Marvell Technology Group (NASDAQ:MRVL) Cut to “Buy” at ValuEngine

ValuEngine lowered shares of Marvell Technology Group (NASDAQ:MRVL) from a strong-buy rating to a buy rating in a report published on Thursday morning, ValuEngine reports.

MRVL has been the subject of a number of other research reports. Wells Fargo & Co began coverage on Marvell Technology Group in a research report on Tuesday, May 14th. They set a market perform rating and a $24.00 price objective for the company. Goldman Sachs Group cut Marvell Technology Group from a buy rating to a neutral rating and lifted their price objective for the stock from $24.00 to $25.00 in a research report on Sunday, July 21st. They noted that the move was a valuation call. TheStreet upgraded Marvell Technology Group from a c+ rating to a b- rating in a research report on Wednesday, July 3rd. BMO Capital Markets lifted their price objective on Marvell Technology Group to $28.00 and gave the stock an outperform rating in a research report on Tuesday, May 7th. Finally, Bank of America lifted their price objective on Marvell Technology Group from $24.00 to $28.00 and gave the stock a buy rating in a research report on Wednesday, April 17th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and nineteen have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus price target of $26.25.

Shares of MRVL stock traded down $0.62 during mid-day trading on Thursday, reaching $25.03. The stock had a trading volume of 8,184,072 shares, compared to its average volume of 7,647,505. Marvell Technology Group has a 12-month low of $14.34 and a 12-month high of $27.64. The firm has a market capitalization of $16.55 billion, a P/E ratio of 29.45, a P/E/G ratio of 8.41 and a beta of 1.16. The firm’s 50-day moving average is $25.10. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.67 and a current ratio of 2.07.

Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, May 30th. The semiconductor company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.02. Marvell Technology Group had a positive return on equity of 5.88% and a negative net margin of 12.18%. The business had revenue of $662.00 million during the quarter, compared to analysts’ expectations of $651.07 million. During the same quarter last year, the business posted $0.32 earnings per share. The business’s revenue for the quarter was up 9.5% on a year-over-year basis. On average, equities analysts forecast that Marvell Technology Group will post 0.43 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Friday, July 12th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.96%. The ex-dividend date was Thursday, July 11th. Marvell Technology Group’s dividend payout ratio (DPR) is 28.24%.

In other Marvell Technology Group news, CAO Willem A. Meintjes sold 28,057 shares of Marvell Technology Group stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $24.32, for a total value of $682,346.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael G. Strachan sold 10,000 shares of Marvell Technology Group stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $23.78, for a total value of $237,800.00. The disclosure for this sale can be found here. Insiders sold a total of 323,057 shares of company stock valued at $8,299,646 in the last 90 days. 1.10% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently bought and sold shares of the business. Selz Capital LLC acquired a new position in shares of Marvell Technology Group in the 1st quarter valued at about $857,000. Columbus Circle Investors acquired a new position in shares of Marvell Technology Group in the 1st quarter valued at about $10,857,000. Investors Research Corp acquired a new position in shares of Marvell Technology Group in the 1st quarter valued at about $135,000. Jennison Associates LLC lifted its stake in shares of Marvell Technology Group by 7.8% in the 1st quarter. Jennison Associates LLC now owns 7,375,792 shares of the semiconductor company’s stock valued at $146,705,000 after purchasing an additional 533,146 shares in the last quarter. Finally, Calamos Advisors LLC acquired a new position in shares of Marvell Technology Group in the 1st quarter valued at about $4,337,000.

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 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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