Marvell Technology (NASDAQ:MRVL) Price Target Cut to $95.00 by Analysts at Piper Sandler

Marvell Technology (NASDAQ:MRVL) had its price target cut by Piper Sandler from $120.00 to $95.00 in a report issued on Thursday,Benzinga reports. They currently have an overweight rating on the semiconductor company’s stock.

MRVL has been the topic of a number of other reports. Wells Fargo & Company boosted their price target on Marvell Technology from $130.00 to $140.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. B. Riley boosted their price target on Marvell Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Needham & Company LLC decreased their price objective on Marvell Technology from $120.00 to $100.00 and set a “buy” rating on the stock in a report on Thursday. UBS Group upped their price objective on Marvell Technology from $110.00 to $115.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Finally, Bank of America decreased their price objective on Marvell Technology from $150.00 to $120.00 and set a “buy” rating on the stock in a report on Thursday. Three analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $121.68.

Marvell Technology Stock Down 19.8 %

NASDAQ MRVL opened at $72.28 on Thursday. The stock’s 50 day moving average is $110.00 and its 200 day moving average is $93.82. 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 12 month low of $53.19 and a 12 month high of $127.48. The stock has a market cap of $62.54 billion, a PE ratio of -42.52, a P/E/G ratio of 1.61 and a beta of 1.40.

Marvell Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 30th. Shareholders of record on Friday, January 10th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.33%. The ex-dividend date of this dividend was Friday, January 10th. 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 company’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $106.35, for a total value of $638,100.00. Following the transaction, the chief operating officer now owns 87,931 shares of the company’s stock, valued at $9,351,461.85. This represents a 6.39 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction 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 completion of the transaction, the chief financial officer now directly owns 112,711 shares in the company, valued at $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 36,255 shares of company stock valued at $4,330,980 in the last quarter. 0.33% of the stock is owned by insiders.

Hedge Funds Weigh In On Marvell Technology

Several hedge funds have recently bought and sold shares of MRVL. Norges Bank bought a new position in Marvell Technology in the 4th quarter valued at $1,138,354,000. GQG Partners LLC bought a new position in shares of Marvell Technology during the 4th quarter worth $802,410,000. Nuveen Asset Management LLC grew its position in shares of Marvell Technology by 232.2% during 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 buying an additional 6,543,132 shares in the last quarter. Wellington Management Group LLP grew its position 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 buying an additional 3,747,982 shares in the last quarter. Finally, Invesco Ltd. grew its position 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 buying an additional 3,737,705 shares in the last quarter. Institutional investors 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.