Grassi Investment Management Purchases Shares of 27,325 Marvell Technology, Inc. (NASDAQ:MRVL)

Grassi Investment Management acquired a new stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 27,325 shares of the semiconductor company's stock, valued at approximately $1,682,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MRVL. Intrepid Financial Planning Group LLC boosted its stake in Marvell Technology by 0.3% in the 4th quarter. Intrepid Financial Planning Group LLC now owns 25,890 shares of the semiconductor company's stock valued at $2,860,000 after purchasing an additional 90 shares during the period. PDS Planning Inc lifted its holdings in shares of Marvell Technology by 3.3% during the fourth quarter. PDS Planning Inc now owns 2,888 shares of the semiconductor company's stock worth $319,000 after buying an additional 92 shares in the last quarter. Lodestone Wealth Management LLC boosted its position in shares of Marvell Technology by 2.0% in the fourth quarter. Lodestone Wealth Management LLC now owns 4,655 shares of the semiconductor company's stock valued at $514,000 after acquiring an additional 93 shares during the period. Private Trust Co. NA boosted its position in shares of Marvell Technology by 2.7% in the fourth quarter. Private Trust Co. NA now owns 3,744 shares of the semiconductor company's stock valued at $414,000 after acquiring an additional 97 shares during the period. Finally, Tradewinds LLC. grew its stake in shares of Marvell Technology by 0.7% in the fourth quarter. Tradewinds LLC. now owns 14,050 shares of the semiconductor company's stock valued at $1,552,000 after acquiring an additional 101 shares in the last quarter. 83.51% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $68.83, for a total value of $103,245.00. Following the completion of the sale, the chief financial officer now owns 113,592 shares of the company's stock, valued at approximately $7,818,537.36. This trade represents a 1.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Mark Casper sold 626 shares of the business's stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $61.10, for a total value of $38,248.60. Following the sale, the executive vice president now owns 626 shares of the company's stock, valued at approximately $38,248.60. This represents a 50.00% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,541 shares of company stock worth $2,079,948. Corporate insiders own 0.19% of the company's stock.

Marvell Technology Trading Down 1.7%

NASDAQ MRVL traded down $1.14 during mid-day trading on Thursday, reaching $65.16. 23,064,101 shares of the stock were exchanged, compared to its average volume of 14,585,036. The stock has a market cap of $56.29 billion, a P/E ratio of -38.33, a P/E/G ratio of 1.61 and a beta of 1.83. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. Marvell Technology, Inc. has a one year low of $47.09 and a one year high of $127.48. The stock has a 50 day simple moving average of $58.72 and a 200-day simple moving average of $86.16.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last issued its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, topping analysts' consensus estimates of $0.61 by $0.01. The firm had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.88 billion. Marvell Technology had a positive return on equity of 4.59% and a negative net margin of 27.49%. The business's revenue was up 63.3% compared to the same quarter last year. During the same period last year, the business posted $0.24 EPS. On average, analysts anticipate that Marvell Technology, Inc. will post 0.91 EPS for the current year.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Friday, April 11th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.37%. The ex-dividend date was Friday, April 11th. Marvell Technology's dividend payout ratio (DPR) is presently -42.11%.

Wall Street Analysts Forecast Growth

MRVL has been the topic of a number of analyst reports. Stifel Nicolaus decreased their target price on shares of Marvell Technology from $115.00 to $80.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. Piper Sandler reaffirmed an "overweight" rating and issued a $85.00 price objective (down from $95.00) on shares of Marvell Technology in a report on Friday, May 30th. Needham & Company LLC reduced their target price on Marvell Technology from $100.00 to $85.00 and set a "buy" rating on the stock in a report on Friday, May 30th. Redburn Atlantic assumed coverage on Marvell Technology in a research report on Wednesday, May 28th. They issued a "neutral" rating and a $67.00 price target on the stock. Finally, B. Riley cut their price objective on shares of Marvell Technology from $135.00 to $110.00 and set a "buy" rating for the company in a research report on Monday, May 19th. Seven investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $94.73.

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.