Marvell Technology (NASDAQ:MRVL) Given New $112.00 Price Target at Citigroup

Marvell Technology (NASDAQ:MRVL) had its target price raised by analysts at Citigroup from $91.00 to $112.00 in a research note issued to investors on Wednesday,Briefing.com Automated Import reports. The firm currently has a “buy” rating on the semiconductor company’s stock. Citigroup’s target price would suggest a potential upside of 2.33% from the stock’s current price.

Other equities research analysts also recently issued research reports about the stock. The Goldman Sachs Group lifted their price target on shares of Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Cantor Fitzgerald lifted their target price on Marvell Technology from $120.00 to $135.00 and gave the stock an “overweight” rating in a research report on Wednesday. Needham & Company LLC boosted their price target on Marvell Technology from $95.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday. Susquehanna raised their price objective on Marvell Technology from $110.00 to $125.00 and gave the company a “positive” rating in a research note on Wednesday. Finally, Evercore ISI upped their target price on Marvell Technology from $98.00 to $122.00 and gave the company an “outperform” rating in a research report on Monday. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to data from MarketBeat, Marvell Technology has a consensus rating of “Moderate Buy” and a consensus price target of $117.92.

Marvell Technology Stock Performance

Marvell Technology stock opened at $109.45 on Wednesday. The firm has a market capitalization of $96.99 billion, a PE ratio of -86.41, a price-to-earnings-growth ratio of 4.19 and a beta of 1.46. Marvell Technology has a one year low of $50.35 and a one year high of $109.45. The stock’s 50 day moving average price is $83.50 and its 200 day moving average price is $74.73. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79.

Insider Buying and Selling

In other news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $89.14, for a total value of $133,710.00. Following the sale, the chief financial officer now owns 114,211 shares of the company’s stock, valued at approximately $10,180,768.54. The trade was a 1.30 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew J. Murphy sold 6,000 shares of the firm’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $73.29, for a total value of $439,740.00. Following the transaction, the chief executive officer now directly owns 208,915 shares of the company’s stock, valued at $15,311,380.35. This represents a 2.79 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 267,000 shares of company stock valued at $20,899,260 in the last three months. 0.33% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Marvell Technology

Several large investors have recently made changes to their positions in MRVL. True Wealth Design LLC raised its position in shares of Marvell Technology by 1,481.8% during the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 326 shares during the period. Quarry LP purchased a new stake in Marvell Technology during the second quarter valued at about $32,000. Strategic Investment Solutions Inc. IL purchased a new stake in Marvell Technology during the second quarter valued at about $32,000. Whittier Trust Co. boosted its holdings in shares of Marvell Technology by 74.5% in the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock worth $35,000 after buying an additional 210 shares during the period. Finally, Goodman Advisory Group LLC acquired a new stake in shares of Marvell Technology during the third quarter valued at approximately $37,000. 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.