Marvell Technology (NASDAQ:MRVL) Price Target Raised to $115.00

Marvell Technology (NASDAQ:MRVL) had its target price boosted by analysts at The Goldman Sachs Group from $87.00 to $115.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. The Goldman Sachs Group’s price target indicates a potential upside of 1.31% from the stock’s previous close.

Other research analysts have also issued research reports about the company. Susquehanna raised their price objective on Marvell Technology from $110.00 to $125.00 and gave the company a “positive” rating in a research report on Wednesday. Loop Capital raised their price target on Marvell Technology from $95.00 to $110.00 and gave the company a “hold” rating in a report on Wednesday. Craig Hallum upped their price objective on Marvell Technology from $88.00 to $132.00 and gave the stock a “buy” rating in a report on Wednesday. JPMorgan Chase & Co. raised their target price on shares of Marvell Technology from $90.00 to $130.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, Evercore ISI upped their price target on shares of Marvell Technology from $98.00 to $122.00 and gave the company an “outperform” rating in a research note on Monday, December 2nd. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $119.04.

Marvell Technology Price Performance

Shares of NASDAQ:MRVL opened at $113.51 on Thursday. The firm has a market cap of $100.59 billion, a price-to-earnings ratio of -66.77, a P/E/G ratio of 4.15 and a beta of 1.46. The firm has a fifty day moving average price of $86.09 and a 200 day moving average price of $75.57. Marvell Technology has a fifty-two week low of $50.56 and a fifty-two week high of $119.88. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79.

Insider Transactions at Marvell Technology

In related news, insider Muhammad Raghib Hussain sold 150,000 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total value of $12,075,000.00. Following the completion of the transaction, the insider now owns 694,487 shares in the company, valued at $55,906,203.50. This trade represents a 17.76 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $80.77, for a total value of $484,620.00. Following the sale, the executive vice president now owns 109,244 shares in the company, valued at approximately $8,823,637.88. The trade was a 5.21 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 267,000 shares of company stock worth $20,899,260. Insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

Institutional investors and hedge funds have recently modified their holdings of the company. True Wealth Design LLC grew its position in Marvell Technology by 1,481.8% during the 3rd quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 326 shares during the period. Quarry LP acquired a new stake in Marvell Technology during the second quarter worth about $32,000. Strategic Investment Solutions Inc. IL purchased a new position in Marvell Technology during the second quarter valued at approximately $32,000. Whittier Trust Co. lifted its holdings 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 acquiring an additional 210 shares during the period. Finally, Goodman Advisory Group LLC purchased a new stake in Marvell Technology in the 3rd quarter worth approximately $37,000. 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.