New York State Common Retirement Fund Cuts Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

New York State Common Retirement Fund cut its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 12.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 635,414 shares of the semiconductor company’s stock after selling 87,238 shares during the quarter. New York State Common Retirement Fund owned 0.07% of Marvell Technology worth $38,322,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MRVL. Matrix Capital Management Company LP lifted its position in Marvell Technology by 54.3% in the 3rd quarter. Matrix Capital Management Company LP now owns 13,166,824 shares of the semiconductor company’s stock valued at $712,720,000 after acquiring an additional 4,634,127 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Marvell Technology by 43.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,043,353 shares of the semiconductor company’s stock valued at $381,257,000 after buying an additional 2,142,391 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Marvell Technology by 87.0% during the 3rd quarter. Wellington Management Group LLP now owns 4,548,206 shares of the semiconductor company’s stock valued at $246,194,000 after buying an additional 2,115,366 shares during the period. Alkeon Capital Management LLC bought a new position in shares of Marvell Technology during the 3rd quarter valued at $102,847,000. Finally, Rokos Capital Management LLP lifted its holdings in shares of Marvell Technology by 176.5% during the 3rd quarter. Rokos Capital Management LLP now owns 1,457,044 shares of the semiconductor company’s stock valued at $79,977,000 after buying an additional 930,158 shares during the period. 83.51% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. KeyCorp lowered their price target on Marvell Technology from $95.00 to $90.00 and set an “overweight” rating on the stock in a report on Monday, April 8th. Cantor Fitzgerald reissued an “overweight” rating and set a $85.00 price target on shares of Marvell Technology in a report on Friday, April 12th. Raymond James increased their price target on Marvell Technology from $62.00 to $78.00 and gave the company an “outperform” rating in a report on Friday, January 19th. Morgan Stanley raised their target price on Marvell Technology from $63.00 to $84.00 and gave the stock an “equal weight” rating in a report on Thursday, March 7th. Finally, Evercore ISI began coverage on Marvell Technology in a report on Tuesday, April 16th. They issued an “outperform” rating and a $88.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $81.13.

Insider Activity

In other news, CEO Matthew J. Murphy sold 30,000 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $67.67, for a total transaction of $2,030,100.00. Following the completion of the transaction, the chief executive officer now owns 762,929 shares in the company, valued at $51,627,405.43. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO Matthew J. Murphy sold 30,000 shares of Marvell Technology stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $67.67, for a total value of $2,030,100.00. Following the completion of the transaction, the chief executive officer now owns 762,929 shares in the company, valued at $51,627,405.43. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Chris Koopmans sold 5,000 shares of Marvell Technology stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $67.98, for a total value of $339,900.00. Following the completion of the transaction, the executive vice president now owns 119,117 shares of the company’s stock, valued at approximately $8,097,573.66. The disclosure for this sale can be found here. Insiders sold a total of 110,500 shares of company stock worth $7,477,515 over the last 90 days. Corporate insiders own 0.45% of the company’s stock.

Marvell Technology Trading Up 1.6 %

Shares of MRVL stock opened at $64.85 on Thursday. Marvell Technology, Inc. has a 52-week low of $36.90 and a 52-week 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. The firm has a market capitalization of $56.16 billion, a PE ratio of -60.05, a PEG ratio of 4.67 and a beta of 1.50. The stock has a fifty day simple moving average of $69.88 and a two-hundred day simple moving average of $62.46.

Marvell Technology (NASDAQ:MRVL) last issued 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 firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.42 billion. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. The business’s quarterly revenue was up .6% compared to the same quarter last year. During the same quarter last year, the business posted $0.34 earnings per share. On average, analysts predict that Marvell Technology, Inc. will post 0.72 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

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

Marvell Technology declared that its board has approved a stock buyback program on Thursday, March 7th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the semiconductor company to buy up to 4.8% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management 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.