GetCoattail Research — Marvell Technology is the market's custom-silicon route into AI data-center spending: at its October 6 investor day the company laid out a path to $70 billion–$90 billion of revenue by fiscal 2031, and analysts responded with one of the heaviest rating weeks of the season. The filings tell a colder story. One of our 83 superinvestors still holds it — 4,226 shares — after the cohort cut its position 99.68% in a single quarter in which the price rose 200.7%, and insiders have recorded no open-market purchase in the last year against $52,182,631.93 of sales.
Start with the narrative: the operating story is scale, and the Street has spent the week repricing it. Marvell used its October 6 investor day to set a long-term revenue target of $70 billion to $90 billion for fiscal 2031, up from $8.2 billion in fiscal 2026, and lifted its fiscal 2028 outlook to about $20 billion, including $18 billion from data centers. Shares finished the investor-day Tuesday up 5.8% to $287.01, according to Barron's, which put the stock up nearly 250% in 2026. TipRanks counted 24 analysts rating the stock in the three days to October 9 — second on its trending list, behind only Zscaler, which this series audited last time — with a Strong Buy consensus and an average price target of $354.56, implying about 29% upside. It was the highest-ranked stock we had not yet audited. One caution sits inside our own price file: the run was concentrated in a single quarter — $99.05 at March 31 to $297.89 at June 30 — and the file's last close, $272.29 on October 2, sits 13.9% below the 252-session closing high of $316.43 set on June 4.
Now the filings. For Marvell — the thirty-fourth Filing Tape audit — the story is an exit at the tracked scale during the steepest rise in the register: the tracked cohort went from two holders to one and cut 99.68% of its shares in the quarter the price tripled, the full market broadened sharply, and the insider register has printed sales only for a year.
Lens 1: the superinvestors — one holder left, 4,226 shares after a 99.68% cut
We track 83 large, mostly long-only managers whose 13F portfolios we collect directly from SEC EDGAR. As of June 30, 2026, 1 held Marvell long — no option rows — totalling 4,226 shares worth $1,258,883. The direction count is one decreased: no new positions, no increases, no unchanged rows. Not one member of the cohort added or even held steady.
The one remaining holder is Lee Ainslie's Maverick Capital, at 4,226 shares worth $1,258,883, a 0.01% portfolio weight, cut 97.8% in the quarter — and, being the only holder, 100.0% of the tracked cohort's Marvell shares. A quarter earlier the pipeline's CUSIP file held 1,336,750 shares across two rows: Harry Burn's Sound Shore held 1,148,590 of them, and Maverick held 188,160. Sound Shore exited entirely — the position appears in the EDGAR collection's exit lists at 1,148,590 shares with a prior reported value of $113,767,840 — Maverick cut its own row by 97.8%, and the cohort total moved from 1,336,750 to 4,226 shares, a change of −99.68%, a difference of −1,332,524 shares, in a quarter when the price did anything but sit still: $99.05 at March 31 to $297.89 at June 30, a change of +200.7%. The cohort's reported value implies $297.89 per share, matching the June 30 close exactly. Two names, one exit, one near-exit, and a register that is now a rounding error.
Lens 2: institutions — 2,230 filers, shares up 11.88%
Zoom out to the whole 13F market and the quarter looks different. At June 30, 2026, 2,230 institutions reported positions, up from 1,526 at March 31 (+46.13%), and 2,212 reported long positions. Reported shares rose 11.88%, from 612,947,262 to 685,739,637 shares. Reported aggregate value rose 244.19% to $228,800,706,049; the aggregate includes option rows, so we headline filer and share counts and label dollars "reported" (see methodology). The implied value per share, $333.66, sits 12.0% above the June 30 close of $297.89. The value increase mostly mirrors the quarter's +200.7% price move rather than new money, which is exactly why this audit headlines counts: filers up 704 and shares up 72,792,375 are the quarter's real broadening. Set the two registers side by side and the contrast is the quarter: the broad market added 72,792,375 reported shares while the tracked cohort shed 1,332,524 — broadening at market scale, near-exit at the tracked scale, in the same three months, into the same tripling price.
