Marvell Technology (NASDAQ:MRVL) Given New $140.00 Price Target at Wells Fargo & Company

Marvell Technology (NASDAQ:MRVL) had its price objective raised by Wells Fargo & Company from $130.00 to $140.00 in a research note released on Monday,Benzinga reports. They currently have an overweight rating on the semiconductor company’s stock.

MRVL has been the topic of a number of other reports. Barclays boosted their price objective on shares of Marvell Technology from $85.00 to $115.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Cantor Fitzgerald boosted their price target on shares of Marvell Technology from $120.00 to $135.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Morgan Stanley increased their price objective on Marvell Technology from $102.00 to $120.00 and gave the stock an “equal weight” rating in a report on Friday, December 20th. Benchmark reaffirmed a “buy” rating and issued a $135.00 target price (up from $115.00) on shares of Marvell Technology in a research report on Wednesday, December 4th. Finally, Bank of America boosted their price target on Marvell Technology from $108.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $121.68.

Marvell Technology Trading Up 0.7 %

Shares of NASDAQ MRVL opened at $115.15 on Monday. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. Marvell Technology has a one year low of $53.19 and a one year high of $126.15. The business has a 50-day moving average price of $103.93 and a two-hundred day moving average price of $82.98. The firm has a market capitalization of $99.64 billion, a PE ratio of -67.73, a PEG ratio of 4.03 and a beta of 1.41.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Friday, January 10th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, January 10th. This represents a $0.24 annualized dividend and a yield of 0.21%. Marvell Technology’s dividend payout ratio is -14.12%.

Insiders Place Their Bets

In other news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $89.14, for a total transaction of $133,710.00. Following the completion of the transaction, the chief financial officer now directly owns 114,211 shares of the company’s stock, valued at approximately $10,180,768.54. This trade represents a 1.30 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael G. Strachan sold 5,000 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $122.65, for a total transaction of $613,250.00. Following the completion of the sale, the director now directly owns 30,959 shares in the company, valued at approximately $3,797,121.35. The trade was a 13.90 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 28,500 shares of company stock worth $2,967,670. 0.33% of the stock is currently owned by company insiders.

Institutional Trading of Marvell Technology

Large investors have recently bought and sold shares of the stock. Quest Partners LLC raised its holdings in shares of Marvell Technology by 1,181.8% in the second quarter. Quest Partners LLC now owns 1,128 shares of the semiconductor company’s stock valued at $79,000 after buying an additional 1,040 shares during the last quarter. LPL Financial LLC lifted its position in shares of Marvell Technology by 21.2% during the second quarter. LPL Financial LLC now owns 493,524 shares of the semiconductor company’s stock worth $34,497,000 after purchasing an additional 86,419 shares in the last quarter. Johnson Investment Counsel Inc. grew its stake in shares of Marvell Technology by 5.6% during the second quarter. Johnson Investment Counsel Inc. now owns 3,396 shares of the semiconductor company’s stock valued at $237,000 after purchasing an additional 181 shares during the last quarter. Federated Hermes Inc. raised its position in Marvell Technology by 21.3% in the 2nd quarter. Federated Hermes Inc. now owns 49,412 shares of the semiconductor company’s stock worth $3,454,000 after purchasing an additional 8,666 shares during the last quarter. Finally, Thoroughbred Financial Services LLC lifted its holdings in Marvell Technology by 68.8% during the 2nd quarter. Thoroughbred Financial Services LLC now owns 13,925 shares of the semiconductor company’s stock worth $973,000 after buying an additional 5,677 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors.

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.