California Public Employees Retirement System Has $93.15 Million Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

California Public Employees Retirement System lowered its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 1.4% during the fourth quarter, Holdings Channel.com reports. The firm owned 1,544,565 shares of the semiconductor company’s stock after selling 22,236 shares during the period. California Public Employees Retirement System’s holdings in Marvell Technology were worth $93,153,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Jennison Associates LLC lifted its stake in shares of Marvell Technology by 1.6% during the fourth quarter. Jennison Associates LLC now owns 735,840 shares of the semiconductor company’s stock valued at $44,378,000 after acquiring an additional 11,326 shares during the period. Handelsbanken Fonder AB boosted its stake in shares of Marvell Technology by 45.4% in the 4th quarter. Handelsbanken Fonder AB now owns 398,088 shares of the semiconductor company’s stock valued at $24,009,000 after purchasing an additional 124,328 shares during the last quarter. CWM LLC grew its position in shares of Marvell Technology by 1.4% during the 4th quarter. CWM LLC now owns 14,289 shares of the semiconductor company’s stock worth $862,000 after buying an additional 200 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in shares of Marvell Technology by 6.9% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 100,039 shares of the semiconductor company’s stock worth $6,033,000 after buying an additional 6,495 shares during the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd lifted its holdings in Marvell Technology by 1.3% in the fourth quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 111,630 shares of the semiconductor company’s stock valued at $6,732,000 after buying an additional 1,465 shares during the period. Institutional investors own 83.51% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $85.00 price target on shares of Marvell Technology in a research note on Friday, April 12th. Morgan Stanley upped their price objective on Marvell Technology from $63.00 to $84.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 7th. Evercore ISI began coverage on Marvell Technology in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $88.00 target price on the stock. Roth Mkm reaffirmed a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a research note on Friday, April 12th. Finally, Raymond James boosted their price objective on shares of Marvell Technology from $62.00 to $78.00 and gave the stock an “outperform” rating in a research report on Friday, January 19th. Two analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $81.13.

Insider Transactions at Marvell Technology

In related news, EVP Mark Casper sold 2,500 shares of the business’s stock in a transaction on Friday, April 19th. The stock was sold at an average price of $64.75, for a total value of $161,875.00. Following the completion of the sale, the executive vice president now directly owns 21,266 shares in the company, valued at approximately $1,376,973.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Marvell Technology news, CEO Matthew J. Murphy sold 30,000 shares of the stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $67.67, for a total transaction of $2,030,100.00. Following the transaction, the chief executive officer now owns 762,929 shares in the company, valued at approximately $51,627,405.43. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Mark Casper sold 2,500 shares of Marvell Technology 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 completion of the sale, the executive vice president now owns 21,266 shares of the company’s stock, valued at $1,376,973.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 110,500 shares of company stock worth $7,477,515. Company insiders own 0.45% of the company’s stock.

Marvell Technology Trading Up 1.6 %

MRVL stock opened at $64.85 on Thursday. The stock has a market cap of $56.16 billion, a price-to-earnings ratio of -60.05, a price-to-earnings-growth ratio of 4.67 and a beta of 1.50. The company has a fifty day moving average price of $69.88 and a two-hundred day moving average price of $62.46. 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 current ratio of 1.69 and a quick ratio of 1.21.

Marvell Technology (NASDAQ:MRVL) last announced its earnings results on Thursday, March 7th. The semiconductor company reported $0.46 EPS for the quarter, hitting the consensus estimate of $0.46. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.42 billion. Marvell Technology’s revenue was up .6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.34 EPS. Equities analysts anticipate that Marvell Technology, Inc. will post 0.72 EPS for the current year.

Marvell Technology Dividend Announcement

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

Marvell Technology announced that its board has initiated a stock repurchase program on Thursday, March 7th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to repurchase up to 4.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.

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.