Marvell Technology (NASDAQ:MRVL) Receives “Overweight” Rating from Piper Sandler

Marvell Technology (NASDAQ:MRVL)‘s stock had its “overweight” rating reaffirmed by investment analysts at Piper Sandler in a research note issued on Wednesday,Benzinga reports. They presently have a $120.00 price objective on the semiconductor company’s stock, up from their previous price objective of $100.00. Piper Sandler’s price target indicates a potential upside of 25.12% from the company’s current price.

Several other equities research analysts have also issued reports on MRVL. Benchmark restated a “buy” rating and issued a $135.00 target price (up previously from $115.00) on shares of Marvell Technology in a report on Wednesday. Bank of America raised their target price on shares of Marvell Technology from $108.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday. Cantor Fitzgerald reissued an “overweight” rating and issued a $85.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. StockNews.com upgraded shares of Marvell Technology from a “sell” rating to a “hold” rating in a report on Monday. Finally, Citigroup restated a “buy” rating and issued a $91.00 price target on shares of Marvell Technology in a report on Monday, October 14th. Three analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $108.83.

Marvell Technology Trading Down 1.0 %

Shares of NASDAQ MRVL opened at $95.91 on Wednesday. The stock has a market capitalization of $85.00 billion, a P/E ratio of -86.41, a PEG ratio of 4.19 and a beta of 1.46. The business’s 50 day moving average is $83.50 and its two-hundred day moving average is $74.73. Marvell Technology has a 1-year low of $50.35 and a 1-year high of $98.72. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26.

Insiders Place Their Bets

In other Marvell Technology news, Director Ford Tamer sold 92,000 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $74.16, for a total value of $6,822,720.00. Following the transaction, the director now owns 351,193 shares of the company’s stock, valued at $26,044,472.88. This represents a 20.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $73.87, for a total value of $110,805.00. Following the transaction, the chief financial officer now owns 111,753 shares in the company, valued at $8,255,194.11. This trade represents a 1.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 267,000 shares of company stock valued at $20,899,260 in the last 90 days. 0.33% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. True Wealth Design LLC lifted its holdings in Marvell Technology by 1,481.8% during the 3rd quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock worth $25,000 after buying an additional 326 shares during the last quarter. Strategic Investment Solutions Inc. IL purchased a new stake in Marvell Technology during the second quarter worth approximately $32,000. Quarry LP acquired a new position in Marvell Technology in the second quarter valued at approximately $32,000. Whittier Trust Co. increased its stake in Marvell Technology by 74.5% in the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after purchasing an additional 210 shares during the last quarter. Finally, Goodman Advisory Group LLC acquired a new stake in Marvell Technology during the third quarter worth approximately $37,000. 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.