A number of other brokerages have also issued reports on MRVL. TheStreet upgraded shares of Marvell Technology Group from a c+ rating to a b- rating in a research report on Wednesday, July 3rd. UBS Group increased their target price on shares of W. R. Berkley from $53.00 to $56.00 and gave the company a sell rating in a research report on Wednesday, April 24th. Raymond James set a C$2.25 target price on shares of Integra Resources and gave the company an outperform rating in a research report on Wednesday, June 19th. Needham & Company LLC reiterated a buy rating and issued a $28.00 target price on shares of Marvell Technology Group in a research report on Sunday, June 2nd. Finally, Morgan Stanley decreased their target price on shares of Zuora from $22.00 to $16.00 and set an equal weight rating for the company in a research report on Friday, May 31st. Five investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the stock. Marvell Technology Group currently has a consensus rating of Buy and an average target price of $26.00.
Shares of MRVL stock traded down $0.32 during trading hours on Tuesday, reaching $26.07. The stock had a trading volume of 120,388 shares, compared to its average volume of 7,693,011. The company has a quick ratio of 1.67, a current ratio of 2.07 and a debt-to-equity ratio of 0.23. Marvell Technology Group has a twelve month low of $14.34 and a twelve month high of $26.65. The company’s 50-day simple moving average is $24.16. The company has a market cap of $17.37 billion, a price-to-earnings ratio of 30.91, a PEG ratio of 8.24 and a beta of 1.17.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Friday, July 12th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.92%. The ex-dividend date is Thursday, July 11th. Marvell Technology Group’s payout ratio is 28.24%.
In other news, CAO Willem A. Meintjes sold 28,057 shares of the stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $24.32, for a total value of $682,346.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael G. Strachan sold 10,000 shares of the stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $23.78, for a total transaction of $237,800.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 323,057 shares of company stock valued at $8,299,646. Corporate insiders own 1.10% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of MRVL. Quadrant Capital Group LLC lifted its position in shares of Marvell Technology Group by 1,266.3% in the first quarter. Quadrant Capital Group LLC now owns 2,678 shares of the semiconductor company’s stock worth $51,000 after purchasing an additional 2,482 shares in the last quarter. Massey Quick Simon & CO. LLC acquired a new position in Marvell Technology Group during the first quarter valued at approximately $59,000. YorkBridge Wealth Partners LLC acquired a new position in Marvell Technology Group during the first quarter valued at approximately $68,000. Whittier Trust Co. grew its holdings in Marvell Technology Group by 1,140.7% during the first quarter. Whittier Trust Co. now owns 6,526 shares of the semiconductor company’s stock valued at $130,000 after purchasing an additional 6,000 shares during the last quarter. Finally, Investors Research Corp acquired a new position in Marvell Technology Group during the first quarter valued at approximately $135,000.
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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