Marvell Technology (NASDAQ:MRVL) Price Target Raised to $130.00 at Wells Fargo & Company

Marvell Technology (NASDAQ:MRVL) had its price objective boosted by equities researchers at Wells Fargo & Company from $110.00 to $130.00 in a research report issued on Wednesday, MarketBeat.com reports. The firm presently has an “overweight” rating on the semiconductor company’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 14.67% from the stock’s current price.

A number of other brokerages also recently commented on MRVL. Craig Hallum upped their target price on Marvell Technology from $88.00 to $132.00 and gave the stock a “buy” rating in a research note on Wednesday. StockNews.com upgraded Marvell Technology from a “sell” rating to a “hold” rating in a research report on Monday. Loop Capital lifted their target price on shares of Marvell Technology from $95.00 to $110.00 and gave the company a “hold” rating in a report on Wednesday. Benchmark reissued a “buy” rating and set a $135.00 price target (up from $115.00) on shares of Marvell Technology in a report on Wednesday. Finally, Citigroup raised their price target on shares of Marvell Technology from $91.00 to $112.00 and gave the company a “buy” rating in a research report on Wednesday. Three investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. Based on data from MarketBeat.com, Marvell Technology presently has an average rating of “Moderate Buy” and an average target price of $119.04.

Marvell Technology Trading Down 4.0 %

NASDAQ MRVL opened at $113.37 on Wednesday. The company has a fifty day moving average of $85.24 and a 200 day moving average of $75.30. The company has a market capitalization of $100.47 billion, a PE ratio of -66.69, a P/E/G ratio of 4.15 and a beta of 1.46. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. Marvell Technology has a 1 year low of $50.35 and a 1 year high of $119.88.

Insiders Place Their Bets

In other news, Director Ford Tamer sold 92,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the completion of the sale, the director now owns 351,193 shares in the company, valued at $26,044,472.88. This trade represents a 20.76 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $73.87, for a total value of $110,805.00. Following the completion of the transaction, the chief financial officer now owns 111,753 shares in the company, valued at $8,255,194.11. This represents a 1.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 267,000 shares of company stock valued at $20,899,260 in the last three months. 0.33% of the stock is currently owned by insiders.

Institutional Trading of Marvell Technology

Several institutional investors and hedge funds have recently bought and sold shares of the stock. True Wealth Design LLC increased its position in shares of Marvell Technology by 1,481.8% during the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock valued at $25,000 after acquiring an additional 326 shares during the last quarter. Strategic Investment Solutions Inc. IL acquired a new stake in Marvell Technology in the 2nd quarter valued at approximately $32,000. Quarry LP purchased a new stake in Marvell Technology in the second quarter valued at approximately $32,000. Whittier Trust Co. raised its position in Marvell Technology by 74.5% in the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after purchasing an additional 210 shares during the period. Finally, Goodman Advisory Group LLC purchased a new position in shares of Marvell Technology during the third quarter worth $37,000. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

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.