Marvell Technology (NASDAQ:MRVL) Stock Price Expected to Rise, Barclays Analyst Says

Marvell Technology (NASDAQ:MRVL) had its target price lifted by Barclays from $85.00 to $115.00 in a research note released on Wednesday morning,Benzinga reports. They currently have an overweight rating on the semiconductor company’s stock.

Other research analysts have also recently issued research reports about the stock. Rosenblatt Securities boosted their price target on shares of Marvell Technology from $120.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday. Piper Sandler reaffirmed an “overweight” rating and issued a $100.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. Oppenheimer upped their target price on shares of Marvell Technology from $90.00 to $110.00 and gave the company an “outperform” rating in a research report on Tuesday, November 26th. Bank of America upped their target price on shares of Marvell Technology from $108.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, The Goldman Sachs Group upped their target price on shares of Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $117.92.

Marvell Technology Trading Up 23.2 %

Shares of MRVL stock opened at $118.15 on Wednesday. The company’s 50-day moving average price is $84.44 and its 200-day moving average price is $75.04. 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 stock has a market cap of $104.70 billion, a price-to-earnings ratio of -106.44, a PEG ratio of 4.19 and a beta of 1.46. Marvell Technology has a twelve month low of $50.35 and a twelve month high of $119.88.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Friday, October 11th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.20%. The ex-dividend date was Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is -21.62%.

Insider Activity at Marvell Technology

In other news, 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 completion of the sale, the chief financial officer now directly owns 114,211 shares of the company’s stock, valued at approximately $10,180,768.54. This represents a 1.30 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ford Tamer sold 92,000 shares of the stock in a transaction that occurred on 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 completion of the sale, the director now directly owns 351,193 shares of the company’s stock, valued at $26,044,472.88. The trade was a 20.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 267,000 shares of company stock valued at $20,899,260 over the last three months. 0.33% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Marvell Technology

Several hedge funds have recently modified their holdings of the stock. Oddo BHF Asset Management Sas acquired a new stake in shares of Marvell Technology during the third quarter worth $10,944,000. Beaird Harris Wealth Management LLC raised its position 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 acquiring an additional 671 shares in the last quarter. Peapack Gladstone Financial Corp raised its position in Marvell Technology by 27.3% in the third quarter. Peapack Gladstone Financial Corp now owns 23,312 shares of the semiconductor company’s stock worth $1,681,000 after acquiring an additional 5,005 shares in the last quarter. Synovus Financial Corp raised its position in Marvell Technology by 60.5% in the third quarter. Synovus Financial Corp now owns 6,489 shares of the semiconductor company’s stock worth $468,000 after acquiring an additional 2,445 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB purchased a new position in Marvell Technology in the third quarter worth $3,432,000. 83.51% of the stock is 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.