William Blair began coverage on shares of Marvell Technology Group (NASDAQ:MRVL) in a research report report published on Monday morning, Benzinga reports. The brokerage issued an outperform rating and a $25.40 price objective on the semiconductor company’s stock. William Blair also issued estimates for Marvell Technology Group’s Q2 2020 earnings at $0.05 EPS, Q3 2020 earnings at $0.11 EPS, Q4 2020 earnings at $0.16 EPS, FY2020 earnings at $0.41 EPS, Q1 2021 earnings at $0.15 EPS, Q2 2021 earnings at $0.19 EPS, Q3 2021 earnings at $0.25 EPS, Q4 2021 earnings at $0.27 EPS and FY2021 earnings at $0.87 EPS.
MRVL has been the subject of several other research reports. JPMorgan Chase & Co. cut their price target on GAP from $24.00 to $17.00 and set an underweight rating for the company in a report on Friday, May 31st. UBS Group increased their price target on W. R. Berkley from $53.00 to $56.00 and gave the company a sell rating in a report on Wednesday, April 24th. BMO Capital Markets cut their price target on AKITA Drilling from C$5.00 to C$3.50 in a report on Tuesday, May 7th. Piper Jaffray Companies increased their price target on Marvell Technology Group from $22.00 to $30.00 and gave the company an overweight rating in a report on Friday, May 3rd. Finally, BidaskClub cut Orthofix Medical from a buy rating to a hold rating in a report on Monday, May 20th. Five equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the company’s stock. Marvell Technology Group currently has an average rating of Buy and a consensus target price of $26.00.
NASDAQ:MRVL opened at $26.10 on Monday. Marvell Technology Group has a one year low of $14.34 and a one year high of $26.28. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.67 and a current ratio of 2.07. The firm has a market capitalization of $17.02 billion, a PE ratio of 38.40, a PEG ratio of 8.13 and a beta of 1.17. The firm has a 50 day moving average of $24.06.
Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, May 30th. The semiconductor company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.14 by $0.02. Marvell Technology Group had a positive return on equity of 5.88% and a negative net margin of 12.18%. The firm had revenue of $662.00 million during the quarter, compared to analysts’ expectations of $651.07 million. During the same quarter last year, the firm earned $0.32 earnings per share. The business’s revenue for the quarter was up 9.5% on a year-over-year basis. As a group, sell-side analysts forecast that Marvell Technology Group will post 0.43 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Friday, July 12th will be given a $0.06 dividend. The ex-dividend date of this dividend is Thursday, July 11th. This represents a $0.24 annualized dividend and a yield of 0.92%. Marvell Technology Group’s payout ratio is 28.24%.
In other news, CEO Matthew J. Murphy sold 265,000 shares of the firm’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $26.02, for a total transaction of $6,895,300.00. Following the completion of the transaction, the chief executive officer now directly owns 1,755 shares in the company, valued at $45,665.10. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Willem A. Meintjes sold 28,057 shares of the firm’s stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $24.32, for a total value of $682,346.24. The disclosure for this sale can be found here. Insiders sold 323,057 shares of company stock valued at $8,299,646 over the last quarter. 1.10% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in MRVL. FMR LLC boosted its position in shares of Marvell Technology Group by 48.1% during the fourth 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 period. BlackRock Inc. boosted its position in shares of Marvell Technology Group by 29.1% during the first quarter. BlackRock Inc. now owns 46,081,466 shares of the semiconductor company’s stock worth $916,559,000 after buying an additional 10,388,875 shares during the period. FIL Ltd boosted its position in shares of Marvell Technology Group by 117.7% during the first quarter. FIL Ltd now owns 10,543,241 shares of the semiconductor company’s stock worth $209,705,000 after buying an additional 5,700,711 shares during the period. Norges Bank purchased a new position in shares of Marvell Technology Group during the fourth quarter worth $90,449,000. Finally, JPMorgan Chase & Co. boosted its position in shares of Marvell Technology Group by 62.7% during the first quarter. JPMorgan Chase & Co. now owns 10,742,547 shares of the semiconductor company’s stock worth $213,670,000 after buying an additional 4,138,462 shares during the period.
Marvell Technology Group Company Profile
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 preamplifiers; supports a variety of host system interfaces consisting of serial attached SCSI (SAS), serial advanced technology attachment (SATA), peripheral component interconnect express, and non-volatile memory express; and develops software-enabled silicon solutions comprising SATA port multipliers, bridges, SATA, SAS, 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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