Marvell Technology, Inc. $MRVL Stake Raised by State Board of Administration of Florida Retirement System

State Board of Administration of Florida Retirement System lifted its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 1.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 845,466 shares of the semiconductor company’s stock after purchasing an additional 8,220 shares during the period. State Board of Administration of Florida Retirement System owned about 0.10% of Marvell Technology worth $65,439,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Marvell Technology by 1.1% during the 2nd quarter. Vanguard Group Inc. now owns 64,443,232 shares of the semiconductor company’s stock valued at $4,987,906,000 after acquiring an additional 673,110 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Marvell Technology by 32.3% during the first quarter. Goldman Sachs Group Inc. now owns 20,661,308 shares of the semiconductor company’s stock valued at $1,272,117,000 after buying an additional 5,050,159 shares in the last quarter. Ameriprise Financial Inc. increased its position in shares of Marvell Technology by 2.6% in the first quarter. Ameriprise Financial Inc. now owns 8,942,304 shares of the semiconductor company’s stock worth $562,991,000 after acquiring an additional 227,555 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of Marvell Technology by 112.4% in the 2nd quarter. Franklin Resources Inc. now owns 8,097,620 shares of the semiconductor company’s stock valued at $626,756,000 after acquiring an additional 4,285,330 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Marvell Technology by 4.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,702,611 shares of the semiconductor company’s stock valued at $474,250,000 after purchasing an additional 362,409 shares during the period. 83.51% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Marvell Technology news, COO Chris Koopmans purchased 6,800 shares of the stock in a transaction dated Thursday, September 25th. The shares were bought at an average cost of $78.03 per share, with a total value of $530,604.00. Following the completion of the transaction, the chief operating officer owned 104,825 shares in the company, valued at $8,179,494.75. This trade represents a 6.94% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Matthew J. Murphy acquired 13,600 shares of the company’s stock in a transaction dated Thursday, September 25th. The stock was acquired at an average price of $77.09 per share, for a total transaction of $1,048,424.00. Following the completion of the purchase, the chief executive officer directly owned 268,637 shares of the company’s stock, valued at $20,709,226.33. This trade represents a 5.33% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have purchased 27,200 shares of company stock valued at $2,109,632 over the last three months. 0.19% of the stock is currently owned by insiders.

Marvell Technology Trading Up 1.7%

Shares of MRVL stock opened at $89.24 on Friday. Marvell Technology, Inc. has a 12 month low of $47.08 and a 12 month high of $127.48. The company has a quick ratio of 1.44, a current ratio of 1.88 and a debt-to-equity ratio of 0.30. The business’s 50 day moving average is $86.07 and its two-hundred day moving average is $76.07. The company has a market cap of $76.93 billion, a PE ratio of -686.44, a price-to-earnings-growth ratio of 1.10 and a beta of 1.95.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, August 28th. The semiconductor company reported $0.67 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.67. The business had revenue of $2.01 billion during the quarter, compared to analysts’ expectations of $2.01 billion. Marvell Technology had a negative net margin of 1.43% and a positive return on equity of 11.01%. Marvell Technology’s revenue for the quarter was up 57.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.30 earnings per share. Equities analysts predict that Marvell Technology, Inc. will post 0.91 EPS for the current year.

Marvell Technology declared that its Board of Directors has approved a share repurchase program on Wednesday, September 24th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the semiconductor company to repurchase up to 7.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 30th. Shareholders of record on Friday, October 10th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, October 10th. This represents a $0.24 dividend on an annualized basis and a yield of 0.3%. Marvell Technology’s payout ratio is currently -184.62%.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. UBS Group lifted their target price on Marvell Technology from $105.00 to $110.00 and gave the company a “buy” rating in a research note on Monday. Evercore ISI dropped their target price on Marvell Technology from $133.00 to $122.00 and set an “outperform” rating on the stock in a research report on Friday, August 29th. Benchmark restated a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a report on Friday, August 29th. HSBC assumed coverage on shares of Marvell Technology in a research note on Monday. They issued a “hold” rating and a $85.00 target price for the company. Finally, BNP Paribas upgraded shares of Marvell Technology to a “strong-buy” rating in a research note on Friday, August 29th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and fifteen have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $94.41.

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.