Evercore ISI Increases Marvell Technology (NASDAQ:MRVL) Price Target to $122.00

Marvell Technology (NASDAQ:MRVL) had its target price hoisted by Evercore ISI from $98.00 to $122.00 in a research note released on Monday morning, Marketbeat reports. The brokerage currently has an outperform rating on the semiconductor company’s stock.

MRVL has been the topic of a number of other reports. Morgan Stanley upped their price objective on Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. Rosenblatt Securities raised their price target on shares of Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Roth Mkm reissued a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Benchmark raised their target price on shares of Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Finally, The Goldman Sachs Group lifted their price target on shares of Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. Based on data from MarketBeat, Marvell Technology presently has an average rating of “Moderate Buy” and an average target price of $117.92.

Marvell Technology Price Performance

Marvell Technology stock opened at $118.15 on Monday. The company has a market capitalization of $104.70 billion, a price-to-earnings ratio of -106.44, a PEG ratio of 4.19 and a beta of 1.46. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. Marvell Technology has a 12 month low of $50.35 and a 12 month high of $119.88. The stock’s 50 day moving average is $84.44 and its 200-day moving average is $75.04.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.20%. The ex-dividend date of this dividend was Friday, October 11th. Marvell Technology’s payout ratio is -21.62%.

Insider Buying and Selling

In other news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $73.87, for a total transaction of $110,805.00. Following the completion of the transaction, the chief financial officer now owns 111,753 shares of the company’s stock, valued at approximately $8,255,194.11. This trade represents a 1.32 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Muhammad Raghib Hussain sold 150,000 shares of the stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total value of $12,075,000.00. Following the completion of the sale, the insider now owns 694,487 shares of the company’s stock, valued at $55,906,203.50. The trade was a 17.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 267,000 shares of company stock worth $20,899,260 in the last 90 days. Insiders own 0.33% of the company’s stock.

Institutional Trading of Marvell Technology

Institutional investors have recently bought and sold shares of the company. State Street Corp grew its position in shares of Marvell Technology by 0.3% during the 3rd quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company’s stock worth $1,438,336,000 after buying an additional 68,893 shares during the period. Ameriprise Financial Inc. grew its holdings in Marvell Technology by 24.1% in the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock worth $812,509,000 after purchasing an additional 2,254,610 shares during the period. Geode Capital Management LLC increased its stake in Marvell Technology by 2.0% in the third quarter. Geode Capital Management LLC now owns 11,388,139 shares of the semiconductor company’s stock valued at $818,916,000 after purchasing an additional 219,692 shares in the last quarter. Wellington Management Group LLP increased its stake in Marvell Technology by 4.3% in the third quarter. Wellington Management Group LLP now owns 8,694,320 shares of the semiconductor company’s stock valued at $627,034,000 after purchasing an additional 359,005 shares in the last quarter. Finally, Van ECK Associates Corp raised its holdings in shares of Marvell Technology by 26.6% during the third quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock valued at $538,868,000 after purchasing an additional 1,570,050 shares during the period. 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.