Marvell Technology Group (NASDAQ:MRVL) had its price target decreased by Citigroup from $20.00 to $17.30 in a report released on Thursday. Citigroup currently has a neutral rating on the semiconductor company’s stock.
Several other analysts have also commented on MRVL. Cowen reissued an outperform rating and issued a $22.00 price objective (down from $26.00) on shares of Marvell Technology Group in a report on Thursday. Needham & Company LLC reissued a buy rating and issued a $25.00 price objective (down from $27.00) on shares of Marvell Technology Group in a report on Wednesday. UBS Group dropped their price objective on Marvell Technology Group from $30.00 to $25.00 and set an in-line rating on the stock in a report on Thursday. ValuEngine lowered Marvell Technology Group from a hold rating to a sell rating in a report on Tuesday, November 20th. Finally, Credit Suisse Group reissued a buy rating and issued a $30.00 price objective on shares of Marvell Technology Group in a report on Monday. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and seventeen have issued a buy rating to the company. The company presently has an average rating of Buy and a consensus target price of $24.44.
MRVL traded down $0.59 during trading on Thursday, hitting $15.50. The company’s stock had a trading volume of 432,283 shares, compared to its average volume of 8,532,197. The company has a current ratio of 2.54, a quick ratio of 1.76 and a debt-to-equity ratio of 0.25. Marvell Technology Group has a twelve month low of $14.69 and a twelve month high of $25.18. The firm has a market cap of $10.21 billion, a P/E ratio of 14.90, a PEG ratio of 1.97 and a beta of 1.01.
Marvell Technology Group (NASDAQ:MRVL) last issued its quarterly earnings data on Tuesday, December 4th. The semiconductor company reported $0.33 EPS for the quarter, beating the consensus estimate of $0.32 by $0.01. Marvell Technology Group had a return on equity of 10.43% and a net margin of 4.76%. The company had revenue of $851.05 million for the quarter, compared to analyst estimates of $844.07 million. During the same period last year, the company earned $0.34 earnings per share. Marvell Technology Group’s quarterly revenue was up 38.1% compared to the same quarter last year. Equities research analysts forecast that Marvell Technology Group will post 0.86 EPS for the current year.
Marvell Technology Group announced that its Board of Directors has initiated a share buyback program on Tuesday, October 16th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to purchase up to 7.9% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its stock is undervalued.
A number of institutional investors have recently made changes to their positions in MRVL. Aperio Group LLC lifted its position in Marvell Technology Group by 14.7% during the second quarter. Aperio Group LLC now owns 76,227 shares of the semiconductor company’s stock worth $1,634,000 after buying an additional 9,759 shares in the last quarter. Wells Fargo & Company MN lifted its position in Marvell Technology Group by 86.7% during the second quarter. Wells Fargo & Company MN now owns 1,265,664 shares of the semiconductor company’s stock worth $27,135,000 after buying an additional 587,724 shares in the last quarter. First Trust Advisors LP raised its position in Marvell Technology Group by 44.6% in the second quarter. First Trust Advisors LP now owns 815,240 shares of the semiconductor company’s stock valued at $17,479,000 after purchasing an additional 251,398 shares during the period. Barings LLC purchased a new stake in Marvell Technology Group in the second quarter valued at $251,000. Finally, KBC Group NV raised its position in Marvell Technology Group by 6.3% in the second quarter. KBC Group NV now owns 61,012 shares of the semiconductor company’s stock valued at $1,308,000 after purchasing an additional 3,608 shares during the period. Hedge funds and other institutional investors own 95.31% 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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