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

New York State Common Retirement Fund reduced its position in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 7.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,061,154 shares of the semiconductor company's stock after selling 80,218 shares during the period. New York State Common Retirement Fund owned about 0.12% of Marvell Technology worth $65,335,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in Marvell Technology during the 4th quarter valued at $1,138,354,000. GQG Partners LLC purchased a new stake in Marvell Technology during the 4th quarter valued at $802,410,000. Nuveen Asset Management LLC raised its stake in Marvell Technology by 232.2% during the 4th quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company's stock valued at $1,033,859,000 after buying an additional 6,543,132 shares during the last quarter. Wellington Management Group LLP raised its stake in Marvell Technology by 43.1% during the 4th quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company's stock valued at $1,374,252,000 after buying an additional 3,747,982 shares during the last quarter. Finally, Invesco Ltd. raised its stake in Marvell Technology by 30.1% during the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company's stock valued at $1,784,649,000 after buying an additional 3,737,705 shares during the last quarter. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Marvell Technology Stock Performance

NASDAQ:MRVL opened at $72.71 on Monday. The company has a 50-day moving average of $67.80 and a 200-day moving average of $80.05. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22. The firm has a market cap of $62.81 billion, a price-to-earnings ratio of -127.56, a price-to-earnings-growth ratio of 0.79 and a beta of 1.81. Marvell Technology, Inc. has a twelve month low of $47.09 and a twelve 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 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.61 by $0.01. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. The business had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.88 billion. During the same period in the prior year, the firm earned $0.24 earnings per share. The firm's revenue was up 63.3% compared to the same quarter last year. Analysts forecast that Marvell Technology, Inc. will post 0.91 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, July 11th will be given a $0.06 dividend. 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 is presently -42.11%.

Insiders Place Their Bets

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the company's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $68.52, for a total value of $102,780.00. Following the transaction, the chief financial officer directly owned 121,348 shares of the company's stock, valued at $8,314,764.96. This represents a 1.22% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Chris Koopmans sold 6,000 shares of the stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $65.10, for a total value of $390,600.00. Following the sale, the chief operating officer directly owned 92,065 shares in the company, valued at approximately $5,993,431.50. This trade represents a 6.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 27,394 shares of company stock valued at $1,656,076 over the last 90 days. 0.33% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on MRVL shares. Evercore ISI cut their price objective on shares of Marvell Technology from $135.00 to $133.00 and set an "outperform" rating for the company in a research report on Friday, May 30th. UBS Group reiterated a "buy" rating on shares of Marvell Technology in a research note on Monday, June 2nd. Redburn Atlantic started coverage on shares of Marvell Technology in a research report on Wednesday, May 28th. They set a "neutral" rating and a $67.00 target price on the stock. Raymond James Financial restated an "outperform" rating and set a $90.00 target price (down from $110.00) on shares of Marvell Technology in a research report on Friday, May 30th. Finally, Wall Street Zen lowered shares of Marvell Technology from a "buy" rating to a "hold" rating in a research report on Saturday. Eight investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Marvell Technology presently has an average rating of "Moderate Buy" and a consensus target price of $94.47.

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.

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