State of New Jersey Common Pension Fund D Sells 2,691 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

State of New Jersey Common Pension Fund D lessened its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 0.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 317,952 shares of the semiconductor company’s stock after selling 2,691 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Marvell Technology were worth $22,931,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in MRVL. Crumly & Associates Inc. raised its stake in Marvell Technology by 1.5% during the third quarter. Crumly & Associates Inc. now owns 8,223 shares of the semiconductor company’s stock worth $593,000 after acquiring an additional 121 shares in the last quarter. Tlwm lifted its holdings in Marvell Technology by 1.6% during the 2nd quarter. Tlwm now owns 8,598 shares of the semiconductor company’s stock valued at $601,000 after purchasing an additional 136 shares during the last quarter. ASB Consultores LLC grew its stake in Marvell Technology by 3.8% during the third quarter. ASB Consultores LLC now owns 3,824 shares of the semiconductor company’s stock worth $276,000 after buying an additional 140 shares during the last quarter. Bridges Investment Management Inc. increased its holdings in shares of Marvell Technology by 4.1% during the third quarter. Bridges Investment Management Inc. now owns 3,806 shares of the semiconductor company’s stock worth $274,000 after buying an additional 151 shares in the last quarter. Finally, New Century Financial Group LLC raised its stake in shares of Marvell Technology by 3.0% in the third quarter. New Century Financial Group LLC now owns 5,428 shares of the semiconductor company’s stock valued at $391,000 after acquiring an additional 156 shares during the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

Marvell Technology Stock Performance

MRVL stock traded down $0.14 during trading hours on Friday, reaching $93.80. The stock had a trading volume of 8,339,963 shares, compared to its average volume of 10,812,190. The stock has a 50-day simple moving average of $76.88 and a 200 day simple moving average of $71.92. Marvell Technology, Inc. has a fifty-two week low of $50.35 and a fifty-two week high of $95.09. The stock has a market capitalization of $83.13 billion, a PE ratio of -84.50, a price-to-earnings-growth ratio of 3.94 and a beta of 1.44. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting analysts’ consensus estimates of $0.30. The business had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. Marvell Technology’s quarterly revenue was down 5.1% on a year-over-year basis. During the same quarter last year, the company posted $0.18 earnings per share. Analysts predict that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.26%. The ex-dividend date of this dividend was Friday, October 11th. Marvell Technology’s dividend payout ratio is presently -21.62%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on MRVL shares. Bank of America raised their price target on Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a report on Friday, August 30th. Rosenblatt Securities upped their price target on shares of Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Roth Mkm restated a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Piper Sandler reiterated an “overweight” rating and set a $100.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. Finally, The Goldman Sachs Group boosted their price objective on shares of Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. One analyst has rated the stock with a sell rating, one has given a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $91.62.

Insider Buying and Selling

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total transaction of $100,125.00. Following the completion of the sale, the chief financial officer now directly owns 113,253 shares in the company, valued at $7,559,637.75. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $66.75, for a total value of $100,125.00. Following the completion of the sale, the chief financial officer now owns 113,253 shares of the company’s stock, valued at approximately $7,559,637.75. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ford Tamer sold 92,000 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the completion of the transaction, the director now owns 351,193 shares in the company, valued at $26,044,472.88. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 261,000 shares of company stock valued at $20,330,835. Company insiders own 0.33% of the company’s stock.

Marvell Technology 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.