Marvell Technology (NASDAQ:MRVL) Price Target Cut to $72.00 by Analysts at Bank of America

Marvell Technology (NASDAQ:MRVL - Free Report) had its price target cut by Bank of America from $120.00 to $72.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a buy rating on the semiconductor company's stock.

Several other brokerages also recently commented on MRVL. Rosenblatt Securities reissued a "buy" rating and set a $140.00 target price on shares of Marvell Technology in a research note on Thursday, March 6th. Morgan Stanley decreased their target price on shares of Marvell Technology from $113.00 to $90.00 and set an "equal weight" rating on the stock in a research note on Thursday, March 6th. Roth Capital set a $100.00 price target on Marvell Technology in a research note on Thursday, March 6th. Summit Insights lowered Marvell Technology from a "buy" rating to a "hold" rating in a research report on Thursday, March 6th. Finally, KeyCorp dropped their price target on shares of Marvell Technology from $135.00 to $115.00 and set an "overweight" rating for the company in a research note on Thursday, March 6th. Three research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $116.41.

Marvell Technology Price Performance

MRVL traded down $0.23 during trading on Wednesday, hitting $51.70. 12,265,764 shares of the stock traded hands, compared to its average volume of 13,506,023. The business has a 50 day moving average price of $73.72 and a 200 day moving average price of $91.37. The company has a market cap of $44.78 billion, a price-to-earnings ratio of -30.41, a PEG ratio of 1.61 and a beta of 1.78. Marvell Technology has a twelve month low of $47.09 and a twelve month high of $127.48. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.46%. The ex-dividend date is Friday, April 11th. Marvell Technology's dividend payout ratio (DPR) is -23.53%.

Insider Transactions at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $68.83, for a total value of $103,245.00. Following the completion of the sale, the chief financial officer now directly owns 113,592 shares of the company's stock, valued at approximately $7,818,537.36. This represents a 1.30 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $124.40, for a total transaction of $746,400.00. Following the transaction, the executive vice president now directly owns 93,931 shares in the company, valued at $11,685,016.40. This represents a 6.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,930 shares of company stock valued at $1,999,038 over the last three months. Corporate insiders own 0.33% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Invesco Ltd. grew its position in Marvell Technology by 30.1% during the fourth quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company's stock valued at $1,784,649,000 after buying an additional 3,737,705 shares during the period. Janus Henderson Group PLC grew its position in shares of Marvell Technology by 6.9% during the 4th quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company's stock valued at $1,462,274,000 after acquiring an additional 857,087 shares during the period. Wellington Management Group LLP grew its position in shares of Marvell Technology by 43.1% during the 4th quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company's stock valued at $1,374,252,000 after acquiring an additional 3,747,982 shares during the period. Geode Capital Management LLC raised its holdings in shares of 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 purchasing an additional 80,005 shares during the period. Finally, Norges Bank purchased a new position in Marvell Technology in the fourth quarter valued at approximately $1,138,354,000. 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.