Marvell Technology Group (MRVL) Shares Gap Up to $21.74

Marvell Technology Group Ltd. (NASDAQ:MRVL)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $21.16, but opened at $21.74. Marvell Technology Group shares last traded at $22.40, with a volume of 15333734 shares traded.

MRVL has been the subject of a number of research reports. BidaskClub raised shares of Marvell Technology Group from a “sell” rating to a “hold” rating in a report on Tuesday, January 29th. Zacks Investment Research downgraded shares of Marvell Technology Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 5th. Craig Hallum downgraded shares of Marvell Technology Group from a “buy” rating to a “hold” rating in a report on Thursday, February 7th. BMO Capital Markets reaffirmed a “buy” rating and issued a $22.00 price objective on shares of Marvell Technology Group in a report on Thursday, February 14th. Finally, Macquarie raised shares of Marvell Technology Group from a “neutral” rating to an “outperform” rating and set a $24.00 price objective for the company in a report on Tuesday, February 19th. Four research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $25.55.

The firm has a market cap of $14.91 billion, a PE ratio of 26.35, a price-to-earnings-growth ratio of 4.11 and a beta of 1.11. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.76 and a current ratio of 2.19.

Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly 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). Marvell Technology Group had a negative net margin of 6.25% and a positive return on equity of 7.95%. The firm had revenue of $744.80 million for the quarter, compared to analyst estimates of $739.88 million. During the same period last year, the firm posted $0.32 EPS. On average, research analysts anticipate that Marvell Technology Group Ltd. will post 0.63 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 24th. Stockholders of record on Wednesday, April 3rd were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.07%. The ex-dividend date of this dividend was Tuesday, April 2nd. Marvell Technology Group’s dividend payout ratio (DPR) is 28.24%.

In other news, EVP Mitchell Gaynor sold 10,000 shares of the business’s stock in a transaction on Friday, April 12th. The shares were sold at an average price of $23.64, for a total transaction of $236,400.00. Following the completion of the transaction, the executive vice president now owns 25,576 shares of the company’s stock, valued at $604,616.64. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.10% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in MRVL. Teachers Advisors LLC boosted its holdings in shares of Marvell Technology Group by 489.9% during the third quarter. Teachers Advisors LLC now owns 3,364,871 shares of the semiconductor company’s stock valued at $64,942,000 after acquiring an additional 2,794,470 shares during the period. TIAA CREF Investment Management LLC raised its stake in shares of Marvell Technology Group by 60.5% during the third quarter. TIAA CREF Investment Management LLC now owns 6,096,745 shares of the semiconductor company’s stock valued at $117,667,000 after purchasing an additional 2,298,298 shares in the last quarter. Legal & General Group Plc raised its stake in shares of Marvell Technology Group by 57.2% during the third quarter. Legal & General Group Plc now owns 2,614,424 shares of the semiconductor company’s stock valued at $50,362,000 after purchasing an additional 950,853 shares in the last quarter. Morgan Stanley raised its stake in shares of Marvell Technology Group by 837.0% during the third quarter. Morgan Stanley now owns 6,592,139 shares of the semiconductor company’s stock valued at $127,230,000 after purchasing an additional 5,888,609 shares in the last quarter. Finally, Vanguard Group Inc raised its stake in shares of Marvell Technology Group by 45.0% during the third quarter. Vanguard Group Inc now owns 53,229,098 shares of the semiconductor company’s stock valued at $1,027,321,000 after purchasing an additional 16,517,490 shares in the last quarter. 97.26% of the stock is owned by institutional investors.

COPYRIGHT VIOLATION NOTICE: “Marvell Technology Group (MRVL) Shares Gap Up to $21.74” was first published by Baseball Daily News and is owned by of Baseball Daily News. If you are reading this news story on another domain, it was copied illegally and republished in violation of US and international copyright law. The legal version of this news story can be accessed at https://www.baseballdailydigest.com/news/2019/05/21/marvell-technology-group-mrvl-shares-gap-up-to-21-74.html.

Marvell Technology Group Company Profile (NASDAQ:MRVL)

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.

Featured Story: What defines an oversold asset?

Receive News & Ratings for Marvell Technology Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Marvell Technology Group and related companies with MarketBeat.com's FREE daily email newsletter.