Marvell Technology (NASDAQ:MRVL) Price Target Raised to $115.00 at The Goldman Sachs Group

Marvell Technology (NASDAQ:MRVL) had its target price hoisted by The Goldman Sachs Group from $87.00 to $115.00 in a research note published on Thursday,Benzinga reports. They currently have a buy rating on the semiconductor company’s stock.

Several other research analysts also recently issued reports on the company. Needham & Company LLC lifted their price objective on Marvell Technology from $95.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday. Barclays upped their price objective on Marvell Technology from $85.00 to $115.00 and gave the company an “overweight” rating in a research report on Wednesday. Susquehanna increased their price objective on Marvell Technology from $110.00 to $125.00 and gave the company a “positive” rating in a research note on Wednesday. KeyCorp upped their target price on shares of Marvell Technology from $95.00 to $125.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, StockNews.com upgraded shares of Marvell Technology from a “sell” rating to a “hold” rating in a report on Monday. Three investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $119.04.

Marvell Technology Stock Performance

MRVL opened at $113.37 on Thursday. Marvell Technology has a 1-year low of $50.35 and a 1-year high of $119.88. The stock has a market cap of $100.47 billion, a P/E ratio of -66.69, a P/E/G ratio of 4.15 and a beta of 1.46. The stock’s 50 day simple moving average is $85.24 and its 200 day simple moving average is $75.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were paid a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, October 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.21%. Marvell Technology’s dividend payout ratio is presently -14.12%.

Insider Activity at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $89.14, for a total value of $133,710.00. Following the completion of the sale, the chief financial officer now directly owns 114,211 shares of the company’s stock, valued at $10,180,768.54. The trade was a 1.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Ford Tamer sold 92,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $74.16, for a total value of $6,822,720.00. Following the transaction, the director now directly owns 351,193 shares in the company, valued at approximately $26,044,472.88. This represents a 20.76 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 267,000 shares of company stock valued at $20,899,260. Insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. State Street Corp boosted its position in Marvell Technology by 0.3% during the 3rd quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company’s stock valued at $1,438,336,000 after purchasing an additional 68,893 shares during the period. Ameriprise Financial Inc. lifted its stake in Marvell Technology by 24.1% in the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after buying an additional 2,254,610 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Marvell Technology by 2.0% during the third quarter. Geode Capital Management LLC now owns 11,388,139 shares of the semiconductor company’s stock valued at $818,916,000 after acquiring an additional 219,692 shares during the period. Wellington Management Group LLP grew its position in shares of Marvell Technology by 4.3% during the third quarter. Wellington Management Group LLP now owns 8,694,320 shares of the semiconductor company’s stock worth $627,034,000 after acquiring an additional 359,005 shares during the last quarter. Finally, Van ECK Associates Corp increased its holdings in shares of Marvell Technology by 26.6% in the 3rd quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock worth $538,868,000 after acquiring an additional 1,570,050 shares during the period. 83.51% of the stock is currently owned by 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.