Marvell Technology (NASDAQ:MRVL) Stock Price Expected to Rise, Citigroup Analyst Says

Marvell Technology (NASDAQ:MRVL) had its price target lifted by Citigroup from $91.00 to $112.00 in a research note issued to investors on Wednesday,Briefing.com Automated Import reports. The firm presently has a “buy” rating on the semiconductor company’s stock. Citigroup’s price objective suggests a potential upside of 2.33% from the company’s previous close.

A number of other brokerages have also recently issued reports on MRVL. Craig Hallum upped their price objective on shares of Marvell Technology from $88.00 to $132.00 and gave the stock a “buy” rating in a report on Wednesday. JPMorgan Chase & Co. raised their target price on shares of Marvell Technology from $90.00 to $130.00 and gave the company an “overweight” rating in a research note on Wednesday. Susquehanna upped their price target on shares of Marvell Technology from $110.00 to $125.00 and gave the company a “positive” rating in a report on Wednesday. Rosenblatt Securities lifted their price objective on Marvell Technology from $120.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Bank of America raised their target price on Marvell Technology from $108.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday. Three equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. Based on data from MarketBeat.com, Marvell Technology currently has a consensus rating of “Moderate Buy” and an average price target of $117.92.

Marvell Technology Price Performance

Shares of NASDAQ:MRVL opened at $109.45 on Wednesday. The firm has a market cap of $96.99 billion, a price-to-earnings ratio of -86.41, a P/E/G 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 1 year low of $50.35 and a 1 year high of $109.45. The business has a fifty day simple moving average of $83.50 and a 200 day simple moving average of $74.73.

Insiders Place Their Bets

In other Marvell Technology news, CEO Matthew J. Murphy sold 6,000 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $73.29, for a total transaction of $439,740.00. Following the transaction, the chief executive officer now owns 208,915 shares of the company’s stock, valued at approximately $15,311,380.35. This represents a 2.79 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Monday, September 16th. The shares were sold at an average price of $73.87, for a total value of $110,805.00. Following the completion of the sale, the chief financial officer now directly owns 111,753 shares of the company’s stock, valued at $8,255,194.11. This trade represents a 1.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 267,000 shares of company stock valued at $20,899,260. 0.33% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Marvell Technology

Several hedge funds have recently added to or reduced their stakes in MRVL. Oddo BHF Asset Management Sas acquired a new stake in shares of Marvell Technology during the 3rd quarter worth approximately $10,944,000. Beaird Harris Wealth Management LLC boosted its stake in Marvell Technology by 2,313.8% in the third quarter. Beaird Harris Wealth Management LLC now owns 700 shares of the semiconductor company’s stock valued at $50,000 after acquiring an additional 671 shares during the last quarter. Peapack Gladstone Financial Corp boosted its stake in Marvell Technology by 27.3% in the third quarter. Peapack Gladstone Financial Corp now owns 23,312 shares of the semiconductor company’s stock valued at $1,681,000 after acquiring an additional 5,005 shares during the last quarter. Synovus Financial Corp grew its holdings in Marvell Technology by 60.5% during the 3rd quarter. Synovus Financial Corp now owns 6,489 shares of the semiconductor company’s stock worth $468,000 after acquiring an additional 2,445 shares during the period. Finally, Wilmington Savings Fund Society FSB bought a new stake in shares of Marvell Technology during the 3rd quarter valued at $3,432,000. 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.