Marvell Technology (NASDAQ:MRVL) Given New $122.00 Price Target at Citigroup

Marvell Technology (NASDAQ:MRVL) had its price objective lowered by Citigroup from $136.00 to $122.00 in a research report report published on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the semiconductor company’s stock.

A number of other equities analysts also recently issued reports on MRVL. Melius assumed coverage on Marvell Technology in a research note on Monday, January 27th. They set a “buy” rating and a $188.00 target price for the company. Stifel Nicolaus upped their price target on Marvell Technology from $125.00 to $130.00 and gave the stock a “buy” rating in a report on Monday, January 6th. The Goldman Sachs Group upped their price target on Marvell Technology from $115.00 to $131.00 and gave the stock a “buy” rating in a report on Friday, January 10th. KeyCorp lowered their price target on Marvell Technology from $135.00 to $115.00 and set an “overweight” rating on the stock in a report on Thursday. Finally, Cantor Fitzgerald upped their price target on Marvell Technology from $120.00 to $135.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Three research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $121.68.

Marvell Technology Stock Performance

Shares of MRVL stock opened at $72.28 on Thursday. The company has a market cap of $62.54 billion, a price-to-earnings ratio of -42.52, a price-to-earnings-growth ratio of 1.61 and a beta of 1.40. The stock has a 50 day simple moving average of $110.00 and a 200-day simple moving average of $93.82. Marvell Technology has a 12-month low of $53.19 and a 12-month high of $127.48. 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 Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 30th. Stockholders of record on Friday, January 10th were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.33%. The ex-dividend date of this dividend was Friday, January 10th. Marvell Technology’s dividend payout ratio is currently -14.12%.

Insider Activity

In other news, COO Chris Koopmans sold 6,000 shares of Marvell Technology 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 completion of the sale, the chief operating officer now owns 87,931 shares of the company’s stock, valued at $9,351,461.85. The trade was a 6.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology 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 owns 112,711 shares in the company, valued at $13,807,097.50. The trade was a 1.31 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 36,255 shares of company stock valued at $4,330,980 over the last quarter. Company insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Centricity Wealth Management LLC acquired a new position in Marvell Technology in the fourth quarter valued at $26,000. ORG Partners LLC boosted its holdings in Marvell Technology by 175.3% in the fourth quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 149 shares during the last quarter. Rialto Wealth Management LLC acquired a new position in Marvell Technology in the fourth quarter valued at $27,000. Kieckhefer Group LLC acquired a new position in shares of Marvell Technology during the fourth quarter worth about $33,000. Finally, Financial Life Planners acquired a new position in shares of Marvell Technology during the fourth quarter worth about $33,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

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.