TD Cowen Cuts Marvell Technology (NASDAQ:MRVL) Price Target to $95.00

Marvell Technology (NASDAQ:MRVL) had its price objective lowered by TD Cowen from $125.00 to $95.00 in a report issued on Thursday morning, MarketBeat.com reports. TD Cowen currently has a buy rating on the semiconductor company’s stock.

MRVL has been the topic of a number of other research reports. Evercore ISI upped their price target on Marvell Technology from $98.00 to $122.00 and gave the stock an “outperform” rating in a report on Monday, December 2nd. Melius Research raised Marvell Technology to a “strong-buy” rating in a report on Monday, January 27th. Bank of America lifted their price target on Marvell Technology from $108.00 to $125.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Loop Capital raised shares of Marvell Technology from a “hold” rating to a “buy” rating and set a $110.00 price objective on the stock in a research note on Thursday. Finally, Piper Sandler restated an “overweight” rating and set a $120.00 target price (up previously from $100.00) on shares of Marvell Technology in a research 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 issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $121.68.

Marvell Technology Stock Down 2.0 %

MRVL stock opened at $70.84 on Thursday. 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 company’s 50-day moving average price is $108.27 and its 200 day moving average price is $93.84. Marvell Technology has a 52 week low of $53.19 and a 52 week high of $127.48. The company has a market cap of $61.30 billion, a P/E ratio of -41.67, a P/E/G ratio of 1.61 and a beta of 1.42.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 30th. Shareholders of record on Friday, January 10th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.34%. The ex-dividend date was Friday, January 10th. Marvell Technology’s dividend payout ratio (DPR) is -23.53%.

Insider Activity

In other news, EVP Chris Koopmans sold 6,000 shares of the company’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $122.50, for a total transaction of $735,000.00. Following the completion of the sale, the executive vice president now directly owns 97,244 shares in the company, valued at $11,912,390. This represents a 5.81 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Brad W. Buss bought 3,000 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The stock was purchased 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 directly owns 87,113 shares in the company, valued at approximately $6,010,797. This trade represents a 3.57 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 36,255 shares of company stock valued at $4,330,980 in the last 90 days. 0.33% of the stock is currently owned by insiders.

Institutional Trading of Marvell Technology

Institutional investors and hedge funds have recently bought and sold shares of the business. State Street Corp lifted its position in Marvell Technology by 0.3% during the third quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company’s stock valued at $1,438,336,000 after buying an additional 68,893 shares in the last quarter. Invesco Ltd. raised its stake in shares of Marvell Technology by 30.1% in the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock valued at $1,784,649,000 after acquiring an additional 3,737,705 shares during the period. Janus Henderson Group PLC lifted its holdings 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 valued at $1,462,274,000 after acquiring an additional 857,087 shares in the last quarter. Wellington Management Group LLP boosted its position in 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 increased its holdings in Marvell Technology by 0.7% in the 4th quarter. Geode Capital Management LLC now owns 11,468,144 shares of the semiconductor company’s stock valued at $1,263,755,000 after purchasing an additional 80,005 shares in the last quarter. Institutional investors and hedge funds 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.