Bank of America Lowers Marvell Technology (NASDAQ:MRVL) Price Target to $72.00

Marvell Technology (NASDAQ:MRVL) had its price target decreased by stock analysts at Bank of America from $120.00 to $72.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the semiconductor company’s stock. Bank of America‘s target price would indicate a potential upside of 35.03% from the company’s previous close.

MRVL has been the topic of a number of other research reports. Roth Capital set a $100.00 price objective on Marvell Technology in a report on Thursday, March 6th. Needham & Company LLC decreased their price target on shares of Marvell Technology from $120.00 to $100.00 and set a “buy” rating on the stock in a research note on Thursday, March 6th. Benchmark reaffirmed a “buy” rating and set a $135.00 price objective on shares of Marvell Technology in a research note on Thursday, March 6th. Barclays decreased their target price on shares of Marvell Technology from $150.00 to $130.00 and set an “overweight” rating on the stock in a research note on Thursday, March 6th. Finally, Summit Insights lowered Marvell Technology from a “buy” rating to a “hold” rating in a research report on Thursday, March 6th. Three investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $117.70.

Marvell Technology Price Performance

Shares of Marvell Technology stock opened at $53.32 on Wednesday. The stock has a market capitalization of $46.18 billion, a P/E ratio of -31.36, a PEG ratio of 1.61 and a beta of 1.78. The business has a 50 day simple moving average of $77.26 and a two-hundred day simple moving average of $91.78. Marvell Technology has a 12 month low of $47.09 and a 12 month high of $127.48. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11.

Insider Activity at Marvell Technology

In related news, EVP Chris Koopmans sold 6,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $124.40, for a total transaction of $746,400.00. Following the sale, the executive vice president now directly owns 93,931 shares of the company’s stock, valued at $11,685,016.40. This represents a 6.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Panteha Dixon sold 1,430 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $68.75, for a total transaction of $98,312.50. Following the completion of the transaction, the chief accounting officer now directly owns 31,100 shares of the company’s stock, valued at $2,138,125. This represents a 4.40 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 28,685 shares of company stock worth $2,953,523 in the last three months. 0.33% of the stock is owned by company insiders.

Institutional Trading of Marvell Technology

Several hedge funds have recently modified their holdings of MRVL. Invesco Ltd. increased its holdings in 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 purchasing an additional 3,737,705 shares during the period. Janus Henderson Group PLC increased its stake in shares of Marvell Technology by 6.9% during the fourth quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company’s stock worth $1,462,274,000 after buying an additional 857,087 shares during the period. Wellington Management Group LLP raised its holdings in Marvell Technology by 43.1% in the fourth quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock valued at $1,374,252,000 after acquiring an additional 3,747,982 shares in the last quarter. Geode Capital Management LLC lifted its stake in Marvell Technology by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 11,468,144 shares of the semiconductor company’s stock worth $1,263,755,000 after acquiring an additional 80,005 shares during the last quarter. Finally, Norges Bank purchased a new position in Marvell Technology in the fourth quarter worth approximately $1,138,354,000. 83.51% of the stock is currently owned by institutional investors and hedge funds.

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.