Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund lowered its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 12.1% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 635,414 shares of the semiconductor company’s stock after selling 87,238 shares during the quarter. New York State Common Retirement Fund’s holdings in Marvell Technology were worth $38,322,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA boosted its stake in Marvell Technology by 43.7% during the third quarter. Massachusetts Financial Services Co. MA now owns 7,043,353 shares of the semiconductor company’s stock worth $381,257,000 after buying an additional 2,142,391 shares during the last quarter. Kingswood Wealth Advisors LLC raised its position in Marvell Technology by 328.3% in the third quarter. Kingswood Wealth Advisors LLC now owns 23,949 shares of the semiconductor company’s stock valued at $1,296,000 after purchasing an additional 18,357 shares during the period. Fred Alger Management LLC raised its position in Marvell Technology by 2.4% in the third quarter. Fred Alger Management LLC now owns 4,036,564 shares of the semiconductor company’s stock valued at $218,499,000 after purchasing an additional 95,003 shares during the period. NewEdge Wealth LLC raised its position in Marvell Technology by 15.6% in the third quarter. NewEdge Wealth LLC now owns 7,197 shares of the semiconductor company’s stock valued at $390,000 after purchasing an additional 973 shares during the period. Finally, Montag A & Associates Inc. raised its position in Marvell Technology by 15.8% in the third quarter. Montag A & Associates Inc. now owns 64,837 shares of the semiconductor company’s stock valued at $3,510,000 after purchasing an additional 8,836 shares during the period. Institutional investors and hedge funds own 83.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Stifel Nicolaus restated a “buy” rating and issued a $86.00 target price on shares of Marvell Technology in a research report on Friday, April 12th. Needham & Company LLC restated a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a research report on Friday, April 12th. TD Cowen lifted their target price on Marvell Technology from $75.00 to $90.00 and gave the company an “outperform” rating in a research report on Friday, March 8th. Raymond James lifted their target price on Marvell Technology from $62.00 to $78.00 and gave the company an “outperform” rating in a research report on Friday, January 19th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $85.00 price objective on shares of Marvell Technology in a report on Friday, April 12th. Two investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Marvell Technology has a consensus rating of “Moderate Buy” and an average price target of $81.13.

Marvell Technology Price Performance

Shares of NASDAQ MRVL opened at $64.85 on Thursday. The stock’s 50-day moving average is $69.88 and its two-hundred day moving average is $62.46. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.69 and a quick ratio of 1.21. Marvell Technology, Inc. has a 1-year low of $36.90 and a 1-year high of $85.76. The company has a market cap of $56.16 billion, a price-to-earnings ratio of -60.05, a price-to-earnings-growth ratio of 4.67 and a beta of 1.50.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share for the quarter, hitting the consensus estimate of $0.46. The company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.42 billion. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. Marvell Technology’s revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.34 EPS. Analysts forecast that Marvell Technology, Inc. will post 0.72 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Friday, April 12th will be given a dividend of $0.06 per share. The ex-dividend date is Thursday, April 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.37%. Marvell Technology’s dividend payout ratio is currently -22.22%.

Marvell Technology announced that its Board of Directors has initiated a share repurchase plan on Thursday, March 7th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the semiconductor company to repurchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Transactions at Marvell Technology

In other news, EVP Chris Koopmans sold 5,000 shares of the company’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $67.98, for a total transaction of $339,900.00. Following the completion of the transaction, the executive vice president now directly owns 119,117 shares of the company’s stock, valued at approximately $8,097,573.66. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, EVP Chris Koopmans sold 5,000 shares of the company’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $67.98, for a total transaction of $339,900.00. Following the completion of the transaction, the executive vice president now directly owns 119,117 shares of the company’s stock, valued at approximately $8,097,573.66. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Mark Casper sold 2,500 shares of the company’s stock in a transaction dated Friday, April 19th. The stock was sold at an average price of $64.75, for a total value of $161,875.00. Following the transaction, the executive vice president now directly owns 21,266 shares of the company’s stock, valued at $1,376,973.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 110,500 shares of company stock valued at $7,477,515. 0.45% of the stock is currently owned by corporate insiders.

Marvell Technology 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.