Citigroup Cuts Marvell Technology (NASDAQ:MRVL) Price Target to $96.00

Marvell Technology (NASDAQ:MRVL) had its price objective decreased by Citigroup from $122.00 to $96.00 in a research note issued to investors on Friday morning,Benzinga reports. Citigroup currently has a buy rating on the semiconductor company’s stock.

Several other equities analysts also recently weighed in on MRVL. Melius Research raised shares of Marvell Technology to a “strong-buy” rating in a research note on Monday, January 27th. Piper Sandler decreased their target price on shares of Marvell Technology from $120.00 to $95.00 and set an “overweight” rating on the stock in a research note on Thursday, March 6th. Benchmark restated a “buy” rating and issued a $135.00 price target on shares of Marvell Technology in a research report on Thursday, March 6th. Melius initiated coverage on Marvell Technology in a research note on Monday, January 27th. They set a “buy” rating and a $188.00 price objective on the stock. Finally, The Goldman Sachs Group boosted their price target on shares of Marvell Technology from $115.00 to $131.00 and gave the company a “buy” rating in a research report on Friday, January 10th. Three equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $119.48.

Marvell Technology Stock Up 1.0 %

NASDAQ MRVL opened at $53.39 on Friday. The business has a fifty day moving average price of $79.86 and a 200 day moving average price of $92.18. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. The company has a market cap of $46.24 billion, a P/E ratio of -31.41, a P/E/G ratio of 1.61 and a beta of 1.78. Marvell Technology has a one year low of $47.09 and a one year high of $127.48.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Friday, April 11th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.45%. The ex-dividend date of this dividend is Friday, April 11th. Marvell Technology’s payout ratio is currently -23.53%.

Insiders Place Their Bets

In related news, CAO Panteha Dixon sold 1,430 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $68.75, for a total transaction of $98,312.50. Following the sale, the chief accounting officer now directly owns 31,100 shares in the company, valued at approximately $2,138,125. This represents a 4.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $68.83, for a total transaction of $103,245.00. Following the completion of the transaction, the chief financial officer now owns 113,592 shares of the company’s stock, valued at $7,818,537.36. This represents a 1.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 30,185 shares of company stock worth $3,131,018 in the last ninety days. 0.33% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Marvell Technology

Large investors have recently modified their holdings of the company. Norges Bank purchased a new position in Marvell Technology in the fourth quarter valued at $1,138,354,000. GQG Partners LLC acquired a new position in shares of Marvell Technology during the 4th quarter worth about $802,410,000. Nuveen Asset Management LLC increased its holdings in shares of Marvell Technology by 232.2% in the 4th quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company’s stock valued at $1,033,859,000 after acquiring an additional 6,543,132 shares during the last quarter. Wellington Management Group LLP raised 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 worth $1,374,252,000 after acquiring an additional 3,747,982 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in Marvell Technology by 30.1% during the fourth quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock worth $1,784,649,000 after purchasing an additional 3,737,705 shares during the last quarter. 83.51% of the stock is owned by hedge funds and other 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.