Benchmark Has Lowered Expectations for Marvell Technology (NASDAQ:MRVL) Stock Price

Marvell Technology (NASDAQ:MRVL - Get Free Report) had its price target cut by investment analysts at Benchmark from $135.00 to $95.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the semiconductor company's stock. Benchmark's price objective indicates a potential upside of 71.61% from the company's current price.

Other equities analysts have also recently issued research reports about the stock. Bank of America reduced their price target on shares of Marvell Technology from $120.00 to $72.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Rosenblatt Securities reiterated a "buy" rating and issued a $140.00 price target on shares of Marvell Technology in a report on Thursday, March 6th. Melius Research upgraded Marvell Technology to a "strong-buy" rating in a research note on Monday, January 27th. Piper Sandler lowered their target price on shares of Marvell Technology from $120.00 to $95.00 and set an "overweight" rating for the company in a research note on Thursday, March 6th. Finally, Melius began coverage on shares of Marvell Technology in a research report on Monday, January 27th. They issued a "buy" rating and a $188.00 price target on the stock. Four research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $110.30.

Marvell Technology Stock Down 9.6 %

MRVL traded down $5.86 during trading on Wednesday, hitting $55.36. The company had a trading volume of 30,207,801 shares, compared to its average volume of 13,776,219. Marvell Technology has a 1-year low of $47.09 and a 1-year 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. The company has a market cap of $47.82 billion, a PE ratio of -32.71, a P/E/G ratio of 1.61 and a beta of 1.83. The business has a 50-day moving average of $63.04 and a 200-day moving average of $89.85.

Insider Activity at Marvell Technology

In other Marvell Technology news, EVP Mark Casper sold 12,460 shares of the stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total transaction of $685,300.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the business's stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $60.00, for a total value of $90,000.00. Following the completion of the sale, the chief financial officer now directly owns 124,348 shares in the company, valued at $7,460,880. This represents a 1.19 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 28,890 shares of company stock worth $2,027,938 over the last quarter. 0.33% of the stock is currently owned by company insiders.

Institutional Trading of Marvell Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in MRVL. Eagle Bluffs Wealth Management LLC bought a new stake in Marvell Technology during the first quarter worth approximately $2,612,000. University of Texas Texas AM Investment Management Co. bought a new stake in shares of Marvell Technology during the 1st quarter worth $881,000. Richards Merrill & Peterson Inc. grew its holdings in shares of Marvell Technology by 77.2% in the 1st quarter. Richards Merrill & Peterson Inc. now owns 3,467 shares of the semiconductor company's stock worth $213,000 after acquiring an additional 1,510 shares during the last quarter. Bellwether Advisors LLC raised its position in shares of Marvell Technology by 205.9% during the first quarter. Bellwether Advisors LLC now owns 120,564 shares of the semiconductor company's stock worth $7,423,000 after purchasing an additional 81,150 shares during the period. Finally, TCW Group Inc. lifted its holdings in shares of Marvell Technology by 7.1% during the first quarter. TCW Group Inc. now owns 583,856 shares of the semiconductor company's stock valued at $35,948,000 after purchasing an additional 38,452 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors.

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.

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