State of New Jersey Common Pension Fund D Has $22.41 Million Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

State of New Jersey Common Pension Fund D reduced its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 34.8% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 320,643 shares of the semiconductor company’s stock after selling 171,054 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Marvell Technology were worth $22,413,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Tlwm increased its stake in shares of Marvell Technology by 1.6% in 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 during the period. Bruce G. Allen Investments LLC increased its stake in shares of Marvell Technology by 56.4% in the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 141 shares during the period. Trueblood Wealth Management LLC grew its stake 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 during the period. Edmond DE Rothschild Holding S.A. grew its stake 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 during the period. Finally, Sheaff Brock Investment Advisors LLC grew its stake in shares of Marvell Technology by 0.4% during the first 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 during the period. 83.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MRVL has been the subject of a number of analyst reports. Evercore ISI lifted their price objective on Marvell Technology from $91.00 to $98.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. Stifel Nicolaus reaffirmed a “buy” rating and set a $95.00 price objective (up from $90.00) on shares of Marvell Technology in a research note on Friday, August 30th. Roth Mkm reaffirmed a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $85.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $100.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. One analyst has rated the stock with a sell rating, one has issued a hold rating and twenty-one have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $91.62.

Marvell Technology Stock Down 0.8 %

Shares of MRVL stock opened at $74.30 on Friday. The firm’s fifty day moving average price is $68.21 and its two-hundred day moving average price is $69.73. Marvell Technology, Inc. has a 1 year low of $46.07 and a 1 year high of $85.76. 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 capitalization of $64.31 billion, a P/E ratio of -65.75, a PEG ratio of 2.91 and a beta of 1.46.

Marvell Technology (NASDAQ:MRVL) last released its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.30. The business had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. Marvell Technology’s revenue was down 5.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.18 earnings per share. On average, equities analysts predict that Marvell Technology, Inc. will post 0.77 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Investors of record on Friday, July 12th were issued a dividend of $0.06 per share. The ex-dividend date was Friday, July 12th. This represents a $0.24 dividend on an annualized basis and a yield of 0.32%. Marvell Technology’s payout ratio is -21.24%.

Insiders Place Their Bets

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