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

Marvell Technology (NASDAQ:MRVL) had its target price dropped by equities research analysts at Barclays from $150.00 to $130.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the semiconductor company’s stock. Barclays‘s target price indicates a potential upside of 83.51% from the company’s current price.

MRVL has been the subject of several other reports. B. Riley raised their target price on Marvell Technology from $105.00 to $135.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Morgan Stanley decreased their price target on Marvell Technology from $113.00 to $90.00 and set an “equal weight” rating for the company in a research note on Thursday. TD Cowen decreased their price target on Marvell Technology from $125.00 to $95.00 and set a “buy” rating for the company in a research note on Thursday. Piper Sandler reiterated an “overweight” rating and issued a $120.00 price target (up from $100.00) on shares of Marvell Technology in a research note on Wednesday, December 4th. Finally, Melius Research upgraded Marvell Technology to a “strong-buy” rating in a research note on Monday, January 27th. Three investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Marvell Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $121.68.

Marvell Technology Stock Down 2.0 %

Shares of Marvell Technology stock opened at $70.84 on Thursday. The business has a 50-day moving average of $109.13 and a 200-day moving average of $93.67. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. The company has a market capitalization of $61.30 billion, a PE ratio of -41.67, a P/E/G ratio of 1.61 and a beta of 1.40. Marvell Technology has a 1-year low of $53.19 and a 1-year high of $127.48.

Insider Buying and Selling

In related news, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction that occurred 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 sale, the executive vice president now owns 97,244 shares of the company’s stock, valued at $11,912,390. The trade was a 5.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Brad W. Buss bought 3,000 shares of the company’s stock in a transaction that occurred on Friday, March 7th. The shares were purchased at an average cost of $69.00 per share, for a total transaction of $207,000.00. Following the acquisition, the director now owns 87,113 shares of the company’s stock, valued at $6,010,797. This represents a 3.57 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 36,255 shares of company stock valued at $4,330,980 over the last quarter. Corporate insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp raised its holdings 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 worth $1,438,336,000 after purchasing an additional 68,893 shares in the last quarter. Invesco Ltd. grew its position in Marvell Technology by 30.1% in the fourth quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock worth $1,784,649,000 after buying an additional 3,737,705 shares during the last quarter. Janus Henderson Group PLC grew its position in Marvell Technology by 6.9% in the fourth quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company’s stock worth $1,462,274,000 after buying an additional 857,087 shares during the last quarter. Wellington Management Group LLP grew its position in Marvell Technology by 43.1% in the fourth quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock worth $1,374,252,000 after buying an additional 3,747,982 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in Marvell Technology by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 11,468,144 shares of the semiconductor company’s stock worth $1,263,755,000 after buying an additional 80,005 shares during the last quarter. 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.