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

New York State Common Retirement Fund cut its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 6.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,019,389 shares of the semiconductor company’s stock after selling 64,600 shares during the quarter. New York State Common Retirement Fund’s holdings in Marvell Technology were worth $73,518,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. increased its position in Marvell Technology by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 72,810,448 shares of the semiconductor company’s stock worth $5,160,805,000 after purchasing an additional 468,086 shares in the last quarter. Janus Henderson Group PLC increased its position in shares of Marvell Technology by 13.4% in the first quarter. Janus Henderson Group PLC now owns 13,478,472 shares of the semiconductor company’s stock worth $955,400,000 after acquiring an additional 1,591,874 shares in the last quarter. Ameriprise Financial Inc. increased its position in shares of Marvell Technology by 24.1% in the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock worth $812,509,000 after acquiring an additional 2,254,610 shares in the last quarter. Van ECK Associates Corp raised its stake in shares of Marvell Technology by 17.6% in the 2nd quarter. Van ECK Associates Corp now owns 5,901,773 shares of the semiconductor company’s stock valued at $412,533,000 after acquiring an additional 884,380 shares during the period. Finally, Clearbridge Investments LLC lifted its holdings in shares of Marvell Technology by 3.0% during the 2nd quarter. Clearbridge Investments LLC now owns 5,189,682 shares of the semiconductor company’s stock valued at $362,759,000 after acquiring an additional 150,109 shares in the last quarter. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $80.77, for a total transaction of $484,620.00. Following the completion of the transaction, the executive vice president now directly owns 109,244 shares in the company, valued at approximately $8,823,637.88. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Director Ford Tamer sold 92,000 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the sale, the director now owns 351,193 shares of the company’s stock, valued at $26,044,472.88. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of the company’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $80.77, for a total value of $484,620.00. Following the completion of the sale, the executive vice president now owns 109,244 shares of the company’s stock, valued at $8,823,637.88. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 261,000 shares of company stock valued at $20,330,835. Insiders own 0.33% of the company’s stock.

Marvell Technology Price Performance

Shares of MRVL opened at $84.77 on Friday. Marvell Technology, Inc. has a 52 week low of $48.44 and a 52 week high of $87.28. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. The firm has a market cap of $75.12 billion, a price-to-earnings ratio of -76.37, a PEG ratio of 3.60 and a beta of 1.45. The stock has a 50 day moving average of $74.68 and a 200-day moving average of $70.88.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting analysts’ consensus estimates of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The firm had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the previous year, the company posted $0.18 earnings per share. The firm’s revenue was down 5.1% on a year-over-year basis. As a group, analysts forecast that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.28%. The ex-dividend date was Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -21.62%.

Wall Street Analysts Forecast Growth

MRVL has been the subject of several recent research reports. Stifel Nicolaus reiterated a “buy” rating and issued a $95.00 price target (up from $90.00) on shares of Marvell Technology in a report on Friday, August 30th. Rosenblatt Securities increased their target price on Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Piper Sandler reiterated an “overweight” rating and set a $100.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Evercore ISI upped their price target on Marvell Technology from $91.00 to $98.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $85.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Marvell Technology presently has an average rating of “Moderate Buy” and an average price target of $91.62.

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.