Marvell Technology (NASDAQ:MRVL) Price Target Raised to $122.00 at Evercore ISI

Marvell Technology (NASDAQ:MRVL) had its target price increased by Evercore ISI from $98.00 to $122.00 in a report released on Monday morning,Benzinga reports. Evercore ISI currently has an outperform rating on the semiconductor company’s stock.

Other equities analysts have also issued reports about the company. Rosenblatt Securities boosted their target price on Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. StockNews.com upgraded shares of Marvell Technology from a “sell” rating to a “hold” rating in a report on Friday, November 22nd. The Goldman Sachs Group increased their target price on shares of Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Piper Sandler reissued an “overweight” rating and issued a $100.00 price target on shares of Marvell Technology in a report on Friday, August 30th. Finally, TD Cowen raised Marvell Technology to a “strong-buy” rating in a research note on Monday, September 16th. Three equities research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $96.43.

Marvell Technology Stock Performance

MRVL stock opened at $96.86 on Monday. Marvell Technology has a twelve month low of $50.35 and a twelve month high of $97.63. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. The company has a market cap of $85.84 billion, a P/E ratio of -87.26, a price-to-earnings-growth ratio of 4.03 and a beta of 1.44. The business’s fifty day moving average is $82.50 and its 200-day moving average is $74.40.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.25%. The ex-dividend date was Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is -21.62%.

Insider Transactions at Marvell Technology

In other news, insider Muhammad Raghib Hussain sold 150,000 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total value of $12,075,000.00. Following the sale, the insider now directly owns 694,487 shares of the company’s stock, valued at approximately $55,906,203.50. This represents a 17.76 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $73.87, for a total transaction of $110,805.00. Following the completion of the sale, the chief financial officer now owns 111,753 shares of the company’s stock, valued at $8,255,194.11. This trade represents a 1.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 267,000 shares of company stock worth $20,899,260 in the last 90 days. Corporate insiders own 0.33% of the company’s stock.

Institutional Trading of Marvell Technology

Institutional investors and hedge funds have recently bought and sold shares of the business. True Wealth Design LLC raised its stake in Marvell Technology by 1,481.8% in the 3rd quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock valued at $25,000 after acquiring an additional 326 shares during the period. Quarry LP bought a new position in shares of Marvell Technology in the second quarter valued at about $32,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Marvell Technology in the second quarter valued at about $32,000. Whittier Trust Co. lifted its stake in shares of Marvell Technology by 74.5% during the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock worth $35,000 after buying an additional 210 shares during the last quarter. Finally, Goodman Advisory Group LLC bought a new stake in shares of Marvell Technology during the 3rd quarter worth about $37,000. Institutional investors own 83.51% 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.