company stock valued at $4,026,768 over the last three months. 0.33% of the stock is owned by company insiders.

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.