Marvell Technology Group (NASDAQ:MRVL) was upgraded by equities researchers at BidaskClub from a “sell” rating to a “hold” rating in a note issued to investors on Friday, November 2nd.
A number of other equities research analysts also recently commented on the stock. TheStreet downgraded shares of Marvell Technology Group from a “b” rating to a “c+” rating in a report on Friday, October 26th. Barclays lowered their target price on shares of Marvell Technology Group from $30.00 to $25.00 and set an “overweight” rating for the company in a report on Tuesday, October 23rd. Goldman Sachs Group set a $23.00 target price on shares of Marvell Technology Group and gave the company a “buy” rating in a report on Wednesday, October 17th. BMO Capital Markets upgraded shares of Marvell Technology Group from a “market perform” rating to an “outperform” rating and set a $24.00 target price for the company in a report on Monday, October 15th. Finally, Stifel Nicolaus upgraded shares of Marvell Technology Group from a “hold” rating to a “buy” rating and set a $21.00 target price for the company in a report on Friday, October 12th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-three have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $25.56.
MRVL traded down $0.32 during midday trading on Friday, reaching $16.39. 8,853,402 shares of the company’s stock were exchanged, compared to its average volume of 12,931,633. The company has a current ratio of 2.54, a quick ratio of 1.76 and a debt-to-equity ratio of 0.25. The stock has a market cap of $11.11 billion, a P/E ratio of 15.76, a PEG ratio of 2.02 and a beta of 1.09. Marvell Technology Group has a 1-year low of $15.31 and a 1-year high of $25.18.
Marvell Technology Group announced that its Board of Directors has authorized a share buyback program on Tuesday, October 16th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the semiconductor company to repurchase up to 7.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its shares are undervalued.
In other news, CEO Matthew J. Murphy sold 10,000 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 1,755 shares in the company, valued at $36,223.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.10% of the stock is currently owned by corporate insiders.
Several institutional investors have recently added to or reduced their stakes in the company. FMR LLC grew its position in shares of Marvell Technology Group by 5.1% during the second quarter. FMR LLC now owns 55,789,566 shares of the semiconductor company’s stock worth $1,196,128,000 after acquiring an additional 2,685,377 shares during the last quarter. BlackRock Inc. grew its position in Marvell Technology Group by 34.5% in the 3rd 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 in the last quarter. Standard Life Aberdeen plc grew its position in Marvell Technology Group by 16.0% in the 2nd 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 in the last quarter. Boston Partners grew its position in Marvell Technology Group by 2.6% in the 2nd 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 in the last quarter. Finally, Jennison Associates LLC lifted its holdings in Marvell Technology Group by 47.4% in the 3rd quarter. Jennison Associates LLC now owns 7,611,736 shares of the semiconductor company’s stock valued at $146,907,000 after acquiring an additional 2,449,407 shares during the last quarter. Institutional investors and hedge funds own 82.65% of the company’s stock.
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 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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