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

California Public Employees Retirement System raised its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 31.3% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 1,869,352 shares of the semiconductor company’s stock after purchasing an additional 445,765 shares during the quarter. California Public Employees Retirement System owned 0.22% of Marvell Technology worth $206,470,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. RWA Wealth Partners LLC boosted its holdings in shares of Marvell Technology by 15.0% during the fourth quarter. RWA Wealth Partners LLC now owns 12,147 shares of the semiconductor company’s stock worth $1,342,000 after purchasing an additional 1,580 shares during the period. Varenne Capital Partners bought a new position in Marvell Technology during the 4th quarter valued at approximately $582,000. Schroder Investment Management Group raised its position in Marvell Technology by 58.7% during the 4th quarter. Schroder Investment Management Group now owns 698,996 shares of the semiconductor company’s stock valued at $77,204,000 after purchasing an additional 258,533 shares during the last quarter. L & S Advisors Inc lifted its holdings in Marvell Technology by 270.9% in the 4th quarter. L & S Advisors Inc now owns 54,797 shares of the semiconductor company’s stock worth $6,052,000 after buying an additional 40,021 shares during the period. Finally, MV Capital Management Inc. increased its stake in shares of Marvell Technology by 19.3% during the fourth quarter. MV Capital Management Inc. now owns 835 shares of the semiconductor company’s stock valued at $92,000 after buying an additional 135 shares during the period. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Insider Activity

In related news, EVP Mark Casper sold 2,500 shares of Marvell Technology stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $113.00, for a total value of $282,500.00. Following the completion of the sale, the executive vice president now owns 24,706 shares of the company’s stock, valued at $2,791,778. The trade was a 9.19 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Panteha Dixon sold 1,430 shares of the business’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $68.75, for a total value of $98,312.50. Following the sale, the chief accounting officer now 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 disclosure for this sale can be found here. Insiders sold 37,685 shares of company stock valued at $4,026,768 over the last three months. Insiders own 0.33% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on the company. Citigroup dropped their price target on Marvell Technology from $136.00 to $122.00 and set a “buy” rating for the company in a research note on Thursday, March 6th. Craig Hallum lifted their target price on shares of Marvell Technology from $132.00 to $149.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Evercore ISI boosted their price target 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. Rosenblatt Securities restated a “buy” rating and issued a $140.00 price objective on shares of Marvell Technology in a report on Thursday, March 6th. Finally, Melius Research upgraded Marvell Technology to a “strong-buy” rating in a report on Monday, January 27th. Three investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Marvell Technology has a consensus rating of “Moderate Buy” and a consensus target price of $120.44.

Marvell Technology Trading Down 4.3 %

Shares of NASDAQ:MRVL opened at $62.04 on Monday. Marvell Technology, Inc. has a 1 year low of $53.19 and a 1 year high of $127.48. The stock’s fifty day moving average price is $94.05 and its 200-day moving average price is $93.75. The company has a market cap of $53.73 billion, a P/E ratio of -36.49, a PEG ratio of 1.61 and a beta of 1.42. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11.

Marvell Technology Dividend Announcement

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 paid a $0.06 dividend. The ex-dividend date of this dividend is Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.39%. Marvell Technology’s dividend payout ratio is presently -23.53%.

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.