Bank of America Lowers Marvell Technology (NASDAQ:MRVL) Price Target to $120.00

Marvell Technology (NASDAQ:MRVL) had its target price lowered by stock analysts at Bank of America from $150.00 to $120.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the semiconductor company’s stock. Bank of America‘s price target suggests a potential upside of 69.40% from the company’s previous close.

A number of other equities research analysts have also issued reports on the stock. Citigroup increased their price objective on shares of Marvell Technology from $91.00 to $112.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Benchmark reissued a “buy” rating and issued a $135.00 target price on shares of Marvell Technology in a report on Thursday. Stifel Nicolaus raised their target price on shares of Marvell Technology from $125.00 to $130.00 and gave the company a “buy” rating in a report on Monday, January 6th. Wells Fargo & Company raised their target price on shares of Marvell Technology from $130.00 to $140.00 and gave the company an “overweight” rating in a report on Monday, January 13th. Finally, Piper Sandler reissued an “overweight” rating and issued a $120.00 target price (up from $100.00) on shares of Marvell Technology in a report on Wednesday, December 4th. Three equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Marvell Technology presently has an average rating of “Moderate Buy” and a consensus price target of $121.68.

Marvell Technology Trading Down 2.0 %

Shares of MRVL opened at $70.84 on Thursday. 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 has a 1 year low of $53.19 and a 1 year high of $127.48. The company has a 50 day simple moving average of $109.13 and a two-hundred day simple moving average of $93.67. The firm has a market cap of $61.30 billion, a P/E ratio of -41.67, a price-to-earnings-growth ratio of 1.61 and a beta of 1.40.

Insider Transactions at Marvell Technology

In other Marvell Technology news, Director Brad W. Buss bought 3,000 shares of the firm’s stock in a transaction dated Friday, March 7th. The stock was acquired at an average cost of $69.00 per share, for a total transaction of $207,000.00. Following the completion of the transaction, the director now owns 87,113 shares in the company, valued at $6,010,797. This trade represents a 3.57 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $122.50, for a total value of $183,750.00. Following the completion of the sale, the chief financial officer now owns 112,711 shares of the company’s stock, valued at $13,807,097.50. The trade was a 1.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 36,255 shares of company stock worth $4,330,980. 0.33% of the stock is currently owned by insiders.

Institutional Trading of Marvell Technology

Institutional investors and hedge funds have recently made changes to their positions in the company. True Wealth Design LLC raised its holdings in shares of Marvell Technology by 1,481.8% in the third 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 in the last quarter. ORG Partners LLC raised its holdings in shares of Marvell Technology by 175.3% in the fourth quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 149 shares in the last quarter. Centricity Wealth Management LLC bought a new stake in shares of Marvell Technology in the fourth quarter valued at about $26,000. Rialto Wealth Management LLC bought a new stake in shares of Marvell Technology in the fourth quarter valued at about $27,000. Finally, Kieckhefer Group LLC bought a new position in Marvell Technology in the fourth quarter worth about $33,000. 83.51% of the stock is currently owned by institutional investors.

Marvell Technology Company Profile

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.