Marvell Technology Group (NASDAQ:MRVL) Downgraded by BidaskClub to “Buy”

Marvell Technology Group (NASDAQ:MRVL) was downgraded by research analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Friday, BidAskClub reports.

A number of other research firms also recently issued reports on MRVL. ValuEngine downgraded Marvell Technology Group from a “strong-buy” rating to a “buy” rating in a research note on Thursday. Wells Fargo & Co started coverage on Marvell Technology Group in a research note on Tuesday, May 14th. They issued a “market perform” rating and a $24.00 price target on the stock. Citigroup lifted their target price on Marvell Technology Group from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. Morgan Stanley lifted their target price on Marvell Technology Group from $19.00 to $20.00 and gave the company an “equal weight” rating in a research report on Friday, May 31st. Finally, B. Riley lowered their target price on Marvell Technology Group from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Friday, May 31st. One analyst has rated the stock with a sell rating, five have issued a hold rating and nineteen have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $26.25.

Shares of MRVL stock traded down $0.62 on Friday, reaching $25.03. The stock had a trading volume of 8,184,072 shares, compared to its average volume of 8,198,655. The firm has a market cap of $16.96 billion, a PE ratio of 29.45, a P/E/G ratio of 8.22 and a beta of 1.16. Marvell Technology Group has a 1 year low of $14.34 and a 1 year high of $27.64. 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 stock’s 50 day simple moving average is $25.10.

Marvell Technology Group (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, May 30th. The semiconductor company reported $0.16 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.14 by $0.02. The firm had revenue of $662.00 million for the quarter, compared to the consensus estimate of $651.07 million. Marvell Technology Group had a positive return on equity of 5.88% and a negative net margin of 12.18%. The company’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same period last year, the business posted $0.32 EPS. As a group, sell-side analysts predict that Marvell Technology Group will post 0.43 EPS for the current year.

In other news, Director Oleg Khaykin sold 10,000 shares of the business’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $23.89, for a total value of $238,900.00. Following the transaction, the director now directly owns 33,204 shares in the company, valued at $793,243.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Willem A. Meintjes sold 28,057 shares of the business’s stock in a transaction dated Tuesday, June 18th. The shares were 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 worth $8,299,646 over the last 90 days. Company insiders own 1.10% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. Selz Capital LLC purchased a new position in shares of Marvell Technology Group in the first quarter valued at about $857,000. Columbus Circle Investors bought a new stake in shares of Marvell Technology Group in the first quarter worth about $10,857,000. Investors Research Corp bought a new stake in shares of Marvell Technology Group in the first quarter worth about $135,000. Jennison Associates LLC increased its holdings in shares of Marvell Technology Group by 7.8% in the first quarter. Jennison Associates LLC now owns 7,375,792 shares of the semiconductor company’s stock worth $146,705,000 after purchasing an additional 533,146 shares during the last quarter. Finally, Calamos Advisors LLC bought a new stake in shares of Marvell Technology Group in the first quarter worth about $4,337,000.

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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Analyst Recommendations for Marvell Technology Group (NASDAQ:MRVL)

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