Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Public Employees Retirement Association of Colorado

Public Employees Retirement Association of Colorado reduced its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 0.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,408,413 shares of the semiconductor company’s stock after selling 3,169 shares during the quarter. Public Employees Retirement Association of Colorado owned 0.16% of Marvell Technology worth $98,448,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. GM Advisory Group LLC grew its stake in Marvell Technology by 17.1% during the second quarter. GM Advisory Group LLC now owns 30,257 shares of the semiconductor company’s stock worth $2,115,000 after buying an additional 4,420 shares during the period. Ieq Capital LLC grew its stake in Marvell Technology by 2.3% during the second quarter. Ieq Capital LLC now owns 55,860 shares of the semiconductor company’s stock worth $3,905,000 after buying an additional 1,249 shares during the period. Intech Investment Management LLC grew its stake in Marvell Technology by 14.7% during the second quarter. Intech Investment Management LLC now owns 89,450 shares of the semiconductor company’s stock worth $6,253,000 after buying an additional 11,441 shares during the period. XTX Topco Ltd grew its stake in Marvell Technology by 239.0% during the second quarter. XTX Topco Ltd now owns 23,373 shares of the semiconductor company’s stock worth $1,634,000 after buying an additional 16,478 shares during the period. Finally, First Washington CORP grew its stake in Marvell Technology by 2.0% during the second quarter. First Washington CORP now owns 19,860 shares of the semiconductor company’s stock worth $1,388,000 after buying an additional 390 shares during the period. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MRVL has been the subject of several research reports. The Goldman Sachs Group boosted their price objective on shares of Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Needham & Company LLC restated a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. Barclays upped their target price on shares of Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, August 30th. Cantor Fitzgerald restated an “overweight” rating and issued a $85.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. Finally, Bank of America upped their target price on shares of Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Two investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $91.62.

Marvell Technology Stock Up 4.7 %

Shares of NASDAQ:MRVL opened at $74.88 on Friday. The stock has a market capitalization of $64.82 billion, a price-to-earnings ratio of -66.27, a price-to-earnings-growth ratio of 3.29 and a beta of 1.46. Marvell Technology, Inc. has a 1-year low of $46.07 and a 1-year high of $85.76. The company’s fifty day moving average is $68.19 and its two-hundred day moving average 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 (NASDAQ:MRVL) last issued its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.30. The company had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The firm’s revenue was down 5.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.18 earnings per share. Equities analysts anticipate that Marvell Technology, Inc. will post 0.77 EPS for the current year.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, October 11th will be issued a $0.06 dividend. The ex-dividend date is Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.32%. Marvell Technology’s dividend payout ratio (DPR) is presently -21.24%.

Insider Buying and Selling

In related news, Director Ford Tamer sold 92,000 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $74.16, for a total value of $6,822,720.00. Following the sale, the director now owns 351,193 shares of the company’s stock, valued at approximately $26,044,472.88. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, Director Ford Tamer sold 92,000 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $74.16, for a total value of $6,822,720.00. Following the sale, the director now owns 351,193 shares of the company’s stock, valued at approximately $26,044,472.88. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Muhammad Raghib Hussain sold 50,000 shares of the stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $75.00, for a total transaction of $3,750,000.00. Following the completion of the sale, the insider now directly owns 838,571 shares in the company, valued at approximately $62,892,825. The disclosure for this sale can be found here. Insiders have sold a total of 160,000 shares of company stock valued at $11,878,785 in the last quarter. Company insiders own 0.33% of the company’s stock.

About Marvell Technology

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.