Arizona State Retirement System Acquires 4,298 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Arizona State Retirement System increased its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 1.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 253,717 shares of the semiconductor company's stock after buying an additional 4,298 shares during the quarter. Arizona State Retirement System's holdings in Marvell Technology were worth $15,621,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Rossby Financial LCC acquired a new position in Marvell Technology during the 1st quarter valued at about $27,000. Security National Bank acquired a new position in shares of Marvell Technology during the first quarter worth approximately $31,000. Lee Danner & Bass Inc. bought a new position in Marvell Technology in the 4th quarter worth approximately $35,000. Capital Analysts LLC raised its stake in Marvell Technology by 236.3% during the 4th quarter. Capital Analysts LLC now owns 343 shares of the semiconductor company's stock valued at $38,000 after acquiring an additional 241 shares in the last quarter. Finally, Garde Capital Inc. acquired a new position in Marvell Technology during the 1st quarter worth $39,000. 83.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Wells Fargo & Company cut their price objective on shares of Marvell Technology from $120.00 to $95.00 and set an "overweight" rating on the stock in a research note on Friday, May 30th. Barclays reduced their price target on shares of Marvell Technology from $130.00 to $80.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Morgan Stanley raised their price objective on shares of Marvell Technology from $70.00 to $73.00 and gave the company an "equal weight" rating in a research note on Friday, May 30th. Deutsche Bank Aktiengesellschaft dropped their target price on Marvell Technology from $100.00 to $85.00 and set a "buy" rating on the stock in a report on Friday, May 30th. Finally, Raymond James Financial reaffirmed an "outperform" rating and set a $90.00 price target (down from $110.00) on shares of Marvell Technology in a research note on Friday, May 30th. Eight equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Marvell Technology currently has a consensus rating of "Moderate Buy" and a consensus target price of $94.47.

Insider Buying and Selling at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the company's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $68.52, for a total value of $102,780.00. Following the completion of the sale, the chief financial officer directly owned 121,348 shares in the company, valued at approximately $8,314,764.96. This represents a 1.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Panteha Dixon sold 1,286 shares of the firm's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $65.00, for a total value of $83,590.00. Following the transaction, the chief accounting officer owned 32,094 shares in the company, valued at approximately $2,086,110. This trade represents a 3.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 27,394 shares of company stock worth $1,656,076. Company insiders own 0.19% of the company's stock.

Marvell Technology Stock Down 0.9%

Shares of Marvell Technology stock traded down $0.65 on Friday, hitting $72.71. 9,957,323 shares of the company traded hands, compared to its average volume of 15,795,669. Marvell Technology, Inc. has a 12-month low of $47.09 and a 12-month high of $127.48. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 0.22. The company has a market cap of $62.81 billion, a PE ratio of -127.56, a PEG ratio of 0.79 and a beta of 1.81. The company has a 50-day moving average price of $67.80 and a 200 day moving average price of $80.29.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last issued its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, beating analysts' consensus estimates of $0.61 by $0.01. The firm had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.88 billion. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. The business's quarterly revenue was up 63.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.24 earnings per share. Sell-side analysts predict that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Friday, July 11th will be paid a dividend of $0.06 per share. The ex-dividend date is Friday, July 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. Marvell Technology's dividend payout ratio (DPR) is -42.11%.

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.