Bank of America Lowers Marvell Technology (NASDAQ:MRVL) Price Target to $120.00

Marvell Technology (NASDAQ:MRVL) had its price target trimmed by Bank of America from $150.00 to $120.00 in a report published on Thursday,Benzinga reports. The brokerage currently has a buy rating on the semiconductor company’s stock.

A number of other analysts have also commented on MRVL. William Blair raised shares of Marvell Technology to a “strong-buy” rating in a research note on Wednesday, February 5th. UBS Group upped their price objective on shares of Marvell Technology from $110.00 to $115.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Loop Capital raised shares of Marvell Technology from a “hold” rating to a “buy” rating and set a $110.00 price target for the company in a research report 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 target for the company. Finally, Benchmark reissued a “buy” rating and issued a $135.00 price target on shares of Marvell Technology in a research report on Thursday. Three research 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 stock. Based on data from MarketBeat.com, Marvell Technology presently has a consensus rating of “Moderate Buy” and an average target price of $121.68.

Marvell Technology Price Performance

Shares of NASDAQ MRVL opened at $72.28 on Thursday. 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 twelve month low of $53.19 and a twelve month high of $127.48. The company has a market capitalization of $62.54 billion, a price-to-earnings ratio of -42.52, a PEG ratio of 1.61 and a beta of 1.40. The firm has a 50-day moving average of $110.00 and a two-hundred day moving average of $93.82.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 30th. Shareholders of record on Friday, January 10th were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.24 annualized dividend and a yield of 0.33%. Marvell Technology’s dividend payout ratio (DPR) is presently -14.12%.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, COO Chris Koopmans sold 6,000 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $106.35, for a total transaction of $638,100.00. Following the transaction, the chief operating officer now owns 87,931 shares in the company, valued at $9,351,461.85. This trade represents a 6.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $122.50, for a total value of $183,750.00. Following the transaction, the chief financial officer now owns 112,711 shares in the company, valued at approximately $13,807,097.50. This trade represents a 1.31 % decrease in their position. 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 Investors Weigh In On Marvell Technology

Several hedge funds have recently modified their holdings of the business. Castle Rock Wealth Management LLC boosted its position 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 acquiring an additional 10,157 shares during the period. Total Wealth Planning & Management Inc. bought a new stake in shares of Marvell Technology in the fourth quarter valued at approximately $824,000. Menard Financial Group LLC bought a new stake in shares of Marvell Technology in the fourth quarter valued at approximately $669,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Marvell Technology in the fourth quarter valued at approximately $105,450,000. Finally, Chelsea Counsel Co. bought a new stake in shares of Marvell Technology in the fourth quarter valued at approximately $44,000. 83.51% of the stock is owned by institutional investors.

Marvell Technology Company Profile

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.