Citigroup Has Lowered Expectations for Marvell Technology (NASDAQ:MRVL) Stock Price

Marvell Technology (NASDAQ:MRVL) had its target price reduced by investment analysts at Citigroup from $136.00 to $122.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the semiconductor company’s stock. Citigroup’s price target suggests a potential upside of 72.22% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the stock. The Goldman Sachs Group raised their target price on shares of Marvell Technology from $115.00 to $131.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Wells Fargo & Company raised their target price on shares of Marvell Technology from $130.00 to $140.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. KeyCorp dropped their target price on shares of Marvell Technology from $135.00 to $115.00 and set an “overweight” rating on the stock in a report on Thursday. Morgan Stanley dropped their target price on shares of Marvell Technology from $113.00 to $90.00 and set an “equal weight” rating on the stock in a report on Thursday. Finally, Bank of America decreased their price target on shares of Marvell Technology from $150.00 to $120.00 and set a “buy” rating on the stock in a research report on Thursday. Three investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $121.68.

Marvell Technology Trading Down 2.0 %

Shares of MRVL stock opened at $70.84 on Thursday. Marvell Technology has a 12-month low of $53.19 and a 12-month high of $127.48. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. The firm’s 50 day moving average is $109.13 and its 200 day moving average is $93.67. The stock has a market capitalization of $61.30 billion, a P/E ratio of -41.67, a P/E/G ratio of 1.61 and a beta of 1.40.

Insiders Place Their Bets

In other Marvell Technology news, Director Brad W. Buss acquired 3,000 shares of the company’s stock in a transaction on Friday, March 7th. The stock was acquired at an average cost of $69.00 per share, with a total value of $207,000.00. Following the purchase, the director now directly owns 87,113 shares of the company’s stock, valued at approximately $6,010,797. This represents a 3.57 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $122.50, for a total transaction of $183,750.00. Following the transaction, the chief financial officer now directly owns 112,711 shares of the company’s stock, valued at approximately $13,807,097.50. This represents a 1.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 36,255 shares of company stock valued at $4,330,980 in the last three months. Corporate insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

A number of large investors have recently made changes to their positions in the company. State Street Corp boosted its stake in shares of Marvell Technology by 0.3% during the 3rd quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company’s stock worth $1,438,336,000 after purchasing an additional 68,893 shares during the period. Invesco Ltd. boosted its stake in shares of Marvell Technology by 30.1% during the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock worth $1,784,649,000 after purchasing an additional 3,737,705 shares during the period. Janus Henderson Group PLC boosted its stake in shares of Marvell Technology by 6.9% during the 4th quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company’s stock worth $1,462,274,000 after purchasing an additional 857,087 shares during the period. Wellington Management Group LLP boosted its stake in shares of Marvell Technology by 43.1% during the 4th quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock worth $1,374,252,000 after purchasing an additional 3,747,982 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Marvell Technology by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 11,468,144 shares of the semiconductor company’s stock worth $1,263,755,000 after purchasing an additional 80,005 shares during the period. 83.51% of the stock is owned by hedge funds and other 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.