Maryland State Retirement & Pension System Trims Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Maryland State Retirement & Pension System reduced its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 5.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 46,089 shares of the semiconductor company’s stock after selling 2,832 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Marvell Technology were worth $5,091,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of MRVL. State Street Corp lifted its holdings in shares of Marvell Technology by 0.3% during the third quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company’s stock worth $1,438,336,000 after purchasing an additional 68,893 shares during the period. Geode Capital Management LLC lifted its stake in shares of Marvell Technology by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 11,388,139 shares of the semiconductor company’s stock worth $818,916,000 after acquiring an additional 219,692 shares during the period. Wellington Management Group LLP boosted its holdings in shares of Marvell Technology by 4.3% in the third quarter. Wellington Management Group LLP now owns 8,694,320 shares of the semiconductor company’s stock valued at $627,034,000 after acquiring an additional 359,005 shares in the last quarter. Nordea Investment Management AB increased its stake in shares of Marvell Technology by 14.0% during the fourth quarter. Nordea Investment Management AB now owns 4,652,983 shares of the semiconductor company’s stock worth $518,435,000 after acquiring an additional 571,005 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in Marvell Technology by 5.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,427,745 shares of the semiconductor company’s stock worth $378,594,000 after purchasing an additional 165,858 shares in the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

Insider Transactions at Marvell Technology

In related news, EVP Mark Casper sold 7,755 shares of the stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $123.08, for a total transaction of $954,485.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Brad W. Buss purchased 3,000 shares of the stock in a transaction on Friday, March 7th. The stock was acquired at an average price of $69.00 per share, with a total value of $207,000.00. Following the acquisition, the director now directly owns 87,113 shares in the company, valued at $6,010,797. This trade represents a 3.57 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 37,685 shares of company stock worth $4,026,768 over the last quarter. 0.33% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Susquehanna boosted their target price on Marvell Technology from $110.00 to $125.00 and gave the stock a “positive” rating in a research report on Wednesday, December 4th. B. Riley upped their price objective on Marvell Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. UBS Group raised their target price on Marvell Technology from $110.00 to $115.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. StockNews.com raised shares of Marvell Technology from a “sell” rating to a “hold” rating in a research note on Thursday, January 9th. Finally, KeyCorp reduced their price objective on shares of Marvell Technology from $135.00 to $115.00 and set an “overweight” rating for the company in a research note on Thursday, March 6th. Three 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 company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $120.44.

Marvell Technology Stock Up 2.2 %

Shares of NASDAQ MRVL opened at $69.81 on Thursday. The firm has a market cap of $60.46 billion, a P/E ratio of -41.06, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. Marvell Technology, Inc. has a 1 year low of $53.19 and a 1 year high of $127.48. The firm’s 50 day moving average price is $100.89 and its 200 day moving average price is $93.72.

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.