Arizona State Retirement System Purchases 1,298 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Arizona State Retirement System increased its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 0.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 249,419 shares of the semiconductor company’s stock after buying an additional 1,298 shares during the quarter. Arizona State Retirement System’s holdings in Marvell Technology were worth $27,548,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. State Street Corp grew its stake in Marvell Technology by 0.3% in the third quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company’s stock valued at $1,438,336,000 after purchasing an additional 68,893 shares in the last quarter. Geode Capital Management LLC grew its stake in Marvell Technology by 2.0% in the third quarter. Geode Capital Management LLC now owns 11,388,139 shares of the semiconductor company’s stock valued at $818,916,000 after purchasing an additional 219,692 shares in the last quarter. Wellington Management Group LLP grew its stake in Marvell Technology by 4.3% in the third quarter. Wellington Management Group LLP now owns 8,694,320 shares of the semiconductor company’s stock valued at $627,034,000 after purchasing an additional 359,005 shares in the last quarter. Nordea Investment Management AB grew its stake in Marvell Technology by 14.0% in the fourth quarter. Nordea Investment Management AB now owns 4,652,983 shares of the semiconductor company’s stock valued at $518,435,000 after purchasing an additional 571,005 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Marvell Technology by 5.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,427,745 shares of the semiconductor company’s stock valued at $378,594,000 after purchasing an additional 165,858 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Evercore ISI raised their price target on Marvell Technology from $98.00 to $122.00 and gave the company an “outperform” rating in a research note on Monday, December 2nd. Oppenheimer raised their price target on Marvell Technology from $110.00 to $125.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Rosenblatt Securities lifted their target price on Marvell Technology from $120.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Cantor Fitzgerald lifted their price target on Marvell Technology from $120.00 to $135.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Finally, Susquehanna lifted their price target on Marvell Technology from $110.00 to $125.00 and gave the stock a “positive” rating in a report on Wednesday, December 4th. Three research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $127.60.

Marvell Technology Trading Up 2.0 %

Shares of MRVL stock opened at $90.14 on Thursday. The firm has a market capitalization of $78.00 billion, a P/E ratio of -53.02, a P/E/G ratio of 1.61 and a beta of 1.40. Marvell Technology, Inc. has a twelve month low of $53.19 and a twelve month high of $127.48. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. The stock’s fifty day simple moving average is $110.52 and its 200 day simple moving average is $93.84.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 30th. Investors of record on Friday, January 10th were given a dividend of $0.06 per share. The ex-dividend date was Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a yield of 0.27%. Marvell Technology’s dividend payout ratio is currently -14.12%.

Insider Buying and Selling

In other Marvell Technology news, EVP Mark Casper sold 2,500 shares of the company’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $113.00, for a total value of $282,500.00. Following the sale, the executive vice president now owns 24,706 shares in the company, valued at approximately $2,791,778. The trade was a 9.19 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $122.50, for a total value of $183,750.00. Following the completion of the sale, the chief financial officer now owns 112,711 shares in the company, valued at $13,807,097.50. This trade represents a 1.31 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 36,255 shares of company stock worth $4,330,980 in the last 90 days. 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.