Parisi Gray Wealth Management Has $261,000 Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Parisi Gray Wealth Management trimmed its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 21.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,332 shares of the semiconductor company’s stock after selling 1,195 shares during the quarter. Parisi Gray Wealth Management’s holdings in Marvell Technology were worth $261,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. Massachusetts Financial Services Co. MA lifted its stake in shares of Marvell Technology by 43.7% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,043,353 shares of the semiconductor company’s stock worth $381,257,000 after acquiring an additional 2,142,391 shares during the period. Kingswood Wealth Advisors LLC increased its holdings in Marvell Technology by 328.3% in the third quarter. Kingswood Wealth Advisors LLC now owns 23,949 shares of the semiconductor company’s stock worth $1,296,000 after purchasing an additional 18,357 shares in the last quarter. Fred Alger Management LLC increased its holdings in Marvell Technology by 2.4% in the third quarter. Fred Alger Management LLC now owns 4,036,564 shares of the semiconductor company’s stock worth $218,499,000 after purchasing an additional 95,003 shares in the last quarter. NewEdge Wealth LLC increased its holdings in Marvell Technology by 15.6% in the third quarter. NewEdge Wealth LLC now owns 7,197 shares of the semiconductor company’s stock worth $390,000 after purchasing an additional 973 shares in the last quarter. Finally, Montag A & Associates Inc. increased its holdings in Marvell Technology by 15.8% in the third quarter. Montag A & Associates Inc. now owns 64,837 shares of the semiconductor company’s stock worth $3,510,000 after purchasing an additional 8,836 shares in the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently commented on MRVL. Morgan Stanley boosted their price objective on Marvell Technology from $63.00 to $84.00 and gave the company an “equal weight” rating in a report on Thursday, March 7th. Summit Insights upgraded Marvell Technology from a “hold” rating to a “buy” rating in a report on Friday, March 8th. Oppenheimer reiterated an “outperform” rating and set a $80.00 price target (up previously from $70.00) on shares of Marvell Technology in a report on Thursday, February 29th. Raymond James upped their price target on Marvell Technology from $62.00 to $78.00 and gave the stock an “outperform” rating in a report on Friday, January 19th. Finally, Benchmark reiterated a “buy” rating and set a $75.00 price target on shares of Marvell Technology in a report on Friday, December 1st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and nineteen have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $75.75.

Marvell Technology Stock Performance

Shares of NASDAQ:MRVL traded down $1.05 during trading on Thursday, reaching $71.26. The company had a trading volume of 2,190,257 shares, compared to its average volume of 14,498,671. The company has a fifty day moving average of $69.74 and a two-hundred day moving average of $60.32. Marvell Technology, Inc. has a 12 month low of $36.90 and a 12 month high of $85.76. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.69 and a quick ratio of 1.21.

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

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Friday, April 12th will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.34%. The ex-dividend date of this dividend is Thursday, April 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -22.22%.

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

Insiders Place Their Bets

In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction on Tuesday, January 16th. The shares were sold at an average price of $65.26, for a total value of $326,300.00. Following the sale, the executive vice president now 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 SEC, which is available through this hyperlink. In related news, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $67.79, for a total transaction of $67,790.00. Following the completion of 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 filing with the SEC, which is available at this hyperlink. Also, EVP Chris Koopmans sold 5,000 shares of Marvell Technology stock in a transaction dated Tuesday, January 16th. The shares were sold at an average price of $65.26, for a total transaction of $326,300.00. Following the transaction, the executive vice president now directly owns 124,117 shares of the company’s stock, valued at $8,099,875.42. The disclosure for this sale can be found here. Insiders have sold a total of 138,000 shares of company stock valued at $8,983,290 in the last quarter. Insiders own 0.45% 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.