Lens 3: the 5% register — ten filings, the largest holder cut from 14.9% to 6.5%
Our full parse holds ten SC 13D/G filings for Marvell — one SC 13G original and nine SC 13G/A amendments, five reporting persons, the most recent filed August 6, 2026, and no SC 13D originals at all. FMR LLC and Abigail P. Johnson co-report the same position, so the register holds four reporting groups. That group's rows run 114,696,561 shares (13.3%) as of June 30, 2025, up to 126,698,928 shares (14.9%) as of December 31, 2025, then down through 84,367,963 shares (9.6%) as of May 29, 2026 to 56,893,463 shares (6.5%) as of June 30, 2026 — the register's latest filing, submitted August 6, 2026. The Vanguard Group reported 79,610,185 shares (9.23%) as of September 30, 2025, then 0 shares (0.0%) as of March 13, 2026 — and a separate Vanguard entity, Vanguard Capital Management, then printed 46,727,183 shares (5.34%) as of March 31, 2026 and 66,748,129 shares (7.63%) as of June 30, 2026. BlackRock, Inc. reported 79,080,745 shares (9.0%) as of June 30, 2026. We report rows as filed and never sum them: the aggregation's total across these rows would add different dates together, count the FMR position twice through its co-reporting, and multiply-count overlapping passive stakes. The shape, stated plainly: the largest passive holder more than halved its reported percentage across two quarters, one Vanguard row went to zero while another Vanguard row appeared, and no activist 13D has printed at all.
Lens 4: insiders — five purchases in the record, none in the last year, $58,766,886.65 of sales
The parsed Form 4 record holds 127 filings through October 2, 2026. Across it, open-market purchases total 5 transactions — 30,200 shares, $2,316,632.00, five buyers — four of them recorded as officer purchases. Against that stand 49 sales totalling 421,639 shares and $58,766,886.65, by eight sellers, 48 of them recorded as officer sales. Every one of the five purchases is older than a year: the last year holds zero purchases against 27 sales of 344,807 shares for $52,182,631.93 by six sellers, all 27 recorded as officer sales. The last 90 days hold no purchases at all and 7 sales — 61,513 shares for $13,271,375.12 — by three sellers, all 7 recorded as officer sales, across 12 filings. One consistency note deserves its own sentence rather than a footnote: our site's insider aggregate (October 10, 2026) shows the same 90 days as 7 sales totalling $13,271,375.12 with zero purchases and no last buy — an exact match with the full parse, which is not always the case in this series. We assign no motives to any of it; the record's shape is the fact — purchases exist in this register, but none has printed in twelve months, while $52,182,631.93 of sales has.
Lens 5: Congress — three purchases, no sales, House only
Across the congressional record we maintain (combined record as of October 3, 2026), Marvell shows 3 purchase transactions and 0 sale transactions, by 3 members, with the most recent purchase dated July 17, 2026, and members from both parties. The House aggregate (as of October 3, 2026) carries the identical record — all three purchases are House rows. The Senate aggregate (as of October 1, 2026) carries no Marvell record. Congressional disclosures report value ranges rather than exact amounts, so this lens records direction and counts only. It is the one register in this audit that leans the same way as the analyst story — three buys, no sells — and it is also the smallest register here, at three transactions.
Lens 6: short interest — 3.57% of the share count, flat year over year
As of September 15, 2026 — the most recent FINRA settlement date — 31,342,713 Marvell shares were sold short, with days-to-cover of 1.70, down 17.90% from the prior settlement. The full-series peak is old: 45,921,901 shares on April 15, 2021, so the latest reading sits 31.7% below the peak. Year over year the borrow is nearly unchanged, up 1.3% from 30,947,350 shares on September 15, 2025, and since the June 30 settlement (34,082,367 shares) it is down 8.0%. Against the 876,900,000 shares in our fundamentals file (as of August 21, 2026), the borrow is 3.57% of the reported share count — a modest borrow, and a restless one.
The recent settlements run 32,479,302 on July 15, then 35,826,090, 28,388,438, 38,175,634 and 31,342,713 — swings of millions of shares in both directions, with no trend the series will stand behind. The series began at 34,478,113 shares on January 15, 2021, close to where it sits now; its lowest reading, 12,743,014 shares, came on May 14, 2021. At 3.57% of the share count the level is unremarkable; the motion in this lens is churn, not direction.
