Marvell Technology Group Ltd. (NASDAQ:MRVL) was the target of a significant drop in short interest in February. As of February 28th, there was short interest totalling 26,188,472 shares, a drop of 5.6% from the February 15th total of 27,734,524 shares. Based on an average daily volume of 9,873,738 shares, the short-interest ratio is presently 2.7 days. Currently, 4.2% of the company’s stock are short sold.
NASDAQ MRVL opened at $19.41 on Friday. The company has a quick ratio of 1.74, a current ratio of 2.32 and a debt-to-equity ratio of 0.24. The stock has a market cap of $12.94 billion, a PE ratio of 22.84, a P/E/G ratio of 3.61 and a beta of 1.01. Marvell Technology Group has a 52-week low of $14.34 and a 52-week high of $23.77.
Marvell Technology Group (NASDAQ:MRVL) last posted its earnings results on Thursday, March 7th. The semiconductor company reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.02). The company had revenue of $744.80 million for the quarter, compared to analyst estimates of $739.88 million. Marvell Technology Group had a positive return on equity of 8.19% and a negative net margin of 6.25%. During the same quarter in the prior year, the business posted $0.32 EPS. As a group, equities research analysts expect that Marvell Technology Group will post 0.78 earnings per share for the current year.
In other Marvell Technology Group news, Director Michael G. Strachan bought 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 20th. The stock was acquired at an average price of $14.85 per share, with a total value of $148,500.00. Following the completion of the transaction, the director now owns 32,338 shares in the company, valued at $480,219.30. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Syed Ali sold 442,000 shares of the firm’s stock in a transaction on Friday, January 11th. The shares were sold at an average price of $17.14, for a total transaction of $7,575,880.00. Following the completion of the transaction, the director now directly owns 4,950,515 shares of the company’s stock, valued at approximately $84,851,827.10. The disclosure for this sale can be found here. 0.10% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. American Century Companies Inc. lifted its stake in shares of Marvell Technology Group by 14.7% during the 4th quarter. American Century Companies Inc. now owns 3,923,801 shares of the semiconductor company’s stock worth $63,526,000 after buying an additional 503,917 shares during the last quarter. Norges Bank acquired a new stake in shares of Marvell Technology Group during the 4th quarter worth about $90,449,000. FMR LLC lifted its stake in shares of Marvell Technology Group by 48.1% during the 4th quarter. FMR LLC now owns 80,824,523 shares of the semiconductor company’s stock worth $1,308,549,000 after buying an additional 26,251,979 shares during the last quarter. Nordea Investment Management AB lifted its stake in shares of Marvell Technology Group by 4.5% during the 4th quarter. Nordea Investment Management AB now owns 615,716 shares of the semiconductor company’s stock worth $9,969,000 after buying an additional 26,434 shares during the last quarter. Finally, Pathlight Investors LLC acquired a new stake in shares of Marvell Technology Group during the 4th quarter worth about $219,000. Institutional investors own 96.18% of the company’s stock.
A number of research analysts recently weighed in on the stock. Zacks Investment Research downgraded shares of Marvell Technology Group from a “hold” rating to a “strong sell” rating in a research report on Wednesday. BMO Capital Markets reiterated a “buy” rating and issued a $22.00 price target on shares of Marvell Technology Group in a research note on Thursday, February 14th. Needham & Company LLC reiterated a “buy” rating and issued a $23.00 price target on shares of Marvell Technology Group in a research note on Friday, March 8th. Craig Hallum cut shares of Marvell Technology Group from a “buy” rating to a “hold” rating in a research note on Thursday, February 7th. Finally, Macquarie upgraded shares of Marvell Technology Group from a “neutral” rating to an “outperform” rating and set a $24.00 price target for the company in a research note on Tuesday, February 19th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and sixteen have assigned a buy rating to the stock. Marvell Technology Group has an average rating of “Buy” and an average target price of $24.71.
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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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