Teacher Retirement System of Texas Boosts Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Teacher Retirement System of Texas increased its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 226.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 166,666 shares of the semiconductor company's stock after acquiring an additional 115,574 shares during the period. Teacher Retirement System of Texas' holdings in Marvell Technology were worth $10,262,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of MRVL. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Marvell Technology in the 4th quarter worth approximately $234,000. Dynamic Advisor Solutions LLC grew its holdings in shares of Marvell Technology by 5.0% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 4,313 shares of the semiconductor company's stock worth $266,000 after acquiring an additional 206 shares during the period. KLP Kapitalforvaltning AS acquired a new stake in Marvell Technology in the fourth quarter valued at $45,211,000. Yousif Capital Management LLC grew its holdings in Marvell Technology by 8.4% in the first quarter. Yousif Capital Management LLC now owns 15,057 shares of the semiconductor company's stock valued at $927,000 after purchasing an additional 1,164 shares during the last quarter. Finally, Greykasell Wealth Strategies Inc. acquired a new stake in Marvell Technology in the fourth quarter valued at $818,000. Hedge funds and other institutional investors own 83.51% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Melius lowered Marvell Technology from a "buy" rating to a "hold" rating and set a $66.00 target price on the stock. in a report on Thursday, May 22nd. Raymond James Financial reissued an "outperform" rating and issued a $90.00 target price (down previously from $110.00) on shares of Marvell Technology in a report on Friday, May 30th. Bank of America upped their target price on Marvell Technology from $80.00 to $90.00 and gave the company a "buy" rating in a report on Wednesday, June 18th. 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. Finally, KeyCorp lowered their target price on Marvell Technology from $115.00 to $90.00 and set an "overweight" rating on the stock in a report on Friday, May 30th. Six equities research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Marvell Technology presently has a consensus rating of "Moderate Buy" and a consensus target price of $96.33.

Marvell Technology Trading Down 4.8%

Shares of NASDAQ MRVL traded down $3.63 during midday trading on Monday, hitting $71.55. The stock had a trading volume of 21,638,604 shares, compared to its average volume of 15,714,431. The company has a market capitalization of $61.81 billion, a price-to-earnings ratio of -125.53, a PEG ratio of 0.81 and a beta of 1.81. Marvell Technology, Inc. has a 1-year low of $47.09 and a 1-year 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 fifty day moving average price of $66.80 and a 200 day moving average price of $81.24.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.01. The business had revenue of $1.90 billion for the quarter, compared to analyst estimates 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 was up 63.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.24 EPS. On average, analysts predict that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, July 11th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.34%. The ex-dividend date is Friday, July 11th. Marvell Technology's dividend payout ratio (DPR) is presently -42.11%.

Insider Buying and Selling

In related news, CFO Willem A. Meintjes sold 1,500 shares of the business's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $68.52, for a total transaction of $102,780.00. Following the transaction, the chief financial officer directly owned 121,348 shares of the company's stock, valued at approximately $8,314,764.96. The trade was a 1.22% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Panteha Dixon sold 1,286 shares of the business's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $65.00, for a total value of $83,590.00. Following the transaction, the chief accounting officer directly owned 32,094 shares in the company, valued at $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. Over the last quarter, insiders sold 27,394 shares of company stock valued at $1,656,076. 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.