Marvell Technology, Inc. (NASDAQ:MRVL) Stock Position Cut by Public Employees Retirement Association of Colorado

Public Employees Retirement Association of Colorado lessened its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 0.2% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,408,413 shares of the semiconductor company’s stock after selling 3,169 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Marvell Technology were worth $98,448,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Janney Montgomery Scott LLC boosted its position in shares of Marvell Technology by 27.0% during the 4th quarter. Janney Montgomery Scott LLC now owns 42,090 shares of the semiconductor company’s stock valued at $2,539,000 after purchasing an additional 8,938 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Marvell Technology by 5.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 60,016 shares of the semiconductor company’s stock valued at $3,620,000 after purchasing an additional 3,109 shares in the last quarter. Coldstream Capital Management Inc. bought a new position in shares of Marvell Technology during the 4th quarter valued at about $274,000. D.A. Davidson & CO. boosted its position in shares of Marvell Technology by 13.6% during the 4th quarter. D.A. Davidson & CO. now owns 33,051 shares of the semiconductor company’s stock valued at $1,993,000 after purchasing an additional 3,958 shares in the last quarter. Finally, Assetmark Inc. boosted its position in shares of Marvell Technology by 63.5% during the 4th quarter. Assetmark Inc. now owns 20,443 shares of the semiconductor company’s stock valued at $1,233,000 after purchasing an additional 7,937 shares in the last quarter. Institutional investors own 83.51% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on MRVL shares. Cantor Fitzgerald restated an “overweight” rating and set a $85.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Barclays raised their target price on shares of Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, August 30th. Roth Mkm reiterated a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a report on Friday, August 30th. TD Cowen upgraded shares of Marvell Technology to a “strong-buy” rating in a report on Monday. Finally, Oppenheimer reiterated an “outperform” rating and issued a $90.00 target price (up from $80.00) on shares of Marvell Technology in a report on Friday, May 31st. Two analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $91.62.

Marvell Technology Price Performance

Shares of MRVL opened at $74.88 on Friday. The firm has a market cap of $64.82 billion, a PE ratio of -66.27, a PEG ratio of 3.29 and a beta of 1.46. The firm’s 50 day moving average price is $68.19 and its 200 day moving average price is $69.81. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. Marvell Technology, Inc. has a twelve month low of $46.07 and a twelve month high of $85.76.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting the consensus estimate of $0.30. The firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The company’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.18 earnings per share. As a group, research analysts expect that Marvell Technology, Inc. will post 0.77 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, October 11th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.32%. The ex-dividend date of this dividend is Friday, October 11th. Marvell Technology’s payout ratio is presently -21.24%.

Insider Activity at Marvell Technology

In other Marvell Technology news, CEO Matthew J. Murphy sold 6,000 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $73.29, for a total transaction of $439,740.00. Following the transaction, the chief executive officer now owns 208,915 shares in the company, valued at $15,311,380.35. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $73.88, for a total transaction of $110,820.00. Following the transaction, the chief financial officer now owns 109,318 shares in the company, valued at $8,076,413.84. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Matthew J. Murphy sold 6,000 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $73.29, for a total value of $439,740.00. Following the transaction, the chief executive officer now owns 208,915 shares in the company, valued at approximately $15,311,380.35. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 160,000 shares of company stock valued at $11,878,785. 0.33% of the stock is currently 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.