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

Marvell Technology (NASDAQ:MRVL) had its price target lowered by analysts at Bank of America from $120.00 to $72.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. Bank of America‘s target price suggests a potential upside of 39.26% from the company’s current price.

Several other analysts also recently commented on the company. StockNews.com raised Marvell Technology from a “sell” rating to a “hold” rating in a research note on Thursday, January 9th. Melius Research raised Marvell Technology to a “strong-buy” rating in a report on Monday, January 27th. Roth Capital set a $100.00 price objective on shares of Marvell Technology in a research note on Thursday, March 6th. The Goldman Sachs Group raised their target price on shares of Marvell Technology from $115.00 to $131.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Finally, KeyCorp dropped their price target on shares of Marvell Technology from $135.00 to $115.00 and set an “overweight” rating on the stock in a research note on Thursday, March 6th. Three 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 data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $116.41.

Marvell Technology Trading Down 0.4 %

Shares of Marvell Technology stock opened at $51.70 on Wednesday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. The company has a market capitalization of $44.78 billion, a P/E ratio of -30.41, a PEG ratio of 1.61 and a beta of 1.78. Marvell Technology has a 1 year low of $47.09 and a 1 year high of $127.48. The company’s fifty day moving average is $74.86 and its two-hundred day moving average is $91.36.

Insider Activity at Marvell Technology

In other Marvell Technology news, COO Chris Koopmans sold 6,000 shares of the company’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $106.35, for a total value of $638,100.00. Following the transaction, the chief operating officer now directly owns 87,931 shares in the company, valued at approximately $9,351,461.85. This represents a 6.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $68.83, for a total transaction of $103,245.00. Following the completion of the transaction, the chief financial officer now directly owns 113,592 shares of the company’s stock, valued at approximately $7,818,537.36. This represents a 1.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,930 shares of company stock valued at $1,999,038 over the last quarter. Insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in MRVL. Zweig DiMenna Associates LLC grew its holdings in Marvell Technology by 6.3% in the 4th quarter. Zweig DiMenna Associates LLC now owns 213,521 shares of the semiconductor company’s stock valued at $23,583,000 after buying an additional 12,700 shares during the period. Berbice Capital Management LLC purchased a new position in shares of Marvell Technology in the 4th quarter valued at $637,000. RFG Advisory LLC raised its position in Marvell Technology by 6.2% in the fourth quarter. RFG Advisory LLC now owns 42,621 shares of the semiconductor company’s stock valued at $4,708,000 after purchasing an additional 2,507 shares during the period. Franchise Capital Ltd acquired a new stake in shares of Marvell Technology in the fourth quarter valued at about $1,476,000. Finally, United Asset Strategies Inc. lifted its position in Marvell Technology by 7.1% during the 4th quarter. United Asset Strategies Inc. now owns 219,888 shares of the semiconductor company’s stock worth $24,287,000 after acquiring an additional 14,547 shares in the last quarter. Hedge funds and other institutional investors 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.