Public Employees Retirement Association of Colorado Has $86.94 Million Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Public Employees Retirement Association of Colorado boosted its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 134.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,490,451 shares of the semiconductor company’s stock after purchasing an additional 853,812 shares during the quarter. Public Employees Retirement Association of Colorado owned about 0.18% of Marvell Technology worth $86,938,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in MRVL. Mid Atlantic Financial Management Inc. ADV grew its holdings in shares of Marvell Technology by 2.3% during the second quarter. Mid Atlantic Financial Management Inc. ADV now owns 7,780 shares of the semiconductor company’s stock valued at $454,000 after buying an additional 178 shares during the last quarter. Well Done LLC lifted its position in Marvell Technology by 4.5% in the 2nd quarter. Well Done LLC now owns 4,505 shares of the semiconductor company’s stock valued at $263,000 after acquiring an additional 192 shares in the last quarter. Western Wealth Management LLC boosted its stake in Marvell Technology by 1.7% during the 2nd quarter. Western Wealth Management LLC now owns 11,416 shares of the semiconductor company’s stock valued at $665,000 after purchasing an additional 192 shares during the last quarter. 180 Wealth Advisors LLC boosted its stake in Marvell Technology by 3.0% during the 2nd quarter. 180 Wealth Advisors LLC now owns 7,226 shares of the semiconductor company’s stock valued at $432,000 after purchasing an additional 208 shares during the last quarter. Finally, Perigon Wealth Management LLC raised its stake in shares of Marvell Technology by 3.7% in the second quarter. Perigon Wealth Management LLC now owns 5,866 shares of the semiconductor company’s stock worth $342,000 after purchasing an additional 211 shares during the last quarter. Institutional investors and hedge funds own 84.98% of the company’s stock.

MRVL has been the subject of a number of analyst reports. Piper Sandler increased their price target on Marvell Technology from $60.00 to $70.00 and gave the company an “overweight” rating in a research report on Friday, August 27th. Citigroup increased their target price on shares of Marvell Technology from $64.00 to $70.00 and gave the company a “buy” rating in a report on Friday, August 27th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Marvell Technology from $70.00 to $76.00 and gave the stock a “buy” rating in a report on Friday, August 27th. Jefferies Financial Group increased their price objective on shares of Marvell Technology from $78.00 to $82.00 and gave the company a “buy” rating in a research note on Thursday, October 7th. Finally, Bank of America lifted their target price on shares of Marvell Technology from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, October 7th. Four research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Marvell Technology has an average rating of “Buy” and a consensus target price of $74.83.

In other Marvell Technology news, CEO Matthew J. Murphy sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, August 16th. The shares were sold at an average price of $59.16, for a total value of $1,183,200.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Michael G. Strachan sold 5,000 shares of the company’s stock in a transaction on Friday, September 10th. The stock was sold at an average price of $61.86, for a total transaction of $309,300.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 45,150 shares of company stock valued at $2,749,725. Insiders own 0.33% of the company’s stock.

Shares of NASDAQ MRVL traded up $2.01 during mid-day trading on Thursday, hitting $65.43. The company had a trading volume of 293,164 shares, compared to its average volume of 8,409,835. The company has a current ratio of 1.50, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12. Marvell Technology, Inc. has a 1 year low of $35.30 and a 1 year high of $67.19. The company has a market capitalization of $53.89 billion, a price-to-earnings ratio of -132.13, a P/E/G ratio of 3.23 and a beta of 1.07. The stock’s 50-day moving average price is $61.40 and its 200-day moving average price is $54.80.

Marvell Technology (NASDAQ:MRVL) last posted its earnings results on Wednesday, August 25th. The semiconductor company reported $0.34 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.31 by $0.03. Marvell Technology had a positive return on equity of 6.40% and a negative net margin of 10.74%. The business had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.07 billion. During the same quarter in the previous year, the firm earned $0.21 EPS. As a group, equities research analysts forecast that Marvell Technology, Inc. will post 0.92 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 27th. Shareholders of record on Monday, October 11th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.37%. The ex-dividend date is Thursday, October 7th. Marvell Technology’s dividend payout ratio is presently 41.38%.

About Marvell Technology

Marvell Technology, Inc engages in the provision of data infrastructure semiconductor solutions. It offers compute, networking, storage and custom related solutions. The company was founded in 1995 and is headquartered in Wilmington, DE.

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Institutional Ownership by Quarter for Marvell Technology (NASDAQ:MRVL)

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