Marvell Technology (NASDAQ:MRVL) Given New $122.00 Price Target at Citigroup

Marvell Technology (NASDAQ:MRVL - Free Report) had its target price reduced by Citigroup from $136.00 to $122.00 in a report published on Thursday,Benzinga reports. Citigroup currently has a buy rating on the semiconductor company's stock.

Several other brokerages have also commented on MRVL. Cantor Fitzgerald lifted their price target on shares of Marvell Technology from $120.00 to $135.00 and gave the stock an "overweight" rating in a research note on Wednesday, December 4th. Susquehanna lifted their price objective on shares of Marvell Technology from $110.00 to $125.00 and gave the company a "positive" rating in a research note on Wednesday, December 4th. KeyCorp dropped their price objective on shares of Marvell Technology from $135.00 to $115.00 and set an "overweight" rating on the stock in a research note on Thursday. JPMorgan Chase & Co. lifted their price objective on shares of Marvell Technology from $90.00 to $130.00 and gave the company an "overweight" rating in a research note on Wednesday, December 4th. Finally, Craig Hallum lifted their price objective on shares of Marvell Technology from $132.00 to $149.00 and gave the company a "buy" rating in a research note on Monday, January 6th. Three equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $121.68.

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Marvell Technology Stock Down 2.0 %

NASDAQ:MRVL traded down $1.44 during midday trading on Thursday, hitting $70.84. 38,787,463 shares of the company were exchanged, compared to its average volume of 12,675,750. The company has a fifty day simple moving average of $108.27 and a 200 day simple moving average of $94.00. Marvell Technology has a fifty-two week low of $53.19 and a fifty-two week high of $127.48. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $61.30 billion, a PE ratio of -41.67, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42.

Marvell Technology Dividend Announcement

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

Insider Buying and Selling

In other Marvell Technology news, EVP Chris Koopmans sold 6,000 shares of the company's stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $124.40, for a total value of $746,400.00. Following the sale, the executive vice president now owns 93,931 shares of the company's stock, valued at $11,685,016.40. This represents a 6.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Mark Casper sold 7,755 shares of the company's stock in a transaction dated Friday, January 17th. The shares were 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. Over the last 90 days, insiders have sold 36,255 shares of company stock valued at $4,330,980. Corporate insiders own 0.33% of the company's stock.

Institutional Trading of Marvell Technology

Several institutional investors and hedge funds have recently modified their holdings of the business. Castle Rock Wealth Management LLC lifted its holdings in shares of Marvell Technology by 165.8% in the fourth quarter. Castle Rock Wealth Management LLC now owns 16,283 shares of the semiconductor company's stock valued at $1,734,000 after purchasing an additional 10,157 shares in the last quarter. Total Wealth Planning & Management Inc. purchased a new stake in shares of Marvell Technology in the fourth quarter valued at about $824,000. Menard Financial Group LLC acquired a new position in shares of Marvell Technology in the fourth quarter valued at approximately $669,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Marvell Technology in the fourth quarter valued at approximately $105,450,000. Finally, Chelsea Counsel Co. acquired a new position in shares of Marvell Technology in the fourth quarter valued at approximately $44,000. 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.