iA Global Asset Management Inc. Has $11.05 Million Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

iA Global Asset Management Inc. trimmed its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 37.5% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 100,047 shares of the semiconductor company’s stock after selling 59,938 shares during the quarter. iA Global Asset Management Inc.’s holdings in Marvell Technology were worth $11,050,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. True Wealth Design LLC raised its position in Marvell Technology by 1,481.8% in the 3rd quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock valued at $25,000 after buying an additional 326 shares during the last quarter. ORG Partners LLC raised its position in Marvell Technology by 175.3% in the 4th quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 149 shares during the last quarter. Centricity Wealth Management LLC purchased a new stake in Marvell Technology in the 4th quarter valued at $26,000. Rialto Wealth Management LLC purchased a new stake in Marvell Technology in the 4th quarter valued at $27,000. Finally, Kieckhefer Group LLC purchased a new stake in Marvell Technology in the 4th quarter valued at $33,000. 83.51% of the stock is owned by institutional investors and hedge funds.

Marvell Technology Stock Performance

Shares of NASDAQ MRVL opened at $69.81 on Thursday. The stock has a market cap of $60.46 billion, a price-to-earnings ratio of -41.06, a P/E/G ratio of 1.61 and a beta of 1.42. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. Marvell Technology, Inc. has a 1-year low of $53.19 and a 1-year high of $127.48. The stock’s 50-day moving average is $100.89 and its 200 day moving average is $93.72.

Insider Activity at Marvell Technology

In related news, EVP Mark Casper sold 7,755 shares of the firm’s stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $123.08, for a total transaction of $954,485.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Panteha Dixon sold 1,430 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $68.75, for a total value of $98,312.50. Following the transaction, the chief accounting officer now owns 31,100 shares in the company, valued at approximately $2,138,125. The trade was a 4.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 37,685 shares of company stock valued at $4,026,768. Corporate insiders own 0.33% of the company’s stock.

Wall Street Analysts Forecast Growth

MRVL has been the subject of a number of analyst reports. Bank of America lowered 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. UBS Group upped their price objective on Marvell Technology from $110.00 to $115.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Cantor Fitzgerald upped their price objective on Marvell Technology from $120.00 to $135.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. TD Cowen reduced their price objective on Marvell Technology from $125.00 to $95.00 and set a “buy” rating for the company in a research note on Thursday, March 6th. Finally, Wells Fargo & Company restated an “overweight” rating on shares of Marvell Technology in a research note 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 given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $120.44.

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.