KeyCorp Issues Pessimistic Forecast for Marvell Technology (NASDAQ:MRVL) Stock Price

Marvell Technology (NASDAQ:MRVL - Free Report) had its price objective lowered by KeyCorp from $135.00 to $115.00 in a research report sent to investors on Thursday,Benzinga reports. The brokerage currently has an overweight rating on the semiconductor company's stock.

A number of other brokerages have also recently issued reports on MRVL. TD Cowen reduced their price objective on Marvell Technology from $125.00 to $95.00 and set a "buy" rating on the stock in a research note on Thursday. UBS Group raised their price objective on Marvell Technology from $110.00 to $115.00 and gave the company a "buy" rating in a research note on Wednesday, December 4th. Benchmark reaffirmed a "buy" rating and set a $135.00 price objective on shares of Marvell Technology in a research note on Thursday. B. Riley raised their price objective on Marvell Technology from $105.00 to $135.00 and gave the company a "buy" rating in a research note on Wednesday, December 4th. Finally, Cantor Fitzgerald raised their price objective on Marvell Technology from $120.00 to $135.00 and gave the company an "overweight" rating in a research note on Wednesday, December 4th. Three equities research 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 company's stock. According to data from MarketBeat.com, Marvell Technology has an average rating of "Moderate Buy" and an average target price of $121.68.

Remove Ads

Marvell Technology Price Performance

MRVL traded down $1.44 during trading on Thursday, reaching $70.84. The stock had a trading volume of 38,787,463 shares, compared to its average volume of 12,675,750. The stock has a market cap of $61.30 billion, a PE ratio of -41.67, a PEG ratio of 1.61 and a beta of 1.42. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. Marvell Technology has a one year low of $53.19 and a one year high of $127.48. The business has a 50-day moving average of $108.27 and a 200-day moving average of $94.00.

Marvell Technology Dividend Announcement

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

Insider Activity

In other Marvell Technology news, Director Brad W. Buss bought 3,000 shares of the stock in a transaction dated 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 acquisition, the director now owns 87,113 shares of the company's stock, valued at approximately $6,010,797. This trade represents a 3.57 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $124.40, for a total transaction of $746,400.00. Following the transaction, the executive vice president now owns 93,931 shares of the company's stock, valued at $11,685,016.40. The trade was a 6.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 36,255 shares of company stock worth $4,330,980. Insiders own 0.33% of the company's stock.

Hedge Funds Weigh In On Marvell Technology

Large investors have recently made changes to their positions in the business. Centricity Wealth Management LLC purchased a new position in shares of Marvell Technology during the fourth quarter valued at approximately $26,000. ORG Partners LLC increased its position in shares of Marvell Technology by 175.3% during the fourth quarter. ORG Partners LLC now owns 234 shares of the semiconductor company's stock valued at $26,000 after acquiring an additional 149 shares in the last quarter. Rialto Wealth Management LLC bought a new stake in shares of Marvell Technology during the fourth quarter valued at approximately $27,000. Kieckhefer Group LLC bought a new stake in shares of Marvell Technology during the fourth quarter valued at approximately $33,000. Finally, Financial Life Planners bought a new stake in shares of Marvell Technology during the fourth quarter valued at approximately $33,000. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Marvell Technology Company Profile

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.