Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System lessened its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 1.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,544,565 shares of the semiconductor company’s stock after selling 22,236 shares during the quarter. California Public Employees Retirement System owned about 0.18% of Marvell Technology worth $93,153,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in MRVL. Buck Wealth Strategies LLC boosted its stake in Marvell Technology by 1,328.1% during the 3rd quarter. Buck Wealth Strategies LLC now owns 457 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 425 shares during the last quarter. SJS Investment Consulting Inc. boosted its position in Marvell Technology by 56.8% during the fourth quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock worth $26,000 after acquiring an additional 155 shares during the last quarter. BluePath Capital Management LLC purchased a new stake in Marvell Technology during the 3rd quarter valued at about $31,000. Oliver Lagore Vanvalin Investment Group raised its holdings in Marvell Technology by 46.2% in the 4th quarter. Oliver Lagore Vanvalin Investment Group now owns 522 shares of the semiconductor company’s stock valued at $31,000 after acquiring an additional 165 shares during the last quarter. Finally, Whittier Trust Co. lifted its stake in Marvell Technology by 59.9% in the 3rd quarter. Whittier Trust Co. now owns 603 shares of the semiconductor company’s stock worth $33,000 after purchasing an additional 226 shares in the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

Marvell Technology Stock Performance

Shares of Marvell Technology stock opened at $64.85 on Thursday. The business has a 50-day simple moving average of $69.88 and a 200-day simple moving average of $62.46. The company has a market cap of $56.16 billion, a PE ratio of -60.05, a P/E/G ratio of 4.67 and a beta of 1.50. Marvell Technology, Inc. has a one year low of $36.90 and a one year high of $85.76. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.21 and a current ratio of 1.69.

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

Marvell Technology Announces Dividend

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

Marvell Technology declared that its Board of Directors has initiated a stock buyback plan on Thursday, March 7th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor company to buy up to 4.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on MRVL shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $85.00 price target on shares of Marvell Technology in a report on Friday, April 12th. TD Cowen boosted their price target on shares of Marvell Technology from $75.00 to $90.00 and gave the company an “outperform” rating in a research report on Friday, March 8th. UBS Group raised their price objective on shares of Marvell Technology from $70.00 to $83.00 and gave the stock a “buy” rating in a research report on Monday, February 26th. Needham & Company LLC reiterated a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a report on Friday, April 12th. Finally, Evercore ISI started coverage on shares of Marvell Technology in a report on Tuesday, April 16th. They set an “outperform” rating and a $88.00 price target for the company. Two analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $81.13.

Insider Activity at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $68.20, for a total value of $68,200.00. Following the transaction, the chief financial officer now directly owns 103,986 shares of the company’s stock, valued at approximately $7,091,845.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, EVP Mark Casper sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, April 19th. The shares were sold at an average price of $64.75, for a total transaction of $161,875.00. Following the transaction, the executive vice president now directly owns 21,266 shares in the company, valued at $1,376,973.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $68.20, for a total transaction of $68,200.00. Following the completion of the sale, the chief financial officer now owns 103,986 shares of the company’s stock, valued at approximately $7,091,845.20. The disclosure for this sale can be found here. Insiders sold 110,500 shares of company stock valued at $7,477,515 over the last three months. 0.45% of the stock is owned by corporate insiders.

Marvell Technology Company 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.