BidaskClub Lowers Marvell Technology Group (MRVL) to Hold

BidaskClub downgraded shares of Marvell Technology Group (NASDAQ:MRVL) from a buy rating to a hold rating in a research note issued to investors on Monday morning, BidAskClub reports.

Several other brokerages have also recently issued reports on MRVL. Craig Hallum cut shares of Marvell Technology Group from a buy rating to a hold rating in a research report on Thursday, February 7th. Zacks Investment Research upgraded shares of Marvell Technology Group from a hold rating to a buy rating and set a $21.00 price target on the stock in a report on Tuesday, February 12th. BMO Capital Markets reiterated a buy rating and set a $22.00 price target on shares of Marvell Technology Group in a report on Thursday, February 14th. Macquarie upgraded shares of Marvell Technology Group from a neutral rating to an outperform rating and set a $24.00 price target on the stock in a report on Tuesday, February 19th. Finally, Piper Jaffray Companies upped their price target on shares of Marvell Technology Group from $22.00 to $30.00 and gave the company an overweight rating in a report on Friday, May 3rd. Four investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. Marvell Technology Group presently has a consensus rating of Buy and an average price target of $25.55.

Shares of NASDAQ MRVL opened at $21.74 on Monday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.76 and a current ratio of 2.19. The stock has a market cap of $14.91 billion, a PE ratio of 25.58, a price-to-earnings-growth ratio of 4.11 and a beta of 1.11. Marvell Technology Group has a 12-month low of $14.34 and a 12-month high of $25.74.

Marvell Technology Group (NASDAQ:MRVL) last announced its earnings results on Thursday, March 7th. The semiconductor company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.02). The business had revenue of $744.80 million for the quarter, compared to analysts’ expectations of $739.88 million. Marvell Technology Group had a negative net margin of 6.25% and a positive return on equity of 7.95%. During the same quarter in the prior year, the company posted $0.32 earnings per share. As a group, sell-side analysts expect that Marvell Technology Group will post 0.63 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 24th. Shareholders of record on Wednesday, April 3rd were paid a $0.06 dividend. The ex-dividend date was Tuesday, April 2nd. This represents a $0.24 dividend on an annualized basis and a yield of 1.10%. Marvell Technology Group’s dividend payout ratio is currently 28.24%.

In other Marvell Technology Group news, EVP Mitchell Gaynor sold 10,000 shares of the company’s stock in a transaction dated Friday, April 12th. The shares were sold at an average price of $23.64, for a total value of $236,400.00. Following the transaction, the executive vice president now directly owns 25,576 shares in the company, valued at approximately $604,616.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.10% of the stock is owned by corporate insiders.

A number of hedge funds have recently modified their holdings of the business. Teachers Advisors LLC lifted its position in shares of Marvell Technology Group by 489.9% in the 3rd quarter. Teachers Advisors LLC now owns 3,364,871 shares of the semiconductor company’s stock worth $64,942,000 after purchasing an additional 2,794,470 shares during the period. TIAA CREF Investment Management LLC lifted its position in shares of Marvell Technology Group by 60.5% in the 3rd quarter. TIAA CREF Investment Management LLC now owns 6,096,745 shares of the semiconductor company’s stock worth $117,667,000 after purchasing an additional 2,298,298 shares during the period. Legal & General Group Plc lifted its position in shares of Marvell Technology Group by 57.2% in the 3rd quarter. Legal & General Group Plc now owns 2,614,424 shares of the semiconductor company’s stock worth $50,362,000 after purchasing an additional 950,853 shares during the period. Morgan Stanley lifted its position in shares of Marvell Technology Group by 837.0% in the 3rd quarter. Morgan Stanley now owns 6,592,139 shares of the semiconductor company’s stock worth $127,230,000 after purchasing an additional 5,888,609 shares during the period. Finally, Vanguard Group Inc lifted its position in shares of Marvell Technology Group by 45.0% in the 3rd quarter. Vanguard Group Inc now owns 53,229,098 shares of the semiconductor company’s stock worth $1,027,321,000 after purchasing an additional 16,517,490 shares during the period. Institutional investors and hedge funds own 97.26% 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 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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