Marvell Technology, Inc. (NASDAQ:MRVL) Shares Purchased by California State Teachers Retirement System

California State Teachers Retirement System grew its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 1.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 1,380,367 shares of the semiconductor company’s stock after purchasing an additional 13,361 shares during the quarter. California State Teachers Retirement System owned 0.16% of Marvell Technology worth $97,840,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bruce G. Allen Investments LLC raised its holdings in shares of Marvell Technology by 56.4% in the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 141 shares in the last quarter. Oliver Lagore Vanvalin Investment Group increased its holdings in shares of Marvell Technology by 46.2% in the fourth quarter. Oliver Lagore Vanvalin Investment Group now owns 522 shares of the semiconductor company’s stock valued at $31,000 after buying an additional 165 shares in the last quarter. Salomon & Ludwin LLC acquired a new position in shares of Marvell Technology in the 1st quarter worth $31,000. Optimum Investment Advisors purchased a new stake in shares of Marvell Technology during the first quarter valued at $35,000. Finally, Mark Sheptoff Financial Planning LLC acquired a new position in shares of Marvell Technology in the 1st quarter valued at $35,000. 83.51% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Daniel Durn bought 1,425 shares of the firm’s stock in a transaction that occurred on Monday, June 24th. The shares were bought at an average cost of $70.21 per share, with a total value of $100,049.25. Following the completion of the purchase, the director now directly owns 1,923 shares in the company, valued at $135,013.83. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Marvell Technology news, Director Daniel Durn acquired 1,425 shares of the company’s stock in a transaction on Monday, June 24th. The stock was acquired at an average price of $70.21 per share, for a total transaction of $100,049.25. Following the acquisition, the director now owns 1,923 shares in the company, valued at approximately $135,013.83. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $73.88, for a total value of $110,820.00. Following the completion of the sale, the chief financial officer now owns 109,318 shares in the company, valued at $8,076,413.84. The disclosure for this sale can be found here. In the last 90 days, insiders sold 99,000 shares of company stock valued at $7,190,745. Corporate insiders own 0.33% of the company’s stock.

Marvell Technology Stock Performance

Shares of MRVL stock traded up $4.18 on Wednesday, hitting $66.98. 14,498,995 shares of the stock were exchanged, compared to its average volume of 12,593,659. The firm’s 50 day moving average is $70.94 and its two-hundred day moving average is $69.92. The company has a current ratio of 1.80, a quick ratio of 1.24 and a debt-to-equity ratio of 0.28. Marvell Technology, Inc. has a one year low of $46.07 and a one year high of $85.76. The firm has a market capitalization of $57.98 billion, a PE ratio of -59.10, a P/E/G ratio of 3.06 and a beta of 1.47.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, May 30th. The semiconductor company reported $0.24 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.24. The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. Marvell Technology had a positive return on equity of 4.51% and a negative net margin of 18.33%. The company’s revenue was down 12.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.17 earnings per share. Sell-side analysts expect that Marvell Technology, Inc. will post 0.75 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Friday, July 12th will be issued a $0.06 dividend. The ex-dividend date is Friday, July 12th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.36%. Marvell Technology’s payout ratio is -21.24%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. StockNews.com lowered Marvell Technology from a “hold” rating to a “sell” rating in a report on Wednesday, May 15th. Needham & Company LLC restated a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a research note on Friday, May 31st. Morgan Stanley upped their target price on Marvell Technology from $71.00 to $77.00 and gave the stock an “equal weight” rating in a research report on Friday, May 31st. KeyCorp lifted their price target on Marvell Technology from $90.00 to $95.00 and gave the company an “overweight” rating in a report on Tuesday, July 9th. Finally, B. Riley increased their price objective on Marvell Technology from $95.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, May 31st. One analyst has rated the stock with a sell rating, one has given a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat.com, Marvell Technology presently has an average rating of “Moderate Buy” and a consensus target price of $85.50.

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.