Marvell Technology (NASDAQ:MRVL) Given New $115.00 Price Target at KeyCorp

Marvell Technology (NASDAQ:MRVL) had its price objective dropped by KeyCorp from $135.00 to $115.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the semiconductor company’s stock. KeyCorp’s price target would indicate a potential upside of 27.58% from the company’s current price.

MRVL has been the topic of a number of other reports. William Blair upgraded shares of Marvell Technology to a “strong-buy” rating in a research note on Wednesday, February 5th. Citigroup increased their price objective on shares of Marvell Technology from $91.00 to $112.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Stifel Nicolaus increased their target price on shares of Marvell Technology from $125.00 to $130.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Benchmark reissued a “buy” rating and set a $135.00 target price on shares of Marvell Technology in a research report on Thursday. Finally, Needham & Company LLC decreased their target price on shares of Marvell Technology from $120.00 to $100.00 and set a “buy” rating for the company in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $123.68.

Marvell Technology Price Performance

NASDAQ MRVL opened at $90.14 on Thursday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. The firm’s 50 day moving average price is $110.52 and its 200-day moving average price is $93.84. Marvell Technology has a 52-week low of $53.19 and a 52-week high of $127.48. The company has a market cap of $78.00 billion, a PE ratio of -53.02, a P/E/G ratio of 1.61 and a beta of 1.40.

Insider Transactions at Marvell Technology

In related news, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $122.50, for a total transaction of $735,000.00. Following the sale, the executive vice president now owns 97,244 shares in the company, valued at approximately $11,912,390. This trade represents a 5.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Mark Casper sold 7,755 shares of the firm’s stock in a transaction on Friday, January 17th. The shares were sold at an average price of $123.08, for a total transaction of $954,485.40. The disclosure for this sale can be found here. Insiders have sold 36,255 shares of company stock worth $4,330,980 over the last 90 days. 0.33% of the stock is currently owned by company insiders.

Institutional Trading of Marvell Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MRVL. Norges Bank acquired a new stake in Marvell Technology during the fourth quarter valued at $1,138,354,000. GQG Partners LLC acquired a new stake in shares of Marvell Technology in the fourth quarter valued at about $802,410,000. Nuveen Asset Management LLC grew its position 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 purchasing an additional 6,543,132 shares during the period. Wellington Management Group LLP grew its position in shares of Marvell Technology by 43.1% in the fourth quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock valued at $1,374,252,000 after purchasing an additional 3,747,982 shares during the period. Finally, Invesco Ltd. grew its position in shares of Marvell Technology by 30.1% in the fourth quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock valued at $1,784,649,000 after purchasing an additional 3,737,705 shares during the period. Institutional investors and hedge funds own 83.51% of the company’s stock.

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.