Marvell Technology (NASDAQ:MRVL) Price Target Raised to $112.00

Marvell Technology (NASDAQ:MRVL) had its price objective increased by Citigroup from $91.00 to $112.00 in a report released on Wednesday, MarketBeat Ratings reports. They currently have a buy rating on the semiconductor company’s stock.

A number of other research analysts have also recently issued reports on MRVL. Rosenblatt Securities boosted their price objective on shares of Marvell Technology from $120.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday. Roth Mkm reissued a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a report on Friday, August 30th. Bank of America raised their price objective on Marvell Technology from $108.00 to $125.00 and gave the stock a “buy” rating in a research note on Wednesday. Cantor Fitzgerald boosted their target price on Marvell Technology from $120.00 to $135.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, Morgan Stanley raised their price target on Marvell Technology from $82.00 to $102.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $119.04.

Marvell Technology Price Performance

Shares of MRVL opened at $113.51 on Wednesday. The stock has a market cap of $100.59 billion, a P/E ratio of -66.77, a price-to-earnings-growth ratio of 4.15 and a beta of 1.46. Marvell Technology has a 1 year low of $50.56 and a 1 year high of $119.88. The stock’s 50-day moving average price is $86.09 and its two-hundred day moving average price is $75.57. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.21%. The ex-dividend date was Friday, October 11th. Marvell Technology’s payout ratio is presently -14.12%.

Insider Activity at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology 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 completion of the transaction, the chief financial officer now owns 114,211 shares of the company’s stock, valued at $10,180,768.54. This trade represents a 1.30 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Mark Casper sold 2,500 shares of the company’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $70.83, for a total transaction of $177,075.00. Following the completion of the sale, the executive vice president now directly owns 22,494 shares in the company, valued at approximately $1,593,250.02. The trade was a 10.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 267,000 shares of company stock valued at $20,899,260. 0.33% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in MRVL. State Street Corp lifted its holdings in Marvell Technology by 0.3% during the 3rd quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company’s stock valued at $1,438,336,000 after purchasing an additional 68,893 shares during the last quarter. Ameriprise Financial Inc. raised its position in shares of Marvell Technology by 24.1% in the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after purchasing an additional 2,254,610 shares during the period. Geode Capital Management LLC lifted its stake in shares of Marvell Technology by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 11,388,139 shares of the semiconductor company’s stock worth $818,916,000 after buying an additional 219,692 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Marvell Technology by 4.3% during the 3rd quarter. Wellington Management Group LLP now owns 8,694,320 shares of the semiconductor company’s stock worth $627,034,000 after buying an additional 359,005 shares during the period. Finally, Van ECK Associates Corp grew its stake in Marvell Technology by 26.6% in the 3rd quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock valued at $538,868,000 after buying an additional 1,570,050 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors.

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.