Marvell Technology (NASDAQ:MRVL) Given New $135.00 Price Target at B. Riley

Marvell Technology (NASDAQ:MRVL) had its price target raised by B. Riley from $105.00 to $135.00 in a report issued on Wednesday, Marketbeat.com reports. They currently have a buy rating on the semiconductor company’s stock.

A number of other brokerages also recently issued reports on MRVL. Barclays boosted their price target on Marvell Technology from $85.00 to $115.00 and gave the company an “overweight” rating in a report on Wednesday. Citigroup reissued a “buy” rating and issued a $91.00 price target on shares of Marvell Technology in a report on Monday, October 14th. Loop Capital began coverage on Marvell Technology in a research report on Monday, November 11th. They issued a “hold” rating and a $95.00 price objective for the company. Cantor Fitzgerald restated an “overweight” rating and issued a $85.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Finally, Rosenblatt Securities boosted their price objective on Marvell Technology from $120.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. Based on data from MarketBeat.com, Marvell Technology has an average rating of “Moderate Buy” and a consensus price target of $117.92.

Marvell Technology Trading Up 23.2 %

Shares of NASDAQ:MRVL opened at $118.15 on Wednesday. Marvell Technology has a 12-month low of $50.35 and a 12-month high of $119.88. The company has a market capitalization of $104.70 billion, a PE ratio of -106.44, a PEG ratio of 4.19 and a beta of 1.46. The business has a 50 day moving average of $84.44 and a two-hundred day moving average of $75.04. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28.

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 $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.20%. The ex-dividend date was Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -21.62%.

Insider Activity

In other news, Director Ford Tamer sold 92,000 shares of the company’s stock in a transaction 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 owns 351,193 shares of the company’s stock, valued at $26,044,472.88. This represents a 20.76 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Matthew J. Murphy sold 6,000 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $73.29, for a total value of $439,740.00. Following the completion of the transaction, the chief executive officer now directly owns 208,915 shares in the company, valued at approximately $15,311,380.35. This trade represents a 2.79 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 267,000 shares of company stock valued at $20,899,260 in the last quarter. Insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

Hedge funds have recently bought and sold shares of the company. Davidson Kempner Capital Management LP lifted its stake in Marvell Technology by 26.5% during the 2nd quarter. Davidson Kempner Capital Management LP now owns 250,000 shares of the semiconductor company’s stock worth $17,482,000 after acquiring an additional 52,365 shares in the last quarter. Braun Stacey Associates Inc. acquired a new position in Marvell Technology during the 3rd quarter worth about $16,435,000. Charles Schwab Investment Management Inc. lifted its stake in Marvell Technology by 2.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,261,887 shares of the semiconductor company’s stock worth $235,247,000 after acquiring an additional 66,654 shares in the last quarter. Diversified Trust Co acquired a new position in Marvell Technology during the 2nd quarter worth about $932,000. Finally, Silicon Valley Capital Partners lifted its stake in Marvell Technology by 254.6% during the 3rd quarter. Silicon Valley Capital Partners now owns 32,978 shares of the semiconductor company’s stock worth $2,378,000 after acquiring an additional 23,678 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.