Goldman Sachs, Morgan Stanley, Bank Of Montreal Cut Positions In Marvell Technology — Invesco, T. Rowe Price Doubled Down

Marvell Technology Inc MRVL saw major inflows, outflows, and exits in the third quarter, as its holders decreased from 1,185 to 1,164 compared to the previous quarter.

What Happened: DZ BANK AG, California Public Employees Retirement System, UBS Group AG, Invesco Ltd, and T. Rowe Price Associates Inc increased their stakes in Marvell Technology. Whereas, Morgan Stanley, Bank of Montreal Can, Clearbridge Investments, LLC, and Goldman Sachs cut their positions, as per the 13F filing.

Northern Trust Corp, Atreides Management, LP, and D1 Capital Partners, LP sold all their holdings in Marvell in the third quarter.

Why It Matters: Invesco increased its stake by 42% in the third quarter by adding 3.65 million shares to own a total of 12.42 million shares in Marvell. Similarly, T. Rowe Price Associates Inc. bumped its stake by 838% from 646,504 shares in the second quarter to 6.062 million in the third quarter.

DZ BANK and California Public Employees Retirement also increased their stake by 1174% and 150%, respectively.

During the third quarter, the Bank of Montreal Canada decreased its investment in Marvell Technology. The bank sold 68,294 shares, representing a 20% reduction in its holdings. As a result, Bank of Montreal Can now owns 270,289 shares of Marvell Technology.

Morgan Stanley and Goldman Sachs also cut their position in the semiconductor company by 79% and 14%, respectively.

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Price Action: Shares of Marvell Technologies closed 0.32% higher at $92.99 per share in after-hours as compared to a 0.83% advance in the Nasdaq Composite Index.

According to Benzinga, Marvell has a consensus price target of $93.13 apiece based on the ratings of 33 analysts. The highest price target among all the analysts tracked by Benzinga is $120 per share issued by Rosenblatt on Aug. 30, whereas the lowest price target is $70 apiece issued by Evercore ISI Group on May 26, 2023.

The average price target of $110 per share between Susquehanna, Oppenheimer, and Wells Fargo implies an 18.29% upside for Marvell Tech.

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