Benchmark Cuts Marvell Technology (NASDAQ:MRVL) Price Target to $95.00

Marvell Technology (NASDAQ:MRVL) had its price target dropped by Benchmark from $135.00 to $95.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the semiconductor company’s stock. Benchmark’s price objective would indicate a potential upside of 64.84% from the company’s previous close.

A number of other equities analysts have also recently commented on MRVL. KeyCorp lowered their target price on Marvell Technology from $135.00 to $115.00 and set an “overweight” rating for the company in a report on Thursday, March 6th. Melius Research raised Marvell Technology to a “strong-buy” rating in a report on Monday, January 27th. Needham & Company LLC reduced their target price on Marvell Technology from $120.00 to $100.00 and set a “buy” rating for the company in a report on Thursday, March 6th. Barclays dropped their price objective on shares of Marvell Technology from $130.00 to $80.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. Finally, Wells Fargo & Company reiterated an “overweight” rating on shares of Marvell Technology in a research report on Thursday, March 6th. Four analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $110.30.

Marvell Technology Stock Performance

MRVL opened at $57.63 on Wednesday. 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 company has a market cap of $49.78 billion, a price-to-earnings ratio of -33.90, a PEG ratio of 1.61 and a beta of 1.83. The firm’s fifty day simple moving average is $61.76 and its two-hundred day simple moving average is $89.46. Marvell Technology has a 52-week low of $47.09 and a 52-week high of $127.48.

Insider Activity at Marvell Technology

In related news, EVP Mark Casper sold 12,460 shares of the stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total value of $685,300.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $60.00, for a total value of $90,000.00. Following the sale, the chief financial officer now directly owns 124,348 shares of the company’s stock, valued at $7,460,880. The trade was a 1.19 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 28,890 shares of company stock worth $2,027,938 in the last quarter. 0.33% of the stock is owned by company insiders.

Hedge Funds Weigh In On Marvell Technology

A number of institutional investors have recently made changes to their positions in MRVL. Norges Bank bought a new position in Marvell Technology during the fourth quarter valued at about $1,138,354,000. GQG Partners LLC acquired a new stake in Marvell Technology during the 4th quarter valued at $802,410,000. Nuveen Asset Management LLC raised its holdings in shares of Marvell Technology by 232.2% in the fourth quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company’s stock valued at $1,033,859,000 after buying an additional 6,543,132 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Marvell Technology by 43.1% during the fourth quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock worth $1,374,252,000 after purchasing an additional 3,747,982 shares in the last quarter. Finally, Invesco Ltd. boosted its position in Marvell Technology by 30.1% in the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock valued at $1,784,649,000 after buying an additional 3,737,705 shares during the last quarter. 83.51% of the stock is currently owned by 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.