Marvell Technology (NASDAQ:MRVL) Given New $122.00 Price Target at Citigroup

Marvell Technology (NASDAQ:MRVL) had its price objective lowered by equities researchers at Citigroup from $136.00 to $122.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the semiconductor company’s stock. Citigroup’s price target would suggest a potential upside of 63.56% from the stock’s current price.

Other equities research analysts have also issued reports about the stock. Stifel Nicolaus increased their target price on shares of Marvell Technology from $125.00 to $130.00 and gave the stock a “buy” rating in a report on Monday, January 6th. The Goldman Sachs Group increased their price objective on shares of Marvell Technology from $115.00 to $131.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Susquehanna lifted their target price on shares of Marvell Technology from $110.00 to $125.00 and gave the company a “positive” rating in a research note on Wednesday, December 4th. B. Riley increased their price target on Marvell Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Finally, StockNews.com raised Marvell Technology from a “sell” rating to a “hold” rating in a report on Thursday, January 9th. Three research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $123.28.

Marvell Technology Stock Performance

NASDAQ MRVL traded down $15.55 on Thursday, hitting $74.59. 16,240,457 shares of the company traded hands, compared to its average volume of 12,621,576. 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 business’s 50 day moving average price is $110.00 and its 200-day moving average price is $93.82. The company has a market capitalization of $64.54 billion, a price-to-earnings ratio of -43.84, a P/E/G ratio of 1.61 and a beta of 1.40. Marvell Technology has a 52-week low of $53.19 and a 52-week high of $127.48.

Insider Activity

In related news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $122.50, for a total transaction of $183,750.00. Following the completion of the sale, the chief financial officer now directly owns 112,711 shares of the company’s stock, valued at approximately $13,807,097.50. This trade represents a 1.31 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $122.50, for a total value of $735,000.00. Following the completion of the sale, the executive vice president now owns 97,244 shares in the company, valued at approximately $11,912,390. The trade was a 5.81 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 36,255 shares of company stock valued at $4,330,980. 0.33% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Centricity Wealth Management LLC purchased a new position in Marvell Technology during the 4th quarter worth $26,000. ORG Partners LLC increased its holdings in 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 buying an additional 149 shares during the period. Rialto Wealth Management LLC purchased a new stake in Marvell Technology during the fourth quarter worth $27,000. Kieckhefer Group LLC bought a new position in shares of Marvell Technology in the 4th quarter worth $33,000. Finally, Financial Life Planners purchased a new stake in shares of Marvell Technology during the fourth quarter valued at about $33,000. Hedge funds and other 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.