The gap, stated plainly
The registers describe a company whose analyst story ran far ahead of its tracked ownership — and whose tracked ownership left during the rise itself. The tracked superinvestors held 4,226 shares at June 30 — one holder, cut 97.8% — having cut 99.68% in a quarter when the price rose 200.7% and the other holder exited entirely. The full market moved the other way: filers up 46.13% to 2,230, reported shares up 11.88% to 685,739,637. The 5% register printed ten filings: the FMR group's percentage fell from 14.9% to 6.5%, one Vanguard row went to zero and another appeared, and BlackRock printed 9.0%. Insiders bought five times in the parsed record — $2,316,632.00 in total, none of it in the last year — against $58,766,886.65 of sales, including $13,271,375.12 in the last 90 days from three sellers. Congress registers three purchases and no sales, all in the House. And the borrow, at 31,342,713 shares and 3.57% of the share count, sits almost exactly where it sat a year ago. One plausible reading is that the registers are sorted by mandate and by clock: the tracked managers sold into the strongest quarter in the file, the broad benchmark market absorbed the supply, the largest passive holder trimmed its percentage as the price tripled, and the October story belongs to none of them yet, because none of these filings can see October. The record supports each clause separately; it does not say which register is right.
What would change the picture
Nothing above is a recommendation. It is a record. These are the filings that would change the description:
- 1. The 2026Q3 13Fs (filing window closing mid-November 2026). The tracked cohort held 4,226 shares at June 30 — a single holder, Maverick, at a 0.01% weight. Whether that residual row survived, and whether Sound Shore's exit was the end of the cohort's retreat or its middle, is the whole lens.
- 2. A first insider purchase in a year. The parsed record holds zero purchases in the last year against 27 sales totalling $52,182,631.93, and zero purchases in the last 90 days. Any open-market purchase — one buyer, any size — would break a twelve-month run of sales only.
- 3. Whether the full market's broadening holds. The broad register added 704 filers and 72,792,375 reported shares in the June quarter while the tracked cohort cut 99.68%. A second broadening quarter would separate the two registers further; a reversal would close the gap this audit is built on.
- 4. Whether the FMR group's slide stops. The register's largest holder went from 14.9% at December 31, 2025 to 6.5% at June 30, 2026 across two prints. The next 13G/A row — stabilisation, or a third consecutive cut — is the cleanest single line in this lens.
- 5. A Senate first print, or more House prints. The congressional register holds three House purchases, no sales and no Senate record. Any Senate row, or a first sale in either chamber, would change this lens's one-directional shape.
Until one of those prints, the record describes a stock held by one of our 83 tracked superinvestors — 4,226 shares after a 99.68% one-quarter cut in the quarter the price tripled — whose full market broadened by 46.1% of filers in the same quarter, whose insiders have sold $58,766,886.65 against $2,316,632.00 of purchases with none in the last year, whose congressional register shows three purchases and no sales, and whose borrow sits almost exactly where it sat a year ago.
Related reading: One of 83: The Superinvestors Cut Zscaler 90.6% in One Quarter. Its Insiders Have Never Bought a Share. — Filing Tape #33; Six of 83: One Holder Is 94.2% of the Superinvestors' Caterpillar Stake. The Full Market Added 15.5% While the Cohort Stood Still. — Filing Tape #32; Zero of 83: The Superinvestors Aren't in IREN — Filing Tape #1. Marvell's own page: Marvell Technology, Inc. (MRVL) on GetCoattail.
Methodology and data notes
- Superinvestor lens: 83 managers collected directly from SEC EDGAR Form 13F (managers_13f collection), positions as of June 30, 2026; Marvell identified by CUSIP 573874104. One distinct manager holds a long position totalling 4,226 shares; the single reported row is long (no put or call rows); the direction is one decreased, with no new, increased or unchanged rows. Quarter-to-quarter cohort totals (1,336,750 shares at March 31 across two filing rows; 4,226 shares at June 30 across one filing row; change −99.68%) are from the site pipeline's holdings files on the same CUSIP basis in both quarters, and the pipeline's second-quarter total matches the EDGAR collection's long total exactly (difference of 0 shares and $0), so no collection difference needs reporting for this name. The exited row (Harry Burn - Sound Shore, 1,148,590 shares, prior reported value $113,767,840) appears in the EDGAR collection's exit lists. Maverick's share of the cohort is 100.0% = 4,226 / 4,226, there being one holder.
