Marvell Technology (NASDAQ:MRVL) Price Target Raised to $125.00 at Bank of America

Marvell Technology (NASDAQ:MRVL) had its target price boosted by investment analysts at Bank of America from $108.00 to $125.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the semiconductor company’s stock. Bank of America‘s price target would suggest a potential upside of 30.33% from the stock’s previous close.

Other equities research analysts have also issued research reports about the company. Stifel Nicolaus reaffirmed a “buy” rating and set a $95.00 price target (up previously from $90.00) on shares of Marvell Technology in a research note on Friday, August 30th. Cantor Fitzgerald reissued an “overweight” rating and set a $85.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Wells Fargo & Company upped their price objective on shares of Marvell Technology from $90.00 to $110.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. The Goldman Sachs Group lifted their target price on shares of Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Finally, Rosenblatt Securities upped their price target on shares of Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Three equities research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Marvell Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $101.65.

Marvell Technology Stock Performance

Marvell Technology stock opened at $95.91 on Wednesday. Marvell Technology has a fifty-two week low of $50.35 and a fifty-two week high of $98.72. The firm’s fifty day moving average price is $83.50 and its 200-day moving average price is $74.73. The stock has a market cap of $85.00 billion, a P/E ratio of -86.41, a price-to-earnings-growth ratio of 4.19 and a beta of 1.46. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79.

Insiders Place Their Bets

In other news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $89.14, for a total value of $133,710.00. Following the sale, the chief financial officer now directly owns 114,211 shares of the company’s stock, valued at $10,180,768.54. This represents a 1.30 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Muhammad Raghib Hussain sold 150,000 shares of Marvell Technology stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the transaction, the insider now directly owns 694,487 shares of the company’s stock, valued at approximately $55,906,203.50. This trade represents a 17.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 267,000 shares of company stock worth $20,899,260. Company insiders own 0.33% of the company’s stock.

Institutional Trading of Marvell Technology

Several hedge funds and other institutional investors have recently made changes to their positions in MRVL. True Wealth Design LLC boosted its holdings in Marvell Technology by 1,481.8% in the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock worth $25,000 after acquiring an additional 326 shares in the last quarter. Strategic Investment Solutions Inc. IL purchased a new position in shares of Marvell Technology in the 2nd quarter worth about $32,000. Quarry LP bought a new position in Marvell Technology in the 2nd quarter worth about $32,000. Whittier Trust Co. grew its position in Marvell Technology by 74.5% during the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after purchasing an additional 210 shares during the last quarter. Finally, Goodman Advisory Group LLC bought a new stake in Marvell Technology during the 3rd quarter valued at about $37,000. Hedge funds and other 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.