Envestnet Portfolio Solutions Inc. Sells 362 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Envestnet Portfolio Solutions Inc. trimmed its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 0.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 73,008 shares of the semiconductor company’s stock after selling 362 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Marvell Technology were worth $8,064,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MRVL. True Wealth Design LLC increased its position in Marvell Technology by 1,481.8% in the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 326 shares during the period. ORG Partners LLC increased its position in Marvell Technology by 175.3% in the fourth quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 149 shares during the period. Centricity Wealth Management LLC acquired a new stake in Marvell Technology in the fourth quarter worth about $26,000. Rialto Wealth Management LLC acquired a new stake in Marvell Technology in the fourth quarter worth about $27,000. Finally, Kieckhefer Group LLC acquired a new stake in Marvell Technology in the fourth quarter worth about $33,000. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $118.33, for a total value of $177,495.00. Following the sale, the chief financial officer now owns 111,211 shares in the company, valued at approximately $13,159,597.63. This represents a 1.33 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael G. Strachan sold 5,000 shares of the stock in a transaction on Monday, January 6th. The shares were sold at an average price of $122.65, for a total value of $613,250.00. Following the completion of the sale, the director now owns 30,959 shares in the company, valued at approximately $3,797,121.35. This trade represents a 13.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,755 shares of company stock worth $3,412,230 in the last 90 days. Corporate insiders own 0.33% of the company’s stock.

Marvell Technology Trading Up 2.4 %

Shares of Marvell Technology stock opened at $70.40 on Tuesday. Marvell Technology, Inc. has a 12-month low of $53.19 and a 12-month high of $127.48. The stock has a market cap of $60.97 billion, a P/E ratio of -41.41, a P/E/G ratio of 1.61 and a beta of 1.42. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. The business’s 50 day moving average is $102.82 and its 200-day moving average is $93.95.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on MRVL shares. Bank of America decreased their target price 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. Barclays decreased their target price on Marvell Technology from $150.00 to $130.00 and set an “overweight” rating for the company in a research report on Thursday, March 6th. Melius started coverage on Marvell Technology in a research report on Monday, January 27th. They set a “buy” rating and a $188.00 target price for the company. Needham & Company LLC decreased their target price on Marvell Technology from $120.00 to $100.00 and set a “buy” rating for the company in a research report on Thursday, March 6th. Finally, Morgan Stanley decreased their target price on Marvell Technology from $113.00 to $90.00 and set an “equal weight” rating for the company in a research report on Thursday, March 6th. Three analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $120.44.

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.