Parisi Gray Wealth Management Sells 1,195 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Parisi Gray Wealth Management lowered its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 21.6% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 4,332 shares of the semiconductor company’s stock after selling 1,195 shares during the period. Parisi Gray Wealth Management’s holdings in Marvell Technology were worth $261,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. West Tower Group LLC bought a new position in Marvell Technology in the second quarter valued at approximately $25,000. Buck Wealth Strategies LLC lifted its position in shares of Marvell Technology by 1,328.1% in the third quarter. Buck Wealth Strategies LLC now owns 457 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 425 shares in the last quarter. SRS Capital Advisors Inc. lifted its position in shares of Marvell Technology by 216.2% in the second quarter. SRS Capital Advisors Inc. now owns 411 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 281 shares in the last quarter. SJS Investment Consulting Inc. lifted its position in shares of Marvell Technology by 56.8% in the fourth quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 155 shares in the last quarter. Finally, Resurgent Financial Advisors LLC bought a new stake in shares of Marvell Technology in the fourth quarter worth $28,000. Institutional investors own 83.51% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Chris Koopmans sold 5,000 shares of the business’s stock in a transaction dated Tuesday, January 16th. The shares were sold at an average price of $65.26, for a total value of $326,300.00. Following the transaction, the executive vice president now directly owns 124,117 shares of the company’s stock, valued at approximately $8,099,875.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CFO Willem A. Meintjes sold 1,000 shares of the business’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $67.79, for a total value of $67,790.00. Following the transaction, the chief financial officer now directly owns 102,986 shares of the company’s stock, valued at approximately $6,981,420.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Chris Koopmans sold 5,000 shares of the business’s stock in a transaction dated Tuesday, January 16th. The stock was sold at an average price of $65.26, for a total transaction of $326,300.00. Following the completion of the transaction, the executive vice president now directly owns 124,117 shares in the company, valued at $8,099,875.42. The disclosure for this sale can be found here. Insiders have sold 138,000 shares of company stock valued at $8,983,290 in the last three months. 0.45% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

MRVL has been the topic of a number of research reports. Citigroup reissued a “buy” rating and issued a $91.00 price objective on shares of Marvell Technology in a research report on Wednesday. TD Cowen boosted their target price on shares of Marvell Technology from $75.00 to $90.00 and gave the stock an “outperform” rating in a report on Friday, March 8th. Barclays boosted their target price on shares of Marvell Technology from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Tuesday, January 16th. Needham & Company LLC restated a “buy” rating and set a $65.00 target price on shares of Marvell Technology in a report on Friday, December 1st. Finally, Piper Sandler lowered their target price on shares of Marvell Technology from $75.00 to $70.00 and set an “overweight” rating on the stock in a report on Friday, December 1st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and nineteen have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $75.75.

Marvell Technology Trading Down 1.1 %

Marvell Technology stock traded down $0.78 during mid-day trading on Thursday, hitting $71.53. 2,367,204 shares of the stock were exchanged, compared to its average volume of 14,498,671. The company has a quick ratio of 1.21, a current ratio of 1.69 and a debt-to-equity ratio of 0.27. Marvell Technology, Inc. has a 12 month low of $36.90 and a 12 month high of $85.76. The firm’s fifty day simple moving average is $69.74 and its two-hundred day simple moving average is $60.32.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings data on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share for the quarter, meeting the consensus estimate 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 negative net margin of 16.95% and a positive return on equity of 4.96%. Marvell Technology’s revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.34 EPS. As a group, equities analysts predict that Marvell Technology, Inc. will post 0.72 earnings per share for the current year.

Marvell Technology announced that its Board of Directors has initiated a share buyback plan on Thursday, March 7th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to repurchase up to 4.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Friday, April 12th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.34%. The ex-dividend date is Thursday, April 11th. Marvell Technology’s dividend 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.