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

Maryland State Retirement & Pension System lowered its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 5.8% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm 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 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of MRVL. True Wealth Design LLC raised its position in Marvell Technology by 1,481.8% in the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 326 shares during the period. ORG Partners LLC raised its holdings in shares of Marvell Technology by 175.3% during the 4th quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 149 shares during the period. Centricity Wealth Management LLC acquired a new position in Marvell Technology during the 4th quarter worth approximately $26,000. Rialto Wealth Management LLC purchased a new position in Marvell Technology in the 4th quarter worth approximately $27,000. Finally, Kieckhefer Group LLC acquired a new stake in Marvell Technology in the fourth quarter valued at approximately $33,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

Analyst Upgrades and Downgrades

MRVL has been the subject of several analyst reports. UBS Group upped their target price on shares of Marvell Technology from $110.00 to $115.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Needham & Company LLC lowered their target price on Marvell Technology from $120.00 to $100.00 and set a “buy” rating for the company in a research note on Thursday, March 6th. Evercore ISI lifted their target price on Marvell Technology from $98.00 to $122.00 and gave the stock an “outperform” rating in a research report on Monday, December 2nd. Raymond James set a $110.00 price target on Marvell Technology in a report on Thursday, March 6th. Finally, Stifel Nicolaus cut their target price on Marvell Technology from $130.00 to $115.00 and set a “buy” rating on the stock in a research report on Thursday, March 6th. Three research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $120.44.

Marvell Technology Stock Up 2.2 %

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

Insiders Place Their Bets

In other news, CAO Panteha Dixon sold 1,430 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $68.75, for a total value of $98,312.50. Following the completion of the transaction, the chief accounting officer now owns 31,100 shares of the company’s stock, valued at approximately $2,138,125. This represents a 4.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $124.40, for a total value of $746,400.00. Following the transaction, the executive vice president now directly owns 93,931 shares in the company, valued at $11,685,016.40. This trade represents a 6.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 37,685 shares of company stock worth $4,026,768. 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.