Harvest Fund Management Co. Ltd Has $18.06 Million Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Harvest Fund Management Co. Ltd lowered its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 9.5% in the fourth quarter, Holdings Channel reports. The firm owned 164,952 shares of the semiconductor company’s stock after selling 17,266 shares during the period. Marvell Technology accounts for 0.8% of Harvest Fund Management Co. Ltd’s investment portfolio, making the stock its 18th biggest holding. Harvest Fund Management Co. Ltd’s holdings in Marvell Technology were worth $18,062,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of MRVL. True Wealth Design LLC grew its holdings in Marvell Technology by 1,481.8% during the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 326 shares during the period. ORG Partners LLC grew its holdings in Marvell Technology by 175.3% during the fourth quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 149 shares during the period. Centricity Wealth Management LLC acquired a new position in Marvell Technology during the fourth quarter valued at approximately $26,000. Rialto Wealth Management LLC acquired a new position in Marvell Technology during the fourth quarter valued at approximately $27,000. Finally, Kieckhefer Group LLC acquired a new position in Marvell Technology during the fourth quarter valued at approximately $33,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Morgan Stanley reduced their price target on shares of Marvell Technology from $113.00 to $90.00 and set an “equal weight” rating for the company in a report on Thursday, March 6th. Rosenblatt Securities reiterated a “buy” rating and issued a $140.00 price target on shares of Marvell Technology in a report on Thursday, March 6th. JPMorgan Chase & Co. upped their price target on shares of Marvell Technology from $90.00 to $130.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Stifel Nicolaus reduced their price target on shares of Marvell Technology from $130.00 to $115.00 and set a “buy” rating for the company in a report on Thursday, March 6th. Finally, UBS Group upped their price target on shares of Marvell Technology from $110.00 to $115.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Three analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Marvell Technology presently has a consensus rating of “Moderate Buy” and an average target price of $120.44.

Insider Activity

In other news, CAO Panteha Dixon sold 1,430 shares of the 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 transaction, the chief accounting officer now directly owns 31,100 shares of the company’s stock, valued at $2,138,125. This represents a 4.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $118.33, for a total transaction of $177,495.00. Following the completion of the transaction, the chief financial officer now directly owns 111,211 shares in the company, valued at $13,159,597.63. The trade was a 1.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 37,685 shares of company stock valued at $4,026,768 over the last ninety days. 0.33% of the stock is currently owned by company insiders.

Marvell Technology Price Performance

Shares of MRVL opened at $68.28 on Wednesday. The firm has a market capitalization of $59.13 billion, a PE ratio of -40.16, a PEG ratio of 1.61 and a beta of 1.42. The company’s 50-day moving average is $101.86 and its 200-day moving average is $93.89. Marvell Technology, Inc. has a fifty-two week low of $53.19 and a fifty-two week high of $127.48. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11.

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.