- Full-market lens: SEC Form 13F Data Sets full-market aggregation. The primary table is the full13f collection's by-ticker file (holders = distinct filers reporting the CUSIP; 2,212 of the 2,230 reported long positions), and its figures match the backfill fixtures' by-CUSIP row for 573874104 exactly on holders, shares, reported value, prior holders and prior reported value. The by-ticker file's entered/exited fields (1,821 and 1,117, a net of +704 that matches the change in holder count) have no counterpart in the by-CUSIP aggregation, which does not publish them, so this audit does not rely on them. Reported-value caution: the aggregate value ($228,800,706,049 over 685,739,637 shares) implies ≈$333.66 per share against a June 30, 2026 close of $297.89 in our price file, a gap of +12.0%. The aggregate sums the VALUE of every information-table row — including put and call option rows — while the share count covers long common-stock rows only, so we headline filer and share counts and label dollar values "reported."
- Insider lens: full-parse Form 4 aggregation (agg_by_ticker), record as of October 2, 2026 (127 filings). Sale and purchase counts are transaction-code counts (S and P) in non-derivative rows; grants and exercises are not counted as purchases, and one filing can contain many transaction rows. Purchase transactions total 5 across the parsed record (30,200 shares, $2,316,632.00, five buyers), four of them recorded as officer purchases. Sale transactions total 49 across the record (421,639 shares, $58,766,886.65, eight sellers), 48 of them recorded as officer sales. In the year through October 2, 2026: zero purchases and 27 sales (344,807 shares, $52,182,631.93, six sellers, all 27 recorded as officer sales). In the 90 days through October 2, 2026: no purchases and 7 sales (61,513 shares, $13,271,375.12, three sellers, all 7 recorded as officer sales) across 12 filings. The site's insider aggregate (compiled as of October 10, 2026, 90-day window) matches the full parse exactly for this name: 0 purchases, 7 sales totalling $13,271,375.12, three sellers and no last buy. "No purchases in the last year" in this audit is scoped to this parsed record, whose 127 filings are the coverage stated here.
- 13D/G lens: full-parse SC 13D/G aggregation and parsed filings (10 filings matching CUSIP 573874104 and issuer CIK 1835632, five reporting persons in aggregate — four reporting groups, because FMR LLC and Abigail P. Johnson co-report the same position: 1 SC 13G original and 9 SC 13G/A amendments, no SC 13D filings), filings through August 6, 2026. The FMR LLC / Abigail P. Johnson rows (114,696,561 shares at 13.3% as of June 30, 2025; 126,698,928 shares at 14.9% as of December 31, 2025; 84,367,963 shares at 9.6% as of May 29, 2026; 56,893,463 shares at 6.5% as of June 30, 2026, filed August 6, 2026), The Vanguard Group's rows (62,557,593 shares at 7.22% as of December 31, 2024; 79,610,185 shares at 9.23% as of September 30, 2025; 0 shares at 0.0% as of March 13, 2026, filed March 27, 2026), Vanguard Capital Management's rows (46,727,183 shares at 5.34% as of March 31, 2026, filed April 30, 2026; 66,748,129 shares at 7.63% as of June 30, 2026, filed July 31, 2026) and the BlackRock, Inc. row (79,080,745 shares at 9.0% as of June 30, 2026, filed July 29, 2026) are reported as filed. No rows are summed, because the aggregation's totalSharesReported field (1,100,037,667.82 shares) adds different dates together, counts the co-reported FMR position twice and would multiply-count single positions. No reason for any change is asserted — the filings themselves are the record.
