Marvell Technology (NASDAQ:MRVL) Price Target Cut to $120.00 by Analysts at Bank of America

Marvell Technology (NASDAQ:MRVL) had its target price dropped by research analysts at Bank of America from $150.00 to $120.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the semiconductor company’s stock. Bank of America‘s price objective indicates a potential upside of 33.13% from the stock’s previous close.

Several other research analysts have also recently weighed in on MRVL. Morgan Stanley reiterated an “equal weight” rating on shares of Marvell Technology in a report on Friday, February 14th. B. Riley lifted their target price on Marvell Technology from $105.00 to $135.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Benchmark reaffirmed a “buy” rating and set a $135.00 price target on shares of Marvell Technology in a research note on Thursday. Melius assumed coverage on shares of Marvell Technology in a research report on Monday, January 27th. They issued a “buy” rating and a $188.00 price objective on the stock. Finally, Oppenheimer boosted their price target on shares of Marvell Technology from $110.00 to $125.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Three research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $125.40.

Marvell Technology Price Performance

Shares of MRVL opened at $90.14 on Thursday. Marvell Technology has a 1 year low of $53.19 and a 1 year 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 stock has a market cap of $78.00 billion, a P/E ratio of -53.02, a price-to-earnings-growth ratio of 1.61 and a beta of 1.40. The stock’s 50-day moving average price is $110.52 and its two-hundred day moving average price is $93.84.

Insider Buying and Selling at Marvell Technology

In other news, EVP Mark Casper sold 7,755 shares of the company’s stock in a transaction on Friday, January 17th. The shares were sold at an average price of $123.08, for a total value of $954,485.40. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $124.40, for a total value of $746,400.00. Following the completion of the transaction, the executive vice president now directly owns 93,931 shares of the company’s stock, valued at approximately $11,685,016.40. This trade represents a 6.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 36,255 shares of company stock worth $4,330,980 over the last 90 days. Insiders own 0.33% of the company’s stock.

Institutional Trading of Marvell Technology

Several large investors have recently modified their holdings of MRVL. Intrepid Financial Planning Group LLC increased its stake in Marvell Technology by 0.3% during the 4th quarter. Intrepid Financial Planning Group LLC now owns 25,890 shares of the semiconductor company’s stock valued at $2,860,000 after purchasing an additional 90 shares in the last quarter. PDS Planning Inc raised its stake in shares of Marvell Technology by 3.3% during the 4th quarter. PDS Planning Inc now owns 2,888 shares of the semiconductor company’s stock worth $319,000 after purchasing an additional 92 shares during the period. Lodestone Wealth Management LLC boosted its stake in Marvell Technology by 2.0% in the fourth quarter. Lodestone Wealth Management LLC now owns 4,655 shares of the semiconductor company’s stock valued at $514,000 after acquiring an additional 93 shares during the last quarter. Valley National Advisers Inc. grew its holdings in Marvell Technology by 0.4% during the fourth quarter. Valley National Advisers Inc. now owns 25,135 shares of the semiconductor company’s stock valued at $2,775,000 after purchasing an additional 96 shares during the period. Finally, Private Trust Co. NA increased its position in Marvell Technology by 2.7% in the fourth quarter. Private Trust Co. NA now owns 3,744 shares of the semiconductor company’s stock worth $414,000 after buying an additional 97 shares during the last quarter. Institutional investors and hedge funds 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.