State of New Jersey Common Pension Fund D Buys 3,771 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

State of New Jersey Common Pension Fund D increased its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 0.8% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 491,697 shares of the semiconductor company’s stock after purchasing an additional 3,771 shares during the quarter. State of New Jersey Common Pension Fund D owned 0.06% of Marvell Technology worth $29,654,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Buck Wealth Strategies LLC boosted its position in shares of Marvell Technology by 1,328.1% during the third quarter. Buck Wealth Strategies LLC now owns 457 shares of the semiconductor company’s stock valued at $25,000 after buying an additional 425 shares during the period. SJS Investment Consulting Inc. raised its stake in shares of Marvell Technology by 56.8% during the fourth quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 155 shares in the last quarter. BluePath Capital Management LLC purchased a new stake in shares of Marvell Technology in the third quarter valued at approximately $31,000. Oliver Lagore Vanvalin Investment Group grew its position in shares of Marvell Technology by 46.2% during the 4th quarter. Oliver Lagore Vanvalin Investment Group now owns 522 shares of the semiconductor company’s stock worth $31,000 after buying an additional 165 shares in the last quarter. Finally, Whittier Trust Co. lifted its stake in Marvell Technology by 59.9% in the third quarter. Whittier Trust Co. now owns 603 shares of the semiconductor company’s stock worth $33,000 after acquiring an additional 226 shares during the period. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $68.20, for a total value of $68,200.00. Following the transaction, the chief financial officer now directly owns 103,986 shares in the company, valued at $7,091,845.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CFO Willem A. Meintjes sold 1,000 shares of the business’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $68.20, for a total transaction of $68,200.00. Following the transaction, the chief financial officer now directly owns 103,986 shares in the company, valued at $7,091,845.20. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $67.98, for a total transaction of $339,900.00. Following the completion of the sale, the executive vice president now owns 119,117 shares of the company’s stock, valued at approximately $8,097,573.66. The disclosure for this sale can be found here. Over the last quarter, insiders sold 110,500 shares of company stock worth $7,477,515. 0.45% of the stock is owned by insiders.

Marvell Technology Trading Up 3.2 %

MRVL stock traded up $2.14 during mid-day trading on Friday, hitting $69.62. 11,533,484 shares of the company were exchanged, compared to its average volume of 13,984,725. Marvell Technology, Inc. has a 12-month low of $37.71 and a 12-month high of $85.76. The firm has a market capitalization of $60.29 billion, a P/E ratio of -63.67, a PEG ratio of 4.74 and a beta of 1.50. The business has a fifty day simple moving average of $69.80 and a 200-day simple moving average of $62.51. The company has a quick ratio of 1.21, a current ratio of 1.69 and a debt-to-equity ratio of 0.27.

Marvell Technology (NASDAQ:MRVL) last announced its earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share for the quarter, hitting the consensus estimate of $0.46. The firm had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.42 billion. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The firm’s revenue for the quarter was up .6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.34 EPS. On average, equities research analysts predict that Marvell Technology, Inc. will post 0.72 earnings per share for the current fiscal year.

Marvell Technology declared that its Board of Directors has initiated a stock repurchase program on Thursday, March 7th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the semiconductor company to purchase up to 4.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Friday, April 12th will be given a $0.06 dividend. The ex-dividend date of this dividend is Thursday, April 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.34%. Marvell Technology’s dividend payout ratio (DPR) is presently -22.22%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on MRVL. Roth Mkm reiterated a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a research note on Friday, April 12th. Needham & Company LLC reissued a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a research report on Friday, April 12th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $86.00 price objective on shares of Marvell Technology in a research report on Friday, April 12th. Oppenheimer reissued an “outperform” rating and set a $80.00 target price (up previously from $70.00) on shares of Marvell Technology in a research report on Thursday, February 29th. Finally, Raymond James lifted their price target on shares of Marvell Technology from $62.00 to $78.00 and gave the stock an “outperform” rating in a report on Friday, January 19th. Two analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat, Marvell Technology currently has a consensus rating of “Moderate Buy” and an average price target of $81.13.

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.