New York Life Investment Management LLC Purchases 171 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

New York Life Investment Management LLC boosted its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 1.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,862 shares of the semiconductor company’s stock after buying an additional 171 shares during the period. New York Life Investment Management LLC’s holdings in Marvell Technology were worth $957,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. FMR LLC grew its holdings in shares of Marvell Technology by 0.3% in the third quarter. FMR LLC now owns 129,418,936 shares of the semiconductor company’s stock valued at $7,005,447,000 after purchasing an additional 421,622 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Marvell Technology by 0.7% in the 3rd quarter. Vanguard Group Inc. now owns 70,451,609 shares of the semiconductor company’s stock worth $3,813,546,000 after buying an additional 477,731 shares in the last quarter. Matrix Capital Management Company LP grew its stake in shares of Marvell Technology by 54.3% in the 3rd quarter. Matrix Capital Management Company LP now owns 13,166,824 shares of the semiconductor company’s stock worth $712,720,000 after buying an additional 4,634,127 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Marvell Technology by 9.2% in the 3rd quarter. Invesco Ltd. now owns 8,259,375 shares of the semiconductor company’s stock worth $447,080,000 after buying an additional 698,359 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its position in shares of Marvell Technology by 43.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,043,353 shares of the semiconductor company’s stock valued at $381,257,000 after buying an additional 2,142,391 shares in the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Matthew J. Murphy sold 30,000 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $67.67, for a total transaction of $2,030,100.00. Following the sale, the chief executive officer now directly owns 762,929 shares in the company, valued at approximately $51,627,405.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Matthew J. Murphy sold 30,000 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $67.67, for a total transaction of $2,030,100.00. Following the transaction, the chief executive officer now owns 762,929 shares in the company, valued at approximately $51,627,405.43. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Chris Koopmans sold 5,000 shares of Marvell Technology stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $67.98, for a total transaction of $339,900.00. Following the completion of the sale, the executive vice president now directly owns 119,117 shares in the company, valued at approximately $8,097,573.66. The disclosure for this sale can be found here. Over the last quarter, insiders sold 110,500 shares of company stock worth $7,473,805. Company insiders own 0.45% of the company’s stock.

Analyst Ratings Changes

MRVL has been the topic of several analyst reports. Citigroup reissued a “buy” rating and set a $91.00 price objective on shares of Marvell Technology in a research note on Wednesday, March 27th. Cantor Fitzgerald restated an “overweight” rating and issued a $85.00 price target on shares of Marvell Technology in a research report on Friday, April 12th. Morgan Stanley lifted their price objective on shares of Marvell Technology from $63.00 to $84.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 7th. Stifel Nicolaus reissued a “buy” rating and issued a $86.00 target price on shares of Marvell Technology in a research note on Friday, April 12th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $80.00 price target (up from $70.00) on shares of Marvell Technology in a research note on Thursday, February 29th. Two analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $81.13.

Marvell Technology Price Performance

Shares of NASDAQ MRVL opened at $68.68 on Wednesday. Marvell Technology, Inc. has a fifty-two week low of $39.23 and a fifty-two week high of $85.76. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.21 and a current ratio of 1.69. The company has a market cap of $59.48 billion, a PE ratio of -63.59, a P/E/G ratio of 5.01 and a beta of 1.48. The business has a 50-day simple moving average of $69.87 and a two-hundred day simple moving average of $63.48.

Marvell Technology (NASDAQ:MRVL) last issued its earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.46. The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.42 billion. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. The firm’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter last year, the business posted $0.34 EPS. As a group, equities analysts expect that Marvell Technology, Inc. will post 0.72 EPS for the current fiscal year.

Marvell Technology announced that its board has approved a stock buyback program on Thursday, March 7th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the semiconductor company to repurchase up to 4.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Friday, April 12th were issued a $0.06 dividend. The ex-dividend date was Thursday, April 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.35%. Marvell Technology’s payout ratio is -22.22%.

Marvell Technology Company 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.