- Congress lens: Senate PTR archive and House PTR archive as maintained on this site, combined record as of October 3, 2026 — 3 purchase transactions, 0 sale transactions, 3 members, most recent purchase July 17, 2026, members of both parties. The House aggregate (as of October 3, 2026) carries the identical record; the Senate aggregate (as of October 1, 2026) carries no Marvell record, and we report that absence rather than omitting the chamber. Congressional disclosures report value ranges, so this lens records direction and counts only.
- Short interest lens: FINRA Equity Short Interest files (biweekly settlement dates), collected directly from FINRA's public distribution; the Marvell series covers 137 settlements from January 15, 2021 to September 15, 2026. The maximum of the full collected series is 45,921,901 shares on April 15, 2021 — outside the chart window — so the latest reading of 31,342,713 shares on September 15, 2026 sits 31.7% below the peak ((31,342,713 / 45,921,901) − 1) and 1.3% above the September 15, 2025 reading of 30,947,350; the change from the prior settlement (38,175,634 shares on August 31, 2026) is −17.90%, and the change since the June 30, 2026 settlement (34,082,367 shares) is −8.0%. The latest row's prior-settlement field (38,175,634) matches the prior settlement file's reported figure exactly. Two older rows in FINRA's own files carry prior-settlement fields that differ slightly from the preceding settlement's reported figure (June 15, 2021 and August 15, 2022); our published series reproduces the source files as distributed, and no figure in this audit depends on those two fields. The series minimum is 12,743,014 shares on May 14, 2021; its first reading was 34,478,113 shares on January 15, 2021. FINRA publishes each settlement about two weeks after the fact. The share-count ratio uses the fundamentals file's share count of 876,900,000 shares outstanding as of August 21, 2026.
- Fundamentals note: our fundamentals collection carries Marvell's revenue of $8,194,600,000 labelled fiscal 2026, its net income of $2,670,100,000 labelled fiscal 2026, and its assets of $22,285,300,000 labelled fiscal 2026 — all three fields carry the same fiscal year in the file. The market value of about $251.68 billion uses that file's October 6, 2026 price ($287.01) and reported share count; our daily-close file ends October 2, 2026 at $272.29, and we keep the two files' figures separate rather than blending them.
- Prices: our own daily-close file for Marvell through October 2, 2026 ($272.29 close, +220.4% year to date on that file; 252-session closing high $316.43 on June 4, 2026; 252-session closing low $73.73 on February 4, 2026; closes of $99.05 at March 31, 2026 and $297.89 at June 30, 2026, a second-quarter change of +200.7%; change from June 30 to October 2 of −8.6% ((272.29 / 297.89) − 1)). The drawdown from the 252-session closing high is −13.9%, and the gain from the 252-session closing low is +269.3% ((272.29 / 73.73) − 1).
- Market context sources: the October 6, 2026 investor day long-term outlook (fiscal 2031 revenue target of $70 billion to $90 billion; fiscal 2028 revenue of about $20 billion including $18 billion from data centers; addressable market of about $400 billion by 2030; fiscal 2026 revenue base of $8.2 billion) — TipRanks' October 9, 2026 trending-stocks report and Futurum Group's investor-day coverage, checked October 11, 2026, summarised in our own words; investor-day trading (shares up 5.8% to $287.01 on Tuesday, October 6, 2026; shares up nearly 250% in 2026) — Barron's coverage, checked October 11, 2026; analyst attention and consensus (24 analysts rating the stock in the three days to October 9, 2026; Strong Buy consensus; average price target of $354.56 implying about 29% upside; Marvell second on the list behind Zscaler, ahead of Constellation Brands) — TipRanks, checked October 11, 2026. Figures we could not confirm against two sources were left out.
- Marvell is in the GetCoattail stock-page universe: Marvell Technology, Inc. (MRVL) stock page. Series data: mrvl_lens_data.csv · mrvl_short_interest_series.csv. Earlier audits: Zscaler · Caterpillar Inc. · IREN.
Past patterns are not a promise of future results. For education only — not investment advice.
This article describes public filings as of the dates stated. It is not investment advice and makes no recommendation. Filings lag reality: 13F positions are as of June 30, 2026, and later trading is not yet public.
Revision history
- v1.0 — October 11, 2026: first publication.