SEC Form SC 13G/A filed by Marvell Technology Inc. (Amendment)

2/9/23 11:18:36 AM ET

Semiconductors

Technology

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SC 13G/A 1 filing.txt SCHEDULE 13G Amendment No.2 MARVELL TECHNOLOGY INC COMMON STOCK Cusip #573874104 Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [x] Rule 13d-1(b) [ ] Rule 13d-1(c) [ ] Rule 13d-1(d) Cusip #573874104 Item 1: Reporting Person - FMR LLC Item 2: (a) [ ] (b) [ ] Item 4: Delaware Item 5: 124,329,126 Item 6: 0 Item 7: 127,977,138 Item 8: 0 Item 9: 127,977,138 Item 11: 14.999% Item 12: HC Cusip #573874104 Item 1: Reporting Person - Abigail P. Johnson Item 2: (a) [ ] (b) [ ] Item 4: United States of America Item 5: 0 Item 6: 0 Item 7: 127,977,138 Item 8: 0 Item 9: 127,977,138 Item 11: 14.999% Item 12: IN Item 1(a). Name of Issuer: MARVELL TECHNOLOGY INC Item 1(b). Address of Issuer's Principal Executive Offices: 1000 N. WEST STREET, SUITE 1200 WILMINGTON, DE 19801 USA Item 2(a). Name of Person Filing: FMR LLC Item 2(b). Address or Principal Business Office or, if None, Residence: 245 Summer Street, Boston, Massachusetts 02210 Item 2(c). Citizenship: Not applicable Item 2(d). Title of Class of Securities: COMMON STOCK Item 2(e). CUSIP Number: 573874104 Item 3. This statement is filed pursuant to Rule 13d-1(b) or 13d-2(b) or (c) and the person filing, FMR LLC, is a parent holding company in accordance with Section 240.13d-1(b)(1)(ii)(G). (Note: See Exhibit A). Item 4. Ownership (a) Amount Beneficially Owned: 127,977,138 (b) Percent of Class: 14.999% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: Please see the responses to Items 5 and 6 on the cover page (ii) shared power to vote or to direct the vote: 0 (iii) sole power to dispose or to direct the disposition of: 127,977,138 (iv) shared power to dispose or to direct the disposition of: 0 Item 5. Ownership of Five Percent or Less of a Class. Not applicable. Item 6. Ownership of More than Five Percent on Behalf of Another Person. One or more other persons are known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the COMMON STOCK of MARVELL TECHNOLOGY INC. No one other person's interest in the COMMON STOCK of MARVELL TECHNOLOGY INC is more than five percent of the total outstanding COMMON STOCK. Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company. See attached Exhibit A. Item 8. Identification and Classification of Members of the Group. Not applicable. Item 9. Notice of Dissolution of Group. Not applicable. Item 10. Certifications. By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing orinfluencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. Signature After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. February 9, 2023 Date /s/ Stephanie J. Brown Signature Stephanie J. Brown Duly authorized under Power of Attorney effective as of January 3, 2023, by and on behalf of FMR LLC and its direct and indirect subsidiaries* * This power of attorney is incorporated herein by reference to Exhibit 24 to the Schedule 13G filed by FMR LLC on January 10, 2023, accession number: 0000315066-23-000003. Exhibit A Pursuant to the instructions in Item 7 of Schedule 13G, the following table lists the identity and Item 3 classification, if applicable, of each relevant entity that beneficially owns shares of the security class being reported on this Schedule 13G. Entity ITEM 3 Classification FIAM LLC IA Fidelity Institutional Asset Management Trust Company BK Fidelity Management & Research (Hong Kong) Limited IA Fidelity Management & Research Company LLC * IA Fidelity Management Trust Company BK Strategic Advisers LLC IA * Entity beneficially owns 5% or greater of the outstanding shares of the security class being reported on this Schedule 13G. Abigail P. Johnson is a Director, the Chairman and the Chief Executive Officer of FMR LLC. Members of the Johnson family, including Abigail P. Johnson, are the predominant owners, directly or through trusts, of Series B voting common shares of FMR LLC, representing 49% of the voting power of FMR LLC. The Johnson family group and all other Series B shareholders have entered into a shareholders' voting agreement under which all Series B voting common shares will be voted in accordance with the majority vote of Series B voting common shares. Accordingly, through their ownership of voting common shares and the execution of the shareholders' voting agreement, members of the Johnson family may be deemed, under the Investment Company Act of 1940, to form a controlling group with respect to FMR LLC. This filing reflects the securities beneficially owned, or that may be deemed to be beneficially owned, by FMR LLC, certain of its subsidiaries and affiliates, and other companies (collectively, the "FMR Reporters"). This filing does not reflect securities, if any, beneficially owned by certain other companies whose beneficial ownership of securities is disaggregated from that of the FMR Reporters in accordance with Securities and Exchange Commission Release No. 34-39538 (January 12, 1998). RULE 13d-1(k)(1) AGREEMENT The undersigned persons, on February 9, 2023, agree and consent to the joint filing on their behalf of this Schedule 13G in connection with their beneficial ownership of the COMMON STOCK of MARVELL TECHNOLOGY INC at December 30, 2022. FMR LLC By /s/ Stephanie J. Brown Stephanie J. Brown Duly authorized under Power of Attorney effective as of January 3, 2023, by and on behalf of FMR LLC and its direct and indirect subsidiaries* Abigail P. Johnson By /s/ Stephanie J. Brown Stephanie J. Brown Duly authorized under Power of Attorney effective as of January, 26, 2023, by and on behalf of Abigail P. Johnson** * This power of attorney is incorporated herein by reference to Exhibit 24 to the Schedule 13G filed by FMR LLC on January 10, 2023, accession number: 0000315066-23-000003. ** This power of attorney is incorporated herein by reference to Exhibit 24 to the Schedule 13G filed by FMR LLC on January 31, 2023, accession number: 0000315066-23-000038.

