Marvell Technology (NASDAQ:MRVL) Price Target Raised to $130.00 at Wells Fargo & Company

Marvell Technology (NASDAQ:MRVL) had its target price boosted by analysts at Wells Fargo & Company from $110.00 to $130.00 in a research report issued to clients and investors on Wednesday,Briefing.com Automated Import reports. The brokerage presently has an “overweight” rating on the semiconductor company’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 18.78% from the company’s previous close.

Other analysts have also issued reports about the company. Craig Hallum increased their price objective on Marvell Technology from $88.00 to $132.00 and gave the stock a “buy” rating in a report on Wednesday. Susquehanna raised their price objective on shares of Marvell Technology from $110.00 to $125.00 and gave the company a “positive” rating in a research report on Wednesday. Rosenblatt Securities increased their price target on shares of Marvell Technology from $120.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday. Benchmark reaffirmed a “buy” rating and issued a $135.00 price objective (up previously from $115.00) on shares of Marvell Technology in a research note on Wednesday. Finally, UBS Group raised their target price on Marvell Technology from $110.00 to $115.00 and gave the company a “buy” rating in a report on Wednesday. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $117.92.

Marvell Technology Stock Performance

Shares of MRVL opened at $109.45 on Wednesday. Marvell Technology has a 52 week low of $50.35 and a 52 week high of $109.45. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. The company has a market capitalization of $96.99 billion, a PE ratio of -86.41, a PEG ratio of 4.19 and a beta of 1.46. The company’s 50 day moving average price is $83.50 and its 200 day moving average price is $74.73.

Insider Activity

In other news, insider Muhammad Raghib Hussain sold 150,000 shares of Marvell Technology stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the completion of the sale, the insider now owns 694,487 shares in the company, valued at $55,906,203.50. The trade was a 17.76 % decrease in their position. 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 shares were sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the completion of the transaction, the director now owns 351,193 shares in the company, valued at $26,044,472.88. This represents a 20.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 267,000 shares of company stock worth $20,899,260. 0.33% of the stock is owned by corporate insiders.

Institutional Trading of Marvell Technology

Several institutional investors and hedge funds have recently made changes to their positions in the business. Citizens Financial Group Inc. RI increased its holdings in Marvell Technology by 1.5% in the third quarter. Citizens Financial Group Inc. RI now owns 7,842 shares of the semiconductor company’s stock valued at $566,000 after purchasing an additional 116 shares during the last quarter. Crumly & Associates Inc. raised its position in shares of Marvell Technology by 1.5% in the 3rd quarter. Crumly & Associates Inc. now owns 8,223 shares of the semiconductor company’s stock valued at $593,000 after acquiring an additional 121 shares during the period. United Capital Management of KS Inc. boosted its stake in Marvell Technology by 0.4% during the 3rd quarter. United Capital Management of KS Inc. now owns 34,251 shares of the semiconductor company’s stock worth $2,470,000 after acquiring an additional 131 shares during the last quarter. Tlwm grew its holdings in Marvell Technology by 1.6% during the second quarter. Tlwm now owns 8,598 shares of the semiconductor company’s stock valued at $601,000 after purchasing an additional 136 shares during the period. Finally, Integrated Wealth Concepts LLC increased its stake in Marvell Technology by 1.4% in the third quarter. Integrated Wealth Concepts LLC now owns 9,931 shares of the semiconductor company’s stock valued at $716,000 after purchasing an additional 139 shares in the last quarter. 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.