Marvell Technology (NASDAQ:MRVL) Price Target Raised to $135.00

Marvell Technology (NASDAQ:MRVL) had its price target hoisted by investment analysts at Cantor Fitzgerald from $120.00 to $135.00 in a note issued to investors on Wednesday,Briefing.com Automated Import reports. The firm currently has an “overweight” rating on the semiconductor company’s stock. Cantor Fitzgerald’s price objective would indicate a potential upside of 23.34% from the company’s current price.

MRVL has been the topic of several other reports. Roth Mkm restated a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. Wells Fargo & Company raised their target price on shares of Marvell Technology from $90.00 to $110.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Citigroup restated a “buy” rating and set a $91.00 price objective on shares of Marvell Technology in a research report on Monday, October 14th. Benchmark reissued a “buy” rating and issued a $135.00 price target (up from $115.00) on shares of Marvell Technology in a report on Wednesday. Finally, Craig Hallum increased their price objective on Marvell Technology from $88.00 to $132.00 and gave the company a “buy” rating in a research note on Wednesday. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $117.92.

Marvell Technology Stock Performance

NASDAQ MRVL opened at $109.45 on Wednesday. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. The business’s 50 day moving average is $83.50 and its two-hundred day moving average is $74.73. The stock has a market capitalization of $96.99 billion, a price-to-earnings ratio of -86.41, a PEG ratio of 4.19 and a beta of 1.46. Marvell Technology has a 12-month low of $50.35 and a 12-month high of $109.45.

Insider Transactions at Marvell Technology

In related news, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $89.14, for a total value of $534,840.00. Following the completion of the sale, the executive vice president now directly owns 103,244 shares of the company’s stock, valued at $9,203,170.16. The trade was a 5.49 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $89.14, for a total value of $133,710.00. Following the transaction, the chief financial officer now directly owns 114,211 shares in the company, valued at approximately $10,180,768.54. This represents a 1.30 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 267,000 shares of company stock valued at $20,899,260. Corporate insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

Large investors have recently added to or reduced their stakes in the company. Oddo BHF Asset Management Sas bought a new position in Marvell Technology during the 3rd quarter worth $10,944,000. Beaird Harris Wealth Management LLC lifted its holdings in Marvell Technology by 2,313.8% in the third quarter. Beaird Harris Wealth Management LLC now owns 700 shares of the semiconductor company’s stock worth $50,000 after purchasing an additional 671 shares during the period. Peapack Gladstone Financial Corp boosted its holdings in shares of Marvell Technology by 27.3% in the third quarter. Peapack Gladstone Financial Corp now owns 23,312 shares of the semiconductor company’s stock valued at $1,681,000 after acquiring an additional 5,005 shares in the last quarter. Synovus Financial Corp raised its stake in shares of Marvell Technology by 60.5% in the 3rd quarter. Synovus Financial Corp now owns 6,489 shares of the semiconductor company’s stock worth $468,000 after buying an additional 2,445 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB acquired a new position in shares of Marvell Technology in the 3rd quarter worth approximately $3,432,000. 83.51% of the stock is currently 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.