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Recent Analyst Ratings for

$MRVL

Date	Price Target	Rating	Analyst
5/28/2026	$118.00 → $270.00	Buy	Needham
5/26/2026	$300.00	Hold → Buy	HSBC Securities
5/13/2026	$125.00 → $200.00	Buy	BofA Securities
4/16/2026	$120.00 → $140.00	Buy	Stifel
4/9/2026	$150.00	Equal Weight → Overweight	Barclays
4/3/2026		Buy	Erste Group
4/2/2026		Buy	Erste Group
3/6/2026	$130.00	Hold → Buy	The Benchmark Company

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SEC Form SC 13G/A filed by Marvell Technology Inc. (Amendment)

2/9/23 11:18:36 AM ET

$MRVL

Semiconductors

Technology

Get the next $MRVL alert in real time by email

Recent Analyst Ratings for

$MRVL

Date	Price Target	Rating	Analyst
5/28/2026	$118.00 → $270.00	Buy	Needham
5/26/2026	$300.00	Hold → Buy	HSBC Securities
5/13/2026	$125.00 → $200.00	Buy	BofA Securities
4/16/2026	$120.00 → $140.00	Buy	Stifel
4/9/2026	$150.00	Equal Weight → Overweight	Barclays
4/3/2026		Buy	Erste Group
4/2/2026		Buy	Erste Group
3/6/2026	$130.00	Hold → Buy	The Benchmark Company

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SEC Form SC 13G/A filed by Marvell Technology Inc. (Amendment)

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Insider Trading

President and COO Koopmans Chris sold $2,058,700 worth of shares (10,000 units at $205.87) as part of a pre-agreed trading plan (SEC Form 4)

President and COO Koopmans Chris converted options into 18,744 shares and covered exercise/tax liability with 9,294 shares (SEC Form 4) (tax withholding)

Chairman of the Board and CEO Murphy Matthew J covered exercise/tax liability with 61,992 shares and converted options into 117,742 shares, increasing direct ownership by 8% to 795,147 units (SEC Form 4) to satisfy withholding obligation

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Insider Purchases

Chief Financial Officer Meintjes Willem A bought $265,302 worth of shares (3,400 units at $78.03), increasing direct ownership by 3% to 132,159 units (SEC Form 4)

President, Data Center Group Bharathi Sandeep bought $265,302 worth of shares (3,400 units at $78.03), increasing direct ownership by 5% to 73,392 units (SEC Form 4)

President and COO Koopmans Chris bought $530,604 worth of shares (6,800 units at $78.03) (SEC Form 4)

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SEC Filings

SEC Form 144 filed by Marvell Technology Inc.

SEC Form 10-Q filed by Marvell Technology Inc.

Marvell Technology Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

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Press Releases

Marvell Announces Availability of Industry's First 102.4 Tbps Switch Purpose-Built for AI and Cloud Data Center Infrastructure

Marvell Technology, Inc. Reports First Quarter of Fiscal Year 2027 Financial Results

Marvell Keynote at COMPUTEX 2026: The Future of AI Scaling Depends on Connectivity

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Analyst Ratings

Needham reiterated coverage on Marvell with a new price target

Marvell upgraded by HSBC Securities with a new price target

BofA Securities reiterated coverage on Marvell with a new price target

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Large Ownership Changes