Marvell Technology (NASDAQ:MRVL - Free Report) had its target price cut by Piper Sandler from $120.00 to $95.00 in a research report released on Thursday morning,Benzinga reports. They currently have an overweight rating on the semiconductor company's stock.
A number of other equities analysts also recently commented on the company. Melius Research upgraded Marvell Technology to a "strong-buy" rating in a report on Monday, January 27th. Bank of America decreased their target price on Marvell Technology from $150.00 to $120.00 and set a "buy" rating for the company in a report on Thursday. B. Riley upped their target price on Marvell Technology from $105.00 to $135.00 and gave the company a "buy" rating in a report on Wednesday, December 4th. Susquehanna increased their price objective on Marvell Technology from $110.00 to $125.00 and gave the stock a "positive" rating in a report on Wednesday, December 4th. Finally, Oppenheimer increased their price objective on Marvell Technology from $110.00 to $125.00 and gave the stock an "outperform" rating in a report on Wednesday, December 4th. Three investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $121.68.
View Our Latest Analysis on MRVL
Marvell Technology Trading Down 2.0 %
MRVL stock traded down $1.44 during midday trading on Thursday, hitting $70.84. The company had a trading volume of 38,787,463 shares, compared to its average volume of 12,675,750. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. Marvell Technology has a 52 week low of $53.19 and a 52 week high of $127.48. The stock's 50 day moving average price is $108.27 and its 200 day moving average price is $94.00. The stock has a market cap of $61.30 billion, a price-to-earnings ratio of -41.67, a PEG ratio of 1.61 and a beta of 1.42.
Marvell Technology Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Thursday, January 30th. Shareholders of record on Friday, January 10th were paid a dividend of $0.06 per share. The ex-dividend date was Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.34%. Marvell Technology's dividend payout ratio is currently -23.53%.
Insider Buying and Selling at Marvell Technology
In other news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $122.50, for a total transaction of $183,750.00. Following the transaction, the chief financial officer now directly owns 112,711 shares of the company's stock, valued at $13,807,097.50. The trade was a 1.31 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael G. Strachan sold 5,000 shares of Marvell Technology stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $122.65, for a total value of $613,250.00. Following the transaction, the director now directly owns 30,959 shares in the company, valued at approximately $3,797,121.35. The trade was a 13.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 36,255 shares of company stock worth $4,330,980 in the last three months. 0.33% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
A number of large investors have recently added to or reduced their stakes in MRVL. Norges Bank purchased a new position in Marvell Technology in the 4th quarter worth approximately $1,138,354,000. GQG Partners LLC purchased a new position in Marvell Technology in the 4th quarter worth approximately $802,410,000. Nuveen Asset Management LLC lifted its holdings in Marvell Technology by 232.2% in the 4th quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company's stock worth $1,033,859,000 after purchasing an additional 6,543,132 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Marvell Technology by 43.1% during the 4th quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company's stock worth $1,374,252,000 after acquiring an additional 3,747,982 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Marvell Technology by 30.1% during the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company's stock worth $1,784,649,000 after acquiring an additional 3,737,705 shares in the last quarter. 83.51% of the stock is owned by hedge funds and other institutional investors.
About Marvell Technology
(
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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.
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