Analysts Set Marvell Technology, Inc. (NASDAQ:MRVL) Price Target at $120.44

Marvell Technology, Inc. (NASDAQ:MRVL) has been given an average rating of “Buy” by the twenty-eight ratings firms that are currently covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold recommendation, twenty-four have issued a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $120.44.

MRVL has been the subject of a number of recent analyst reports. KeyCorp lowered their price target on Marvell Technology from $135.00 to $115.00 and set an “overweight” rating for the company in a research report on Thursday, March 6th. Oppenheimer raised their price target on Marvell Technology from $110.00 to $125.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Craig Hallum lifted their price target on shares of Marvell Technology from $132.00 to $149.00 and gave the company a “buy” rating in a report on Monday, January 6th. Melius Research upgraded shares of Marvell Technology to a “strong-buy” rating in a report on Monday, January 27th. Finally, Piper Sandler cut their target price on shares of Marvell Technology from $120.00 to $95.00 and set an “overweight” rating on the stock in a research note on Thursday, March 6th.

Insider Activity

In other Marvell Technology news, EVP Mark Casper sold 2,500 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $113.00, for a total value of $282,500.00. Following the completion of the transaction, the executive vice president now owns 24,706 shares of the company’s stock, valued at approximately $2,791,778. The trade was a 9.19 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $118.33, for a total transaction of $177,495.00. Following the sale, the chief financial officer now directly owns 111,211 shares in the company, valued at approximately $13,159,597.63. The trade was a 1.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 37,685 shares of company stock valued at $4,026,768 over the last ninety days. 0.33% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Marvell Technology

Hedge funds and other institutional investors have recently modified their holdings of the company. Centricity Wealth Management LLC purchased a new position in shares of Marvell Technology in the fourth quarter worth approximately $26,000. ORG Partners LLC raised its position in Marvell Technology by 175.3% in the fourth quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock worth $26,000 after acquiring an additional 149 shares during the period. Rialto Wealth Management LLC purchased a new position in shares of Marvell Technology during the 4th quarter worth $27,000. Kieckhefer Group LLC bought a new stake in shares of Marvell Technology during the 4th quarter valued at $33,000. Finally, Financial Life Planners purchased a new stake in shares of Marvell Technology in the 4th quarter worth $33,000. 83.51% of the stock is owned by institutional investors.

Marvell Technology Stock Performance

Shares of NASDAQ:MRVL opened at $71.67 on Friday. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. The company has a 50-day moving average price of $97.34 and a 200-day moving average price of $93.91. The company has a market cap of $62.07 billion, a price-to-earnings ratio of -42.16, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42. Marvell Technology has a 12 month low of $53.19 and a 12 month high of $127.48.

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be paid a dividend of $0.06 per share. The ex-dividend date is Friday, April 11th. This represents a $0.24 annualized dividend and a yield of 0.33%. Marvell Technology’s dividend payout ratio is -23.53%.

About Marvell Technology

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.