BMO Capital Markets cut shares of Marvell Technology Group (NASDAQ:MRVL) from an outperform rating to a market perform rating in a research note issued to investors on Wednesday, BenzingaRatingsTable reports. BMO Capital Markets currently has $28.00 price target on the semiconductor company’s stock.
Other equities analysts also recently issued research reports about the company. Needham & Company LLC reaffirmed a buy rating and issued a $28.00 target price on shares of Marvell Technology Group in a research report on Sunday, September 1st. Cowen set a $27.00 price target on Marvell Technology Group and gave the stock an outperform rating in a report on Monday, August 26th. Piper Jaffray Companies set a $30.00 price target on Marvell Technology Group and gave the company a buy rating in a research note on Friday, August 30th. Wells Fargo & Co upgraded Marvell Technology Group from a market perform rating to an outperform rating and boosted their price target for the company from $25.00 to $32.00 in a research note on Monday, November 4th. Finally, JPMorgan Chase & Co. set a $27.00 price objective on Marvell Technology Group and gave the company a buy rating in a report on Friday, August 30th. One analyst has rated the stock with a sell rating, six have issued a hold rating and nineteen have given a buy rating to the company’s stock. The stock presently has an average rating of Buy and an average price target of $28.04.
Shares of MRVL stock traded down $0.39 during midday trading on Wednesday, hitting $23.53. 5,984,842 shares of the company were exchanged, compared to its average volume of 10,070,631. Marvell Technology Group has a 52 week low of $14.34 and a 52 week high of $28.38. The firm has a market capitalization of $17.59 billion, a P/E ratio of 27.68, a PEG ratio of 12.69 and a beta of 1.19. The firm’s 50 day moving average price is $25.68 and its two-hundred day moving average price is $24.74. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.68 and a current ratio of 3.06.
Marvell Technology Group (NASDAQ:MRVL) last released its quarterly earnings results on Tuesday, December 3rd. The semiconductor company reported $0.17 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.17. The firm had revenue of $662.00 million for the quarter, compared to analysts’ expectations of $660.94 million. Marvell Technology Group had a negative net margin of 14.42% and a positive return on equity of 5.25%. The business’s revenue was down 22.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.33 EPS. Analysts expect that Marvell Technology Group will post 0.34 EPS for the current year.
In related news, CFO Jean X. Hu sold 10,000 shares of the stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $26.86, for a total transaction of $268,600.00. Also, EVP Dan Christman sold 64,856 shares of the stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $24.97, for a total transaction of $1,619,454.32. Following the sale, the executive vice president now owns 1,629 shares in the company, valued at approximately $40,676.13. The disclosure for this sale can be found here. Insiders sold 315,933 shares of company stock worth $8,334,532 in the last 90 days. 1.10% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD lifted its stake in Marvell Technology Group by 128.1% during the second quarter. Price T Rowe Associates Inc. MD now owns 97,954,732 shares of the semiconductor company’s stock worth $2,338,179,000 after purchasing an additional 55,005,127 shares during the last quarter. Nuveen Asset Management LLC bought a new stake in shares of Marvell Technology Group during the 2nd quarter worth $212,265,000. Whale Rock Capital Management LLC acquired a new stake in Marvell Technology Group in the second quarter valued at about $204,888,000. Allianz Asset Management GmbH boosted its stake in Marvell Technology Group by 137.1% in the second quarter. Allianz Asset Management GmbH now owns 9,718,724 shares of the semiconductor company’s stock valued at $231,986,000 after buying an additional 5,619,751 shares in the last quarter. Finally, Senator Investment Group LP bought a new position in Marvell Technology Group in the second quarter valued at about $119,350,000. Institutional investors and hedge funds own 96.38% 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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