Marvell Technology (NASDAQ:MRVL) Price Target Cut to $130.00 by Analysts at Barclays

Marvell Technology (NASDAQ:MRVL) had its price objective reduced by analysts at Barclays from $150.00 to $130.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the semiconductor company’s stock. Barclays‘s price target points to a potential upside of 78.97% from the company’s previous close.

A number of other brokerages have also issued reports on MRVL. Loop Capital raised shares of Marvell Technology from a “hold” rating to a “buy” rating and set a $110.00 price target on the stock in a report on Thursday. Summit Insights lowered shares of Marvell Technology from a “buy” rating to a “hold” rating in a research note on Thursday. JPMorgan Chase & Co. lifted 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, December 4th. Evercore ISI lifted their target price on shares of Marvell Technology from $98.00 to $122.00 and gave the company an “outperform” rating in a research note on Monday, December 2nd. Finally, The Goldman Sachs Group lifted their target price on shares of Marvell Technology from $115.00 to $131.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Three investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Marvell Technology presently has an average rating of “Moderate Buy” and an average price target of $122.88.

Marvell Technology Price Performance

Shares of Marvell Technology stock opened at $72.64 on Thursday. The firm has a market cap of $62.85 billion, a PE ratio of -42.79, a price-to-earnings-growth ratio of 1.61 and a beta of 1.40. Marvell Technology has a 12-month low of $53.19 and a 12-month high of $127.48. 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’s fifty day simple moving average is $110.00 and its two-hundred day simple moving average is $93.82.

Insiders Place Their Bets

In other news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $122.50, for a total transaction of $183,750.00. Following the completion of the transaction, the chief financial officer now directly owns 112,711 shares of the company’s stock, valued at $13,807,097.50. The trade was a 1.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Chris Koopmans sold 6,000 shares of the business’s stock in a transaction that occurred on 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 of the company’s stock, valued at $9,351,461.85. The trade was a 6.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 36,255 shares of company stock valued at $4,330,980. Insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in MRVL. True Wealth Design LLC raised its holdings 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 valued at $25,000 after purchasing an additional 326 shares during the last quarter. ORG Partners LLC raised its holdings in shares of Marvell Technology by 175.3% during the fourth quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 149 shares during the last quarter. Centricity Wealth Management LLC purchased a new position in shares of Marvell Technology during the fourth quarter valued at approximately $26,000. Rialto Wealth Management LLC purchased a new position in shares of Marvell Technology during the fourth quarter valued at approximately $27,000. Finally, Kieckhefer Group LLC purchased a new position in shares of Marvell Technology during the fourth quarter valued at approximately $33,000. 83.51% of the stock is owned by hedge funds and other institutional investors.

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.