Marvell Technology (NASDAQ:MRVL) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

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

A number of other equities analysts have also recently issued reports on the company. Evercore ISI increased their target price on Marvell Technology from $98.00 to $122.00 and gave the stock an “outperform” rating in a report on Monday. Rosenblatt Securities upped their price target on Marvell Technology from $120.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday. Barclays boosted their price objective on shares of Marvell Technology from $85.00 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday. TD Cowen lifted their price target on shares of Marvell Technology from $90.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Roth Mkm restated a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $117.92.

Marvell Technology Stock Performance

Shares of MRVL opened at $109.45 on Wednesday. The firm has a market cap of $96.99 billion, a P/E ratio of -86.41, a PEG ratio of 4.19 and a beta of 1.46. Marvell Technology has a twelve month low of $50.35 and a twelve month 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 firm’s 50 day moving average price is $83.50 and its two-hundred day moving average price is $74.73.

Insiders Place Their Bets

In related news, CEO Matthew J. Murphy sold 6,000 shares of the stock in a transaction that occurred 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 owns 208,915 shares of the company’s stock, valued at $15,311,380.35. This represents a 2.79 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Muhammad Raghib Hussain sold 150,000 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the sale, the insider now directly owns 694,487 shares in the company, valued at approximately $55,906,203.50. The trade was a 17.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 267,000 shares of company stock worth $20,899,260 in the last 90 days. Company insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

Hedge funds have recently modified their holdings of the company. True Wealth Design LLC raised its position in Marvell Technology by 1,481.8% in the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 326 shares during the last quarter. Quarry LP acquired a new position in shares of Marvell Technology in the second quarter valued at approximately $32,000. Strategic Investment Solutions Inc. IL bought a new position in Marvell Technology in the 2nd quarter valued at approximately $32,000. Whittier Trust Co. boosted its position in Marvell Technology by 74.5% during the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock worth $35,000 after buying an additional 210 shares during the period. Finally, Goodman Advisory Group LLC acquired a new position in Marvell Technology in the 3rd quarter valued at approximately $37,000. Institutional investors and hedge funds 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.