Bank of America Has Lowered Expectations for Marvell Technology (NASDAQ:MRVL) Stock Price

Marvell Technology (NASDAQ:MRVL) had its price objective decreased by analysts at Bank of America from $150.00 to $120.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the semiconductor company’s stock. Bank of America‘s target price points to a potential upside of 33.13% from the stock’s previous close.

MRVL has been the topic of several other reports. TD Cowen decreased their price target on shares of Marvell Technology from $125.00 to $95.00 and set a “buy” rating on the stock in a research note on Thursday. Evercore ISI lifted their target price on shares of Marvell Technology from $98.00 to $122.00 and gave the stock an “outperform” rating in a research report on Monday, December 2nd. Piper Sandler restated an “overweight” rating and set a $120.00 price target (up from $100.00) on shares of Marvell Technology in a research report on Wednesday, December 4th. Cantor Fitzgerald lifted their price objective on Marvell Technology from $120.00 to $135.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Finally, Barclays reissued an “overweight” rating on shares of Marvell Technology in a research note on Friday, February 14th. Three equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $125.40.

Marvell Technology Trading Up 2.0 %

Shares of Marvell Technology stock opened at $90.14 on Thursday. Marvell Technology has a 1 year low of $53.19 and a 1 year high of $127.48. The company has a 50 day simple moving average of $110.52 and a two-hundred day simple moving average of $93.84. The firm has a market cap of $78.00 billion, a PE ratio of -53.02, a PEG ratio of 1.61 and a beta of 1.40. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11.

Insider Buying and Selling at Marvell Technology

In other news, EVP Chris Koopmans sold 6,000 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $124.40, for a total value of $746,400.00. Following the transaction, the executive vice president now owns 93,931 shares in the company, valued at $11,685,016.40. This represents a 6.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $122.50, for a total value of $183,750.00. Following the completion of the sale, the chief financial officer now owns 112,711 shares of the company’s stock, valued at $13,807,097.50. This trade represents a 1.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 36,255 shares of company stock worth $4,330,980. Company insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in MRVL. Zweig DiMenna Associates LLC grew its stake in shares of Marvell Technology by 6.3% in the 4th quarter. Zweig DiMenna Associates LLC now owns 213,521 shares of the semiconductor company’s stock worth $23,583,000 after buying an additional 12,700 shares in the last quarter. Berbice Capital Management LLC bought a new stake in shares of Marvell Technology in the 4th quarter worth about $637,000. RFG Advisory LLC boosted its stake in shares of Marvell Technology by 6.2% during the 4th quarter. RFG Advisory LLC now owns 42,621 shares of the semiconductor company’s stock worth $4,708,000 after purchasing an additional 2,507 shares during the period. Braun Stacey Associates Inc. bought a new position in Marvell Technology during the 3rd quarter valued at about $16,435,000. Finally, Charles Schwab Investment Management Inc. raised its position in Marvell Technology by 2.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,261,887 shares of the semiconductor company’s stock worth $235,247,000 after purchasing an additional 66,654 shares during the period. Hedge funds and other institutional investors own 83.51% of the company’s stock.

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.