Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System lowered its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 3.9% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 66,100 shares of the semiconductor company’s stock after selling 2,700 shares during the period. Louisiana State Employees Retirement System’s holdings in Marvell Technology were worth $4,767,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Davidson Kempner Capital Management LP raised its stake in shares of Marvell Technology by 26.5% during the 2nd quarter. Davidson Kempner Capital Management LP now owns 250,000 shares of the semiconductor company’s stock valued at $17,482,000 after buying an additional 52,365 shares during the last quarter. Diversified Trust Co purchased a new position in shares of Marvell Technology during the 2nd quarter valued at about $932,000. Orion Portfolio Solutions LLC raised its stake in shares of Marvell Technology by 47.1% during the 1st quarter. Orion Portfolio Solutions LLC now owns 32,191 shares of the semiconductor company’s stock valued at $2,282,000 after buying an additional 10,306 shares during the last quarter. Ameriprise Financial Inc. raised its stake in shares of Marvell Technology by 24.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after buying an additional 2,254,610 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Marvell Technology by 20.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 529,127 shares of the semiconductor company’s stock valued at $37,505,000 after buying an additional 88,918 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Insider Activity at Marvell Technology

In other Marvell Technology news, insider Muhammad Raghib Hussain sold 150,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total value of $12,075,000.00. Following the sale, the insider now owns 694,487 shares of the company’s stock, valued at $55,906,203.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Marvell Technology news, insider Muhammad Raghib Hussain sold 150,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total value of $12,075,000.00. Following the sale, the insider now owns 694,487 shares of the company’s stock, valued at $55,906,203.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $80.77, for a total value of $484,620.00. Following the completion of the sale, the executive vice president now directly owns 109,244 shares in the company, valued at approximately $8,823,637.88. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 261,000 shares of company stock worth $20,330,835. Insiders own 0.33% of the company’s stock.

Marvell Technology Trading Down 0.4 %

MRVL opened at $81.61 on Friday. Marvell Technology, Inc. has a one year low of $46.07 and a one year high of $85.76. The stock has a market capitalization of $72.32 billion, a PE ratio of -73.52, a P/E/G ratio of 3.62 and a beta of 1.45. The business’s 50 day moving average price is $73.67 and its 200 day moving average price is $70.55. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, meeting analysts’ consensus estimates of $0.30. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The firm had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.25 billion. During the same period in the prior year, the firm posted $0.18 earnings per share. The firm’s quarterly revenue was down 5.1% on a year-over-year basis. As a group, equities research analysts expect that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, October 11th will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.29%. The ex-dividend date is Friday, October 11th. Marvell Technology’s dividend payout ratio is presently -21.62%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on MRVL. Needham & Company LLC restated a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. StockNews.com lowered Marvell Technology from a “hold” rating to a “sell” rating in a research note on Friday, October 18th. Morgan Stanley lifted their price target on Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. Piper Sandler restated an “overweight” rating and issued a $100.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Finally, Evercore ISI lifted their price target on Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Marvell Technology currently has an average rating of “Moderate Buy” and a consensus target price of $91.62.

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.