Marvell Technology (NASDAQ:MRVL) Price Target Cut to $95.00 by Analysts at Piper Sandler

Marvell Technology (NASDAQ:MRVL) had its price target dropped by Piper Sandler from $120.00 to $95.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the semiconductor company’s stock. Piper Sandler’s price target would indicate a potential upside of 27.57% from the company’s previous close.

Several other equities research analysts have also issued reports on the company. Stifel Nicolaus lifted their price target on Marvell Technology from $125.00 to $130.00 and gave the company a “buy” rating in a report on Monday, January 6th. Craig Hallum lifted their price objective on shares of Marvell Technology from $132.00 to $149.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Cantor Fitzgerald raised their target price on Marvell Technology from $120.00 to $135.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Summit Insights downgraded Marvell Technology from a “buy” rating to a “hold” rating in a research note on Thursday. Finally, UBS Group raised their price objective on Marvell Technology from $110.00 to $115.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Three investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $122.28.

Marvell Technology Stock Down 17.4 %

Shares of MRVL traded down $15.67 during trading hours on Thursday, reaching $74.47. The company’s stock had a trading volume of 20,606,322 shares, compared to its average volume of 12,627,631. 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 firm has a market cap of $64.44 billion, a price-to-earnings ratio of -44.08, a P/E/G ratio of 1.61 and a beta of 1.40. The company has a 50 day moving average of $110.00 and a two-hundred day moving average of $93.82. Marvell Technology has a 1-year low of $53.19 and a 1-year high of $127.48.

Insider Transactions at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the 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 transaction, the chief financial officer now owns 112,711 shares of the company’s stock, valued at $13,807,097.50. This represents a 1.31 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $124.40, for a total transaction of $746,400.00. Following the transaction, the executive vice president now directly owns 93,931 shares in the company, valued at $11,685,016.40. This trade represents a 6.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 36,255 shares of company stock worth $4,330,980 over the last quarter. Corporate insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

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

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.