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Marvell Technology Group (NASDAQ:MRVL) was downgraded by research badysts at BidaskClub from a “hold” rating to a “sell” rating in a report issued on Thursday.
MRVL has been the topic of a number of other reports. TheStreet lowered Marvell Technology Group from a “b” rating to a “c+” rating in a research report on Friday, October 26th. Rosenblatt Securities reaffirmed a “buy” rating and set a $27.00 target price on shares of Marvell Technology Group in a research report on Sunday, September 9th. Goldman Sachs Group started coverage on Marvell Technology Group in a research report on Tuesday, September 18th. They set a “buy” rating and a $23.00 target price on the stock. Barclays lowered their target price on Marvell Technology Group from $30.00 to $25.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 23rd. Finally, BMO Capital Markets raised Marvell Technology Group from a “market perform” rating to an “outperform” rating and set a $24.00 target price on the stock in a research report on Monday, October 15th. One badyst has rated the stock with a sell rating, four have given a hold rating and twenty-three have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $25.56.
Shares of NASDAQ:MRVL traded down $0.17 during trading on Thursday, reaching $16.71. 7,662,100 shares of the stock were exchanged, compared to its average volume of 9,629,164. The company has a quick ratio of 1.76, a current ratio of 2.54 and a debt-to-equity ratio of 0.25. Marvell Technology Group has a 1-year low of $15.31 and a 1-year high of $25.18. The firm has a market capitalization of $11.10 billion, a price-to-earnings ratio of 16.07, a PEG ratio of 2.02 and a beta of 1.09.
Marvell Technology Group (NASDAQ:MRVL) last issued its earnings results on Thursday, September 6th. The semiconductor company reported $0.28 earnings per share for the quarter, missing badysts’ consensus estimates of $0.29 by ($0.01). Marvell Technology Group had a return on equity of 10.70% and a net margin of 15.36%. The firm had revenue of $665.31 million for the quarter, compared to badyst estimates of $685.00 million. During the same period in the previous year, the company earned $0.30 earnings per share. Marvell Technology Group’s revenue for the quarter was up 10.1% compared to the same quarter last year. Equities research badysts anticipate that Marvell Technology Group will post 0.86 earnings per share for the current fiscal year.
Marvell Technology Group announced that its board has approved a share repurchase plan on Tuesday, October 16th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the semiconductor company to repurchase up to 7.9% of its shares through open market purchases. Shares repurchase plans are often 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 stock in a transaction on Tuesday, September 4th. The stock was sold at an average price of $20.64, for a total value of $206,400.00. Following the completion of the sale, the chief executive officer now directly owns 1,755 shares of the company’s stock, valued at approximately $36,223.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.10% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Nelson Van Denburg & Campbell Wealth Management Group LLC bought a new position in Marvell Technology Group in the 2nd quarter valued at $117,000. MUFG Americas Holdings Corp bought a new position in Marvell Technology Group in the 2nd quarter valued at $120,000. Cerebellum GP LLC bought a new position in Marvell Technology Group in the 3rd quarter valued at $183,000. Commonwealth Bank of Australia grew its stake in Marvell Technology Group by 1,142.9% in the 2nd quarter. Commonwealth Bank of Australia now owns 8,700 shares of the semiconductor company’s stock valued at $185,000 after purchasing an additional 8,000 shares during the period. Finally, Engineers Gate Manager LP bought a new position in Marvell Technology Group in the 3rd quarter valued at $203,000. 82.65% of the stock is owned by institutional investors and hedge funds.
Marvell Technology Group Company Profile
Marvell Technology Group Ltd. designs, develops, and markets badog, 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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