Avior Wealth Management LLC Has $352,000 Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Avior Wealth Management LLC lifted its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 82.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,712 shares of the semiconductor company’s stock after acquiring an additional 2,588 shares during the quarter. Avior Wealth Management LLC’s holdings in Marvell Technology were worth $352,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Blue Trust Inc. raised its stake in shares of Marvell Technology by 12.2% in the first quarter. Blue Trust Inc. now owns 4,967 shares of the semiconductor company’s stock worth $306,000 after acquiring an additional 539 shares during the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors raised its stake in shares of Marvell Technology by 5.9% in the first quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 29,681 shares of the semiconductor company’s stock worth $1,841,000 after acquiring an additional 1,661 shares during the last quarter. HCR Wealth Advisors raised its stake in shares of Marvell Technology by 10.7% in the first quarter. HCR Wealth Advisors now owns 10,377 shares of the semiconductor company’s stock worth $639,000 after acquiring an additional 1,000 shares during the last quarter. Well Done LLC bought a new position in shares of Marvell Technology in the first quarter worth about $125,000. Finally, Redwood Wealth Management Group LLC raised its stake in shares of Marvell Technology by 187.8% in the first quarter. Redwood Wealth Management Group LLC now owns 16,548 shares of the semiconductor company’s stock worth $1,019,000 after acquiring an additional 10,799 shares during the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Mark Casper sold 626 shares of the firm’s stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $61.10, for a total transaction of $38,248.60. Following the transaction, the executive vice president now directly owns 626 shares of the company’s stock, valued at approximately $38,248.60. This trade represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Panteha Dixon sold 1,286 shares of the firm’s stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $65.00, for a total transaction of $83,590.00. Following the transaction, the chief accounting officer now directly owns 32,094 shares in the company, valued at approximately $2,086,110. This represents a 3.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 27,394 shares of company stock valued at $1,656,076 over the last ninety days. 0.33% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on MRVL shares. Wells Fargo & Company dropped their target price on shares of Marvell Technology from $120.00 to $95.00 and set an “overweight” rating for the company in a research note on Friday, May 30th. Piper Sandler reissued an “overweight” rating and set a $85.00 price target (down from $95.00) on shares of Marvell Technology in a research note on Friday, May 30th. Melius Research boosted their price target on shares of Marvell Technology from $67.00 to $76.00 and gave the stock a “hold” rating in a research note on Wednesday, June 18th. Bank of America boosted their price target on shares of Marvell Technology from $80.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, June 18th. Finally, TD Cowen boosted their price target on shares of Marvell Technology from $60.00 to $70.00 and gave the stock a “buy” rating in a research note on Friday, May 30th. Six analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Marvell Technology currently has an average rating of “Moderate Buy” and an average target price of $96.33.

Marvell Technology Stock Performance

Shares of MRVL opened at $73.51 on Monday. The stock has a market capitalization of $63.50 billion, a price-to-earnings ratio of -128.96, a PEG ratio of 0.80 and a beta of 1.76. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22. The firm has a fifty day simple moving average of $62.02 and a 200 day simple moving average of $84.06. Marvell Technology, Inc. has a 12 month low of $47.09 and a 12 month high of $127.48.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.01. The firm had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.88 billion. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. The company’s revenue for the quarter was up 63.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.24 earnings per share. Research analysts forecast that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Friday, July 11th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. The ex-dividend date is Friday, July 11th. Marvell Technology’s payout ratio is presently -42.11%.

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.