KeyCorp Lowers Marvell Technology Price Target to $115.00

Investment analysts at KeyCorp have lowered their price target for Marvell Technology (NASDAQ:MRVL) from $135.00 to $115.00. This change was reported in a recent research note published on Thursday. Despite the reduction in the target price, KeyCorp has maintained an "overweight" rating on the stock, indicating that they expect the stock to perform better than the market average. The new target price suggests a potential upside of approximately 27.58% based on the stock's recent closing price.

Marvell Technology has been in the spotlight recently, and other analysts have also weighed in on the company's stock. For instance, Piper Sandler reasserted an "overweight" rating and revised their price target upward to $120.00, which had previously been $100.00. On the other hand, Wells Fargo & Company raised their price target from $130.00 to $140.00 while giving the stock an "overweight" rating.

Loop Capital took a different approach, upgrading Marvell Technology from a "hold" rating to a "buy" rating and assigning a price target of $110.00 in their recent analysis. However, Summit Insights chose to downgrade the company's stock from a "buy" to a "hold" rating. In yet another adjustment, UBS Group increased their price target from $110.00 to $115.00 and issued a "buy" rating.

In terms of overall analyst perspectives, Marvell Technology has received a mix of ratings, including three hold ratings, twenty-four buy ratings, and two strong buy ratings. The consensus rating for the stock is classified as "Moderate Buy," with an average price target of $123.68 based on insights from MarketBeat.com.

Current Performance

As of Thursday, shares of Marvell Technology opened at $90.14. Over the past year, the stock has seen a low of $53.19 and a high of $127.48. The company boasts a current ratio of 1.60, a quick ratio of 1.11, and a debt-to-equity ratio of 0.30. Its market capitalization stands at $78.00 billion, and the stock trades with a P/E ratio of -53.02.

Insider Trading Activity

In recent insider transactions, COO Chris Koopmans sold 6,000 shares at an average price of $106.35, totaling $638,100. Following this sale, Koopmans now holds approximately 87,931 shares valued at around $9,351,461.85. This represents a 6.39% decrease in his stake in the company. CFO Willem A. Meintjes also sold 1,500 shares at an average price of $122.50, with a total value of $183,750. Following this sale, the CFO owns 112,711 shares, estimated to be worth $13,807,097.50, reflecting a 1.31% decrease in ownership. Over the past ninety days, insiders have sold 36,255 shares valued at $4,330,980, and currently, insiders own about 0.33% of Marvell Technology's stock.

Institutional Investor Trends

Institutional investors have been active with their holdings in Marvell Technology. State Street Corp increased its stake by 0.3% in the third quarter, now owning nearly 19.94 million shares valued at around $1.44 billion. Invesco Ltd. significantly boosted its stake by 30.1% in the fourth quarter, holding approximately 16.16 million shares valued at $1.78 billion. Furthermore, Janus Henderson Group PLC grew its stake by 6.9%, while Wellington Management Group LLP expanded theirs by 43.1% during the same period. Overall, about 83.51% of Marvell Technology's stock is owned by institutional investors.

About Marvell Technology

Marvell Technology, Inc., along with its subsidiaries, specializes in providing data infrastructure semiconductor solutions ranging from the core of data centers to the network edge. The company focuses on developing complex system-on-a-chip architectures that combine analog, mixed-signal, and digital signal processing capabilities.

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