Maryland State Retirement & Pension System Purchases 1,245 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Maryland State Retirement & Pension System grew its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 1.9% in the fourth quarter, HoldingsChannel reports. The fund owned 66,505 shares of the semiconductor company’s stock after acquiring an additional 1,245 shares during the period. Maryland State Retirement & Pension System’s holdings in Marvell Technology were worth $4,011,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. FMR LLC increased its stake in Marvell Technology by 0.3% in the 3rd quarter. FMR LLC now owns 129,418,936 shares of the semiconductor company’s stock valued at $7,005,447,000 after buying an additional 421,622 shares during the last quarter. Vanguard Group Inc. boosted its position in Marvell Technology by 0.7% during the third quarter. Vanguard Group Inc. now owns 70,451,609 shares of the semiconductor company’s stock valued at $3,813,546,000 after purchasing an additional 477,731 shares during the last quarter. Matrix Capital Management Company LP increased its position in shares of Marvell Technology by 54.3% during the 3rd quarter. Matrix Capital Management Company LP now owns 13,166,824 shares of the semiconductor company’s stock worth $712,720,000 after purchasing an additional 4,634,127 shares during the last quarter. Invesco Ltd. raised its stake in shares of Marvell Technology by 9.2% during the 3rd quarter. Invesco Ltd. now owns 8,259,375 shares of the semiconductor company’s stock worth $447,080,000 after purchasing an additional 698,359 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its stake in shares of Marvell Technology by 43.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,043,353 shares of the semiconductor company’s stock worth $381,257,000 after purchasing an additional 2,142,391 shares in the last quarter. 83.51% of the stock is owned by institutional investors.

Marvell Technology Price Performance

Shares of MRVL traded down $0.66 during trading hours on Tuesday, hitting $69.16. 3,236,349 shares of the company were exchanged, compared to its average volume of 13,611,215. The company has a quick ratio of 1.21, a current ratio of 1.69 and a debt-to-equity ratio of 0.27. Marvell Technology, Inc. has a fifty-two week low of $39.23 and a fifty-two week high of $85.76. The company has a market cap of $59.89 billion, a price-to-earnings ratio of -64.64, a P/E/G ratio of 5.01 and a beta of 1.48. The firm’s fifty day moving average is $69.88 and its 200 day moving average is $63.34.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.46. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.42 billion. During the same quarter in the prior year, the firm posted $0.34 EPS. The firm’s quarterly revenue was up .6% on a year-over-year basis. On average, equities analysts anticipate that Marvell Technology, Inc. will post 0.72 earnings per share for the current fiscal year.

Marvell Technology declared that its Board of Directors has initiated a share buyback program on Thursday, March 7th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to reacquire up to 4.8% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Friday, April 12th were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.35%. The ex-dividend date of this dividend was Thursday, April 11th. Marvell Technology’s dividend payout ratio is presently -22.22%.

Insiders Place Their Bets

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $64.49, for a total transaction of $64,490.00. Following the sale, the chief financial officer now owns 110,218 shares of the company’s stock, valued at $7,107,958.82. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, EVP Mark Casper sold 2,500 shares of the firm’s stock in a transaction on Friday, April 19th. The stock was sold at an average price of $64.75, for a total transaction of $161,875.00. Following the completion of the transaction, the executive vice president now directly owns 21,266 shares of the company’s stock, valued at approximately $1,376,973.50. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $64.49, for a total value of $64,490.00. Following the completion of the sale, the chief financial officer now owns 110,218 shares in the company, valued at approximately $7,107,958.82. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 110,500 shares of company stock valued at $7,473,805. 0.45% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

MRVL has been the topic of several analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $85.00 price target on shares of Marvell Technology in a research report on Friday, April 12th. StockNews.com lowered Marvell Technology from a “hold” rating to a “sell” rating in a research note on Sunday, April 28th. Raymond James lifted their target price on Marvell Technology from $62.00 to $78.00 and gave the stock an “outperform” rating in a research note on Friday, January 19th. Barclays boosted their target price on Marvell Technology from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Tuesday, January 16th. Finally, Morgan Stanley raised their price target on Marvell Technology from $63.00 to $84.00 and gave the company an “equal weight” rating in a report on Thursday, March 7th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $81.13.

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.