Summit Insights Downgrades Marvell Technology (NASDAQ:MRVL) to Hold

Marvell Technology (NASDAQ:MRVL) was downgraded by equities research analysts at Summit Insights from a “buy” rating to a “hold” rating in a report issued on Thursday,Briefing.com Automated Import reports.

A number of other brokerages have also commented on MRVL. Cantor Fitzgerald boosted their target price on Marvell Technology from $120.00 to $135.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. StockNews.com upgraded Marvell Technology from a “sell” rating to a “hold” rating in a research note on Thursday, January 9th. Barclays reiterated an “overweight” rating on shares of Marvell Technology in a research note on Friday, February 14th. Benchmark restated a “buy” rating and set a $135.00 target price (up previously from $115.00) on shares of Marvell Technology in a research report on Wednesday, December 4th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $120.00 price target (up previously from $100.00) on shares of Marvell Technology in a report on Wednesday, December 4th. Three research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $127.60.

Marvell Technology Price Performance

Marvell Technology stock opened at $90.14 on Thursday. The stock’s fifty day moving average price is $110.52 and its two-hundred day moving average price is $93.84. Marvell Technology has a one year low of $53.19 and a one year high of $127.48. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. The firm has a market cap of $78.00 billion, a PE ratio of -53.02, a price-to-earnings-growth ratio of 1.61 and a beta of 1.40.

Insiders Place Their Bets

In related news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $122.50, for a total value of $183,750.00. Following the transaction, the chief financial officer now owns 112,711 shares in the company, valued at approximately $13,807,097.50. This trade represents a 1.31 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $122.50, for a total transaction of $735,000.00. Following the sale, the executive vice president now owns 97,244 shares in the company, valued at $11,912,390. This represents a 5.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 36,255 shares of company stock valued at $4,330,980 in the last ninety days. Insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

A number of hedge funds have recently added to or reduced their stakes in the business. True Wealth Design LLC boosted its holdings in shares of Marvell Technology by 1,481.8% during the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock valued at $25,000 after acquiring an additional 326 shares during the period. ORG Partners LLC boosted its holdings in shares of Marvell Technology by 175.3% during the fourth quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 149 shares during the period. Centricity Wealth Management LLC acquired a new position in shares of Marvell Technology during the fourth quarter valued at $26,000. Rialto Wealth Management LLC acquired a new position in shares of Marvell Technology during the fourth quarter valued at $27,000. Finally, Kieckhefer Group LLC acquired a new position in shares of Marvell Technology during the fourth quarter valued at $33,000. 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.