Marvell Technology (NASDAQ:MRVL) Price Target Lowered to $96.00 at Citigroup

Marvell Technology (NASDAQ:MRVL - Get Free Report) had its target price cut by stock analysts at Citigroup from $122.00 to $96.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the semiconductor company's stock. Citigroup's target price suggests a potential upside of 79.81% from the company's current price.

Other equities research analysts also recently issued reports about the stock. Summit Insights downgraded shares of Marvell Technology from a "buy" rating to a "hold" rating in a research note on Thursday, March 6th. William Blair raised Marvell Technology to a "strong-buy" rating in a research note on Wednesday, February 5th. Raymond James set a $110.00 price objective on Marvell Technology in a research note on Thursday, March 6th. Loop Capital upgraded Marvell Technology from a "hold" rating to a "buy" rating and set a $110.00 target price on the stock in a report on Thursday, March 6th. Finally, Piper Sandler decreased their price target on shares of Marvell Technology from $120.00 to $95.00 and set an "overweight" rating for the company in a research note on Thursday, March 6th. Three equities research 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 stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $119.48.

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Marvell Technology Trading Up 1.0 %

NASDAQ MRVL traded up $0.52 during trading hours on Friday, hitting $53.39. 17,706,981 shares of the company's stock were exchanged, compared to its average volume of 13,434,520. The firm has a market cap of $46.24 billion, a price-to-earnings ratio of -31.41, a PEG ratio of 1.61 and a beta of 1.78. Marvell Technology has a 1-year low of $47.09 and a 1-year high of $127.48. The stock has a 50-day simple moving average of $79.86 and a 200 day simple moving average of $92.05. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30.

Insider Buying and Selling

In other news, CAO Panteha Dixon sold 1,430 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $68.75, for a total value of $98,312.50. Following the completion of the transaction, the chief accounting officer now directly owns 31,100 shares in the company, valued at approximately $2,138,125. This trade represents a 4.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mark Casper sold 7,755 shares of the company's stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $123.08, for a total transaction of $954,485.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 30,185 shares of company stock valued at $3,131,018. Company insiders own 0.33% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Orion Portfolio Solutions LLC grew its stake in Marvell Technology by 1.0% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 25,289 shares of the semiconductor company's stock worth $1,824,000 after buying an additional 249 shares in the last quarter. Coldstream Capital Management Inc. raised its position in Marvell Technology by 110.7% during the third quarter. Coldstream Capital Management Inc. now owns 11,228 shares of the semiconductor company's stock valued at $810,000 after purchasing an additional 5,898 shares in the last quarter. Toronto Dominion Bank lifted its stake in Marvell Technology by 32.9% during the third quarter. Toronto Dominion Bank now owns 124,866 shares of the semiconductor company's stock worth $9,005,000 after purchasing an additional 30,893 shares during the last quarter. TD Private Client Wealth LLC boosted its holdings in shares of Marvell Technology by 5.6% in the 3rd quarter. TD Private Client Wealth LLC now owns 25,970 shares of the semiconductor company's stock worth $1,873,000 after purchasing an additional 1,378 shares in the last quarter. Finally, M&T Bank Corp increased its position in shares of Marvell Technology by 0.5% during the 3rd quarter. M&T Bank Corp now owns 87,005 shares of the semiconductor company's stock valued at $6,275,000 after purchasing an additional 448 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.