Marvell Technology Group (NASDAQ:MRVL) was downgraded by research analysts at BidaskClub from a “hold” rating to a “sell” rating in a research note issued on Thursday.
A number of other analysts have also weighed in on MRVL. Stifel Nicolaus upgraded shares of Marvell Technology Group from a “hold” rating to a “buy” rating and set a $21.00 price objective for the company in a research note on Friday, October 12th. BMO Capital Markets reiterated a “hold” rating and issued a $24.00 price target on shares of Marvell Technology Group in a research note on Friday, September 7th. TheStreet lowered shares of Marvell Technology Group from a “b” rating to a “c+” rating in a research note on Friday, October 26th. Goldman Sachs Group set a $23.00 price target on shares of Marvell Technology Group and gave the stock a “buy” rating in a research note on Wednesday, October 17th. Finally, JPMorgan Chase & Co. started coverage on shares of Marvell Technology Group in a research note on Friday, September 7th. They issued an “overweight” rating and a $27.00 price target for the company. One investment analyst has rated the stock with a sell rating, four have given a hold rating and twenty-three have assigned a buy rating to the company. Marvell Technology Group has an average rating of “Buy” and a consensus target price of $25.56.
NASDAQ:MRVL opened at $16.39 on Thursday. The stock has a market cap of $11.10 billion, a price-to-earnings ratio of 15.76, a PEG ratio of 2.02 and a beta of 1.09. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.54 and a quick ratio of 1.76. Marvell Technology Group has a fifty-two week low of $15.31 and a fifty-two week high of $25.18.
Marvell Technology Group (NASDAQ:MRVL) last released its quarterly earnings data on Thursday, September 6th. The semiconductor company reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.01). The firm had revenue of $665.31 million for the quarter, compared to the consensus estimate of $685.00 million. Marvell Technology Group had a net margin of 15.36% and a return on equity of 10.70%. The firm’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.30 earnings per share. Equities research analysts expect that Marvell Technology Group will post 0.86 earnings per share for the current year.
Marvell Technology Group announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, October 16th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the semiconductor company to purchase up to 7.9% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.
In related news, CEO Matthew J. Murphy sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $20.64, for a total transaction of $206,400.00. Following the completion of the sale, the chief executive officer now directly owns 1,755 shares in the company, valued at $36,223.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.10% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. FMR LLC grew its position in Marvell Technology Group by 5.1% during the second quarter. FMR LLC now owns 55,789,566 shares of the semiconductor company’s stock valued at $1,196,128,000 after buying an additional 2,685,377 shares during the period. BlackRock Inc. grew its position in Marvell Technology Group by 34.5% during the third quarter. BlackRock Inc. now owns 32,541,818 shares of the semiconductor company’s stock valued at $628,056,000 after buying an additional 8,349,897 shares during the period. Standard Life Aberdeen plc grew its position in Marvell Technology Group by 16.0% during the second quarter. Standard Life Aberdeen plc now owns 14,359,692 shares of the semiconductor company’s stock valued at $307,944,000 after buying an additional 1,979,069 shares during the period. Boston Partners grew its position in Marvell Technology Group by 2.6% during the second quarter. Boston Partners now owns 12,206,654 shares of the semiconductor company’s stock valued at $261,711,000 after buying an additional 305,655 shares during the period. Finally, Jennison Associates LLC grew its position in Marvell Technology Group by 47.4% during the third quarter. Jennison Associates LLC now owns 7,611,736 shares of the semiconductor company’s stock valued at $146,907,000 after buying an additional 2,449,407 shares during the period. Institutional investors own 82.65% of the company’s stock.
About Marvell Technology Group
Marvell Technology Group Ltd. designs, develops, and markets analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a range of storage products, including hard disk drive (HDD) and solid-state drive controllers, as well as HDD components, such as HDD preamps components; and develops software-enabled silicon solutions comprising serial advanced technology attachment port multipliers, bridges, serial attached SCSI, and non-volatile memory express redundant array of independent disks controllers and converged storage processors for enterprises, data centers, and cloud computing businesses.
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