Arizona State Retirement System Grows Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Arizona State Retirement System raised its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 1.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 251,058 shares of the semiconductor company’s stock after purchasing an additional 2,975 shares during the quarter. Arizona State Retirement System’s holdings in Marvell Technology were worth $17,549,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Tlwm lifted its stake in shares of Marvell Technology by 1.6% during the 2nd quarter. Tlwm now owns 8,598 shares of the semiconductor company’s stock valued at $601,000 after buying an additional 136 shares in the last quarter. Bruce G. Allen Investments LLC boosted its stake in shares of Marvell Technology by 56.4% in the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after acquiring an additional 141 shares during the period. Trueblood Wealth Management LLC grew its position in shares of Marvell Technology by 3.2% during the first quarter. Trueblood Wealth Management LLC now owns 4,944 shares of the semiconductor company’s stock worth $350,000 after purchasing an additional 152 shares in the last quarter. Edmond DE Rothschild Holding S.A. grew its position in shares of Marvell Technology by 0.5% during the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 30,764 shares of the semiconductor company’s stock worth $1,855,000 after purchasing an additional 162 shares in the last quarter. Finally, Sheaff Brock Investment Advisors LLC lifted its holdings in Marvell Technology by 0.4% in the 1st quarter. Sheaff Brock Investment Advisors LLC now owns 44,342 shares of the semiconductor company’s stock worth $3,143,000 after purchasing an additional 168 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors.

Marvell Technology Price Performance

MRVL stock opened at $66.20 on Friday. The stock has a market cap of $57.30 billion, a PE ratio of -58.58, a P/E/G ratio of 3.61 and a beta of 1.47. Marvell Technology, Inc. has a 12 month low of $46.07 and a 12 month high of $85.76. The company has a 50-day moving average price of $68.15 and a 200 day moving average price of $69.58. The company has a current ratio of 1.80, a quick ratio of 1.24 and a debt-to-equity ratio of 0.28.

Marvell Technology (NASDAQ:MRVL) last announced its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.30. Marvell Technology had a positive return on equity of 4.26% and a negative net margin of 18.30%. The business had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the previous year, the business earned $0.18 earnings per share. The company’s revenue for the quarter was down 5.1% compared to the same quarter last year. Equities research analysts anticipate that Marvell Technology, Inc. will post 0.75 earnings per share for the current year.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Stockholders of record on Friday, July 12th were given a dividend of $0.06 per share. The ex-dividend date was Friday, July 12th. This represents a $0.24 annualized dividend and a dividend yield of 0.36%. Marvell Technology’s dividend payout ratio (DPR) is -21.24%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. B. Riley increased their price objective on shares of Marvell Technology from $95.00 to $100.00 and gave the company a “buy” rating in a report on Friday, May 31st. StockNews.com raised shares of Marvell Technology from a “sell” rating to a “hold” rating in a research note on Monday, September 2nd. Stifel Nicolaus reiterated a “buy” rating and issued a $95.00 price target (up previously from $90.00) on shares of Marvell Technology in a research note on Friday, August 30th. Rosenblatt Securities raised their price objective on Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Finally, Evercore ISI boosted their target price on Marvell Technology from $91.00 to $98.00 and gave the stock an “outperform” rating in a research report on Friday, August 30th. Two investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $91.62.

Insider Activity

In related news, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $73.42, for a total value of $367,100.00. Following the transaction, the executive vice president now owns 115,318 shares of the company’s stock, valued at approximately $8,466,647.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $73.42, for a total value of $367,100.00. Following the transaction, the executive vice president now owns 115,318 shares of the company’s stock, valued at $8,466,647.56. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Monday, July 15th. The shares were sold at an average price of $73.88, for a total value of $110,820.00. Following the sale, the chief financial officer now directly owns 109,318 shares of the company’s stock, valued at $8,076,413.84. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 65,500 shares of company stock valued at $4,872,620. 0.33% of the stock is currently owned by company 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.