Maryland State Retirement & Pension System Cuts Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Maryland State Retirement & Pension System lessened its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 13.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 40,064 shares of the semiconductor company's stock after selling 6,025 shares during the quarter. Maryland State Retirement & Pension System's holdings in Marvell Technology were worth $2,467,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. raised its position in Marvell Technology by 1.9% in the first quarter. Vanguard Group Inc. now owns 63,770,122 shares of the semiconductor company's stock worth $3,926,326,000 after acquiring an additional 1,212,338 shares in the last quarter. Goldman Sachs Group Inc. raised its position in Marvell Technology by 32.3% in the first quarter. Goldman Sachs Group Inc. now owns 20,661,308 shares of the semiconductor company's stock worth $1,272,117,000 after acquiring an additional 5,050,159 shares in the last quarter. Brown Advisory Inc. raised its position in Marvell Technology by 2.2% in the first quarter. Brown Advisory Inc. now owns 19,300,527 shares of the semiconductor company's stock worth $1,188,333,000 after acquiring an additional 423,892 shares in the last quarter. Janus Henderson Group PLC raised its position in Marvell Technology by 6.9% in the fourth quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company's stock worth $1,462,274,000 after acquiring an additional 857,087 shares in the last quarter. Finally, Nuveen Asset Management LLC raised its position in Marvell Technology by 232.2% in the fourth quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company's stock worth $1,033,859,000 after acquiring an additional 6,543,132 shares in the last quarter. Hedge funds and other institutional investors own 83.51% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on MRVL. Deutsche Bank Aktiengesellschaft cut their price objective on Marvell Technology from $100.00 to $85.00 and set a "buy" rating for the company in a research report on Friday, May 30th. Redburn Atlantic initiated coverage on Marvell Technology in a report on Wednesday, May 28th. They issued a "neutral" rating and a $67.00 target price on the stock. Wells Fargo & Company lowered their target price on Marvell Technology from $120.00 to $95.00 and set an "overweight" rating on the stock in a report on Friday, May 30th. Melius Research upped their target price on Marvell Technology from $67.00 to $76.00 and gave the company a "hold" rating in a report on Wednesday, June 18th. Finally, Cantor Fitzgerald upped their target price on Marvell Technology from $60.00 to $75.00 and gave the company a "neutral" rating in a report on Wednesday, June 18th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $94.70.

Marvell Technology Trading Up 2.0%

Marvell Technology stock opened at $77.34 on Friday. The business has a 50 day moving average price of $72.98 and a two-hundred day moving average price of $74.79. 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 stock has a market cap of $66.81 billion, a price-to-earnings ratio of -135.68, a price-to-earnings-growth ratio of 0.82 and a beta of 1.83. Marvell Technology, Inc. has a 12 month low of $47.08 and a 12 month high of $127.48.

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

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Friday, July 11th were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date was Friday, July 11th. Marvell Technology's dividend payout ratio (DPR) is presently -42.11%.

Insider Transactions at Marvell Technology

In other Marvell Technology news, EVP Mark Casper sold 3,000 shares of the stock in a transaction on Friday, July 18th. The stock was sold at an average price of $72.35, for a total value of $217,050.00. Following the transaction, the executive vice president directly owned 17,163 shares in the company, valued at approximately $1,241,743.05. This trade represents a 14.88% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the 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 transaction, the chief financial officer owned 121,348 shares in the company, valued at $8,314,764.96. The trade was a 1.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 16,434 shares of company stock valued at $1,097,826 over the last 90 days. 0.19% of the stock is currently owned by corporate insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.