KeyCorp Lowers Marvell Technology (NASDAQ:MRVL) Price Target to $115.00

Marvell Technology (NASDAQ:MRVL) had its price target cut by investment analysts at KeyCorp from $135.00 to $115.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the semiconductor company’s stock. KeyCorp’s target price points to a potential upside of 27.58% from the stock’s previous close.

Several other equities research analysts have also recently issued reports on the stock. Piper Sandler restated an “overweight” rating and issued a $120.00 target price (up previously from $100.00) on shares of Marvell Technology in a report on Wednesday, December 4th. Wells Fargo & Company raised their target price on shares of Marvell Technology from $130.00 to $140.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. Loop Capital upgraded shares of Marvell Technology from a “hold” rating to a “buy” rating and set a $110.00 price target on the stock in a research note on Thursday. Summit Insights cut shares of Marvell Technology from a “buy” rating to a “hold” rating in a research note on Thursday. Finally, UBS Group lifted their price target on shares of Marvell Technology from $110.00 to $115.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Three equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Marvell Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $123.68.

Marvell Technology Trading Up 2.0 %

Shares of MRVL stock opened at $90.14 on Thursday. Marvell Technology has a 12-month low of $53.19 and a 12-month high of $127.48. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. The firm’s 50 day moving average is $110.52 and its 200 day moving average is $93.84. The stock has a market capitalization of $78.00 billion, a P/E ratio of -53.02, a P/E/G ratio of 1.61 and a beta of 1.40.

Insider Activity at Marvell Technology

In related 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 transaction 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $122.50, for a total transaction of $183,750.00. Following the transaction, the chief financial officer now owns 112,711 shares in the company, valued at $13,807,097.50. The trade was a 1.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 36,255 shares of company stock worth $4,330,980. Insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

Hedge funds have recently added to or reduced their stakes in the company. State Street Corp grew its stake in Marvell Technology by 0.3% in the 3rd quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company’s stock worth $1,438,336,000 after acquiring an additional 68,893 shares in the last quarter. Invesco Ltd. grew its stake in Marvell Technology by 30.1% in the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock worth $1,784,649,000 after acquiring an additional 3,737,705 shares in the last quarter. Janus Henderson Group PLC grew its stake in Marvell Technology by 6.9% in the 4th quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company’s stock worth $1,462,274,000 after acquiring an additional 857,087 shares in the last quarter. Wellington Management Group LLP grew its stake in Marvell Technology by 43.1% in the 4th quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock worth $1,374,252,000 after acquiring an additional 3,747,982 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in Marvell Technology by 0.7% in the 4th quarter. Geode Capital Management LLC now owns 11,468,144 shares of the semiconductor company’s stock worth $1,263,755,000 after acquiring an additional 80,005 shares in 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.