Evercore ISI Forecasts Strong Price Appreciation for Marvell Technology (NASDAQ:MRVL) Stock

Marvell Technology (NASDAQ:MRVL) had its target price boosted by Evercore ISI from $98.00 to $122.00 in a report released on Monday morning,Benzinga reports. Evercore ISI currently has an outperform rating on the semiconductor company’s stock.

Several other brokerages have also recently commented on MRVL. TD Cowen raised shares of Marvell Technology to a “strong-buy” rating in a report on Monday, September 16th. Oppenheimer increased their target price on Marvell Technology from $90.00 to $110.00 and gave the stock an “outperform” rating in a report on Tuesday, November 26th. Rosenblatt Securities boosted their price target on Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Piper Sandler reiterated an “overweight” rating and set a $100.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. Finally, Susquehanna boosted their target price on shares of Marvell Technology from $95.00 to $110.00 and gave the company a “positive” rating in a research report on Wednesday, November 27th. Three research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $96.43.

Marvell Technology Trading Up 4.5 %

MRVL stock opened at $96.86 on Monday. Marvell Technology has a 52 week low of $50.35 and a 52 week high of $97.63. The company has a market capitalization of $85.84 billion, a PE ratio of -87.26, a price-to-earnings-growth ratio of 4.03 and a beta of 1.44. The company’s 50-day simple moving average is $82.50 and its 200 day simple moving average is $74.40. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79.

Marvell Technology Dividend Announcement

The firm also recently declared 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. This represents a $0.24 annualized dividend and a dividend yield of 0.25%. The ex-dividend date was Friday, October 11th. Marvell Technology’s payout ratio is currently -21.62%.

Insider Transactions at Marvell Technology

In related news, Director Ford Tamer sold 92,000 shares of Marvell Technology 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 of the company’s stock, valued at $26,044,472.88. The trade was a 20.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of the stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $89.14, for a total transaction of $534,840.00. Following the sale, the executive vice president now directly owns 103,244 shares of the company’s stock, valued at $9,203,170.16. This represents a 5.49 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 267,000 shares of company stock worth $20,899,260. Company insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

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

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.