Marvell Technology (NASDAQ:MRVL) Given New $113.00 Price Target at Morgan Stanley

Marvell Technology (NASDAQ:MRVL) had its price objective reduced by Morgan Stanley from $120.00 to $113.00 in a report issued on Tuesday,Benzinga reports. They currently have an equal weight rating on the semiconductor company’s stock.

A number of other analysts have also weighed in on MRVL. JPMorgan Chase & Co. raised their price target on shares of Marvell Technology from $90.00 to $130.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. StockNews.com upgraded Marvell Technology from a “sell” rating to a “hold” rating in a research report on Thursday, January 9th. Wells Fargo & Company raised their price target on Marvell Technology from $130.00 to $140.00 and gave the company an “overweight” rating in a report on Monday, January 13th. Piper Sandler reissued an “overweight” rating and set a $120.00 price objective (up from $100.00) on shares of Marvell Technology in a report on Wednesday, December 4th. Finally, Melius Research upgraded shares of Marvell Technology to a “strong-buy” rating in a research report on Monday. Three investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $127.60.

Marvell Technology Stock Up 3.5 %

Shares of NASDAQ:MRVL opened at $103.88 on Tuesday. Marvell Technology has a 12 month low of $53.19 and a 12 month high of $127.48. The firm has a market cap of $89.89 billion, a P/E ratio of -61.11, a P/E/G ratio of 4.12 and a beta of 1.41. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. The company’s 50-day moving average price is $110.63 and its two-hundred day moving average price is $86.85.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Friday, January 10th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, January 10th. This represents a $0.24 annualized dividend and a dividend yield of 0.23%. Marvell Technology’s dividend payout ratio is currently -14.12%.

Insider Buying and Selling

In other news, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $89.14, for a total transaction of $534,840.00. Following the completion of the transaction, the executive vice president now directly owns 103,244 shares of the company’s stock, valued at $9,203,170.16. This trade represents a 5.49 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $122.50, for a total transaction of $183,750.00. Following the completion of the sale, the chief financial officer now directly owns 112,711 shares in the company, valued at approximately $13,807,097.50. This represents a 1.31 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 37,755 shares of company stock worth $4,361,430. 0.33% of the stock is owned by corporate insiders.

Institutional Trading of Marvell Technology

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its position in Marvell Technology by 22.0% during the fourth quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 2,440 shares of the semiconductor company’s stock valued at $269,000 after purchasing an additional 440 shares during the last quarter. 17 Capital Partners LLC acquired a new stake in shares of Marvell Technology in the 4th quarter valued at approximately $469,000. Compass Financial Services Inc bought a new position in shares of Marvell Technology in the fourth quarter valued at $40,000. Newbridge Financial Services Group Inc. acquired a new position in Marvell Technology during the fourth quarter worth $663,000. Finally, Kestra Private Wealth Services LLC raised its position in Marvell Technology by 105.9% during the fourth quarter. Kestra Private Wealth Services LLC now owns 18,082 shares of the semiconductor company’s stock worth $1,997,000 after acquiring an additional 9,300 shares in the last quarter. 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.