California Public Employees Retirement System Increases Position in Marvell Technology, Inc. (NASDAQ:MRVL)

California Public Employees Retirement System lifted its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 31.3% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,869,352 shares of the semiconductor company’s stock after buying an additional 445,765 shares during the quarter. California Public Employees Retirement System’s holdings in Marvell Technology were worth $206,470,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of MRVL. True Wealth Design LLC lifted its holdings in shares of Marvell Technology by 1,481.8% in the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock worth $25,000 after buying an additional 326 shares in the last quarter. ORG Partners LLC increased its holdings in Marvell Technology by 175.3% in the 4th quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 149 shares during the last quarter. Centricity Wealth Management LLC purchased a new stake in Marvell Technology in the 4th quarter worth $26,000. Rialto Wealth Management LLC purchased a new position in shares of Marvell Technology during the fourth quarter valued at about $27,000. Finally, Kieckhefer Group LLC purchased a new position in shares of Marvell Technology during the fourth quarter valued at about $33,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Insider Buying and Selling

In other Marvell Technology news, CAO Panteha Dixon sold 1,430 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $68.75, for a total transaction of $98,312.50. Following the completion of the sale, the chief accounting officer now directly owns 31,100 shares of the company’s stock, valued at approximately $2,138,125. This represents a 4.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Mark Casper sold 7,755 shares of Marvell Technology stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $123.08, for a total transaction of $954,485.40. The disclosure for this sale can be found here. Insiders sold 37,685 shares of company stock worth $4,026,768 in the last three months. 0.33% of the stock is owned by insiders.

Marvell Technology Price Performance

NASDAQ MRVL opened at $62.04 on Monday. The company has a market cap of $53.73 billion, a PE ratio of -36.49, a P/E/G ratio of 1.61 and a beta of 1.42. The firm’s 50 day moving average price is $94.05 and its 200-day moving average price is $93.75. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. Marvell Technology, Inc. has a 52-week low of $53.19 and a 52-week high of $127.48.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Friday, April 11th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.39%. The ex-dividend date is Friday, April 11th. Marvell Technology’s payout ratio is -23.53%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on MRVL. Barclays dropped their price target on Marvell Technology from $150.00 to $130.00 and set an “overweight” rating for the company in a research note on Thursday, March 6th. Loop Capital raised shares of Marvell Technology from a “hold” rating to a “buy” rating and set a $110.00 target price for the company in a report on Thursday, March 6th. Citigroup decreased their price target on shares of Marvell Technology from $136.00 to $122.00 and set a “buy” rating on the stock in a research note on Thursday, March 6th. Morgan Stanley dropped their price objective on shares of Marvell Technology from $113.00 to $90.00 and set an “equal weight” rating for the company in a research note on Thursday, March 6th. Finally, Evercore ISI upped their target price on shares of Marvell Technology from $98.00 to $122.00 and gave the company an “outperform” rating in a research report on Monday, December 2nd. Three investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $120.44.

Marvell Technology Company 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.