California State Teachers Retirement System Sells 25,372 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

California State Teachers Retirement System decreased its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 1.8% during the fourth quarter, HoldingsChannel.com reports. The firm owned 1,362,776 shares of the semiconductor company’s stock after selling 25,372 shares during the period. California State Teachers Retirement System’s holdings in Marvell Technology were worth $150,519,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of MRVL. Norges Bank purchased a new stake in Marvell Technology in the fourth quarter worth approximately $1,138,354,000. GQG Partners LLC purchased a new position in Marvell Technology during the 4th quarter valued at about $802,410,000. Wellington Management Group LLP raised its holdings in shares of Marvell Technology by 43.1% during the fourth quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock valued at $1,374,252,000 after acquiring an additional 3,747,982 shares in the last quarter. Invesco Ltd. lifted its position in shares of Marvell Technology by 30.1% in the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock worth $1,784,649,000 after purchasing an additional 3,737,705 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in Marvell Technology during the 4th quarter valued at approximately $366,896,000. 83.51% of the stock is owned by institutional investors.

Insider Activity

In other news, COO Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $106.35, for a total value of $638,100.00. Following the sale, the chief operating officer now directly owns 87,931 shares in the company, valued at approximately $9,351,461.85. This trade represents a 6.39 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Monday, March 17th. The stock was sold at an average price of $68.83, for a total transaction of $103,245.00. Following the completion of the transaction, the chief financial officer now directly owns 113,592 shares in the company, valued at $7,818,537.36. This represents a 1.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 27,390 shares of company stock worth $1,937,938. 0.33% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several brokerages recently issued reports on MRVL. Rosenblatt Securities reiterated a “buy” rating and issued a $140.00 price target on shares of Marvell Technology in a research note on Thursday, March 6th. Raymond James set a $110.00 price target on shares of Marvell Technology in a research note on Thursday, March 6th. KeyCorp dropped their target price on Marvell Technology from $135.00 to $115.00 and set an “overweight” rating on the stock in a research report on Thursday, March 6th. Summit Insights lowered Marvell Technology from a “buy” rating to a “hold” rating in a research note on Thursday, March 6th. Finally, Needham & Company LLC decreased their target price on shares of Marvell Technology from $120.00 to $100.00 and set a “buy” rating on the stock in a research note on Thursday, March 6th. Three investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $114.56.

Marvell Technology Trading Up 2.8 %

NASDAQ MRVL opened at $58.92 on Monday. Marvell Technology, Inc. has a one year low of $47.09 and a one year high of $127.48. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. The company has a market capitalization of $51.03 billion, a price-to-earnings ratio of -34.66, a price-to-earnings-growth ratio of 1.61 and a beta of 1.78. The company’s 50-day simple moving average is $68.53 and its two-hundred day simple moving average is $90.83.

Marvell Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, April 11th. This represents a $0.24 annualized dividend and a yield of 0.41%. Marvell Technology’s dividend payout ratio (DPR) is presently -23.53%.

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.