Bank of America Issues Pessimistic Forecast for Marvell Technology (NASDAQ:MRVL) Stock Price

Marvell Technology (NASDAQ:MRVL) had its price target dropped by analysts at Bank of America from $120.00 to $72.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the semiconductor company’s stock. Bank of America‘s price objective points to a potential upside of 35.03% from the company’s previous close.

MRVL has been the topic of several other reports. Roth Capital set a $100.00 price objective on shares of Marvell Technology in a report on Thursday, March 6th. Benchmark reiterated a “buy” rating and issued a $135.00 price target on shares of Marvell Technology in a report on Thursday, March 6th. TD Cowen decreased their price objective on Marvell Technology from $125.00 to $95.00 and set a “buy” rating for the company in a research note on Thursday, March 6th. Craig Hallum raised their price objective on Marvell Technology from $132.00 to $149.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Finally, Stifel Nicolaus reduced their target price on shares of Marvell Technology from $130.00 to $115.00 and set a “buy” rating for the company in a report on Thursday, March 6th. Three investment 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’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $117.70.

Marvell Technology Stock Up 2.0 %

Shares of Marvell Technology stock opened at $53.32 on Wednesday. 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 stock has a market cap of $46.18 billion, a price-to-earnings ratio of -31.36, a PEG ratio of 1.61 and a beta of 1.78. The firm’s 50-day moving average is $77.26 and its two-hundred day moving average is $91.78. Marvell Technology has a 1 year low of $47.09 and a 1 year high of $127.48.

Insider Transactions at Marvell Technology

In other Marvell Technology news, COO Chris Koopmans sold 6,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $106.35, for a total value of $638,100.00. Following the sale, the chief operating officer now owns 87,931 shares in the company, valued at approximately $9,351,461.85. This represents a 6.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Mark Casper sold 7,755 shares of the firm’s stock in a transaction that occurred on Friday, January 17th. The stock was 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 28,685 shares of company stock worth $2,953,523 over the last 90 days. 0.33% of the stock is currently owned by company insiders.

Institutional Trading of Marvell Technology

A number of hedge funds have recently added to or reduced their stakes in the company. M&T Bank Corp boosted its stake in shares of Marvell Technology by 0.5% during the 3rd quarter. M&T Bank Corp now owns 87,005 shares of the semiconductor company’s stock worth $6,275,000 after acquiring an additional 448 shares in the last quarter. Pine Valley Investments Ltd Liability Co grew its holdings in Marvell Technology by 8.0% in the third quarter. Pine Valley Investments Ltd Liability Co now owns 23,799 shares of the semiconductor company’s stock valued at $1,716,000 after purchasing an additional 1,773 shares during the period. World Investment Advisors LLC grew its holdings in Marvell Technology by 1.4% in the third quarter. World Investment Advisors LLC now owns 40,366 shares of the semiconductor company’s stock valued at $2,911,000 after purchasing an additional 560 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in shares of Marvell Technology in the third quarter valued at approximately $3,432,000. Finally, Synovus Financial Corp raised its stake in shares of Marvell Technology by 60.5% during the 3rd quarter. Synovus Financial Corp now owns 6,489 shares of the semiconductor company’s stock worth $468,000 after buying an additional 2,445 shares during the period. 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.