New York State Common Retirement Fund Acquires 121,983 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

New York State Common Retirement Fund increased its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 12.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,141,372 shares of the semiconductor company’s stock after buying an additional 121,983 shares during the period. New York State Common Retirement Fund’s holdings in Marvell Technology were worth $126,065,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of MRVL. True Wealth Design LLC raised its stake in shares of Marvell Technology by 1,481.8% during the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock worth $25,000 after buying an additional 326 shares during the last quarter. ORG Partners LLC raised its stake in shares of Marvell Technology by 175.3% during the fourth quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock worth $26,000 after buying an additional 149 shares during the last quarter. Kieckhefer Group LLC bought a new stake in shares of Marvell Technology during the fourth quarter worth approximately $33,000. Financial Life Planners bought a new stake in shares of Marvell Technology during the fourth quarter worth approximately $33,000. Finally, Whittier Trust Co. raised its stake in shares of Marvell Technology by 74.5% during the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock worth $35,000 after buying an additional 210 shares during the last quarter. 83.51% of the stock is owned by institutional investors.

Marvell Technology Stock Performance

Marvell Technology stock opened at $107.29 on Wednesday. Marvell Technology, Inc. has a 1-year low of $53.19 and a 1-year high of $127.48. The company has a fifty day simple moving average of $113.93 and a 200 day simple moving average of $91.10. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30.

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 30th. Investors of record on Friday, January 10th were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.22%. The ex-dividend date was Friday, January 10th. Marvell Technology’s dividend payout ratio (DPR) is currently -14.12%.

Analyst Ratings Changes

MRVL has been the subject of a number of recent research reports. Cantor Fitzgerald boosted their price target on shares of Marvell Technology from $120.00 to $135.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. JPMorgan Chase & Co. increased their target price on shares of Marvell Technology from $90.00 to $130.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Stifel Nicolaus increased their target price on shares of Marvell Technology from $125.00 to $130.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Oppenheimer increased their target price on shares of Marvell Technology from $110.00 to $125.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Finally, UBS Group increased their target price on shares of Marvell Technology from $110.00 to $115.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Three investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $127.60.

Insider Activity at Marvell Technology

In other news, EVP Mark Casper sold 2,500 shares of Marvell Technology stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $113.00, for a total value of $282,500.00. Following the completion of the transaction, the executive vice president now owns 24,706 shares of the company’s stock, valued at $2,791,778. This trade represents a 9.19 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $124.40, for a total transaction of $746,400.00. Following the sale, the executive vice president now owns 93,931 shares of the company’s stock, valued at approximately $11,685,016.40. This represents a 6.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 30,255 shares of company stock valued at $3,692,880. Corporate 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.