Marvell Technology Group Ltd. (NASDAQ:MRVL) has been assigned a consensus rating of “Buy” from the twenty-four analysts that are currently covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and seventeen have assigned a buy rating to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $24.44.
A number of equities research analysts have recently weighed in on MRVL shares. Goldman Sachs Group started coverage on Marvell Technology Group in a research note on Tuesday, September 18th. They issued a “buy” rating and a $23.00 target price for the company. TheStreet lowered Marvell Technology Group from a “b” rating to a “c+” rating in a research note on Friday, October 26th. Barclays lowered their target price on Marvell Technology Group from $30.00 to $25.00 and set an “overweight” rating for the company in a research note on Tuesday, October 23rd. B. Riley lowered their target price on Marvell Technology Group from $30.00 to $26.00 and set a “buy” rating for the company in a research note on Wednesday, October 10th. Finally, ValuEngine lowered Marvell Technology Group from a “buy” rating to a “hold” rating in a research note on Tuesday, August 14th.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Kiwi Wealth Investments Limited Partnership raised its position in Marvell Technology Group by 3.1% during the 2nd quarter. Kiwi Wealth Investments Limited Partnership now owns 82,642 shares of the semiconductor company’s stock valued at $1,772,000 after purchasing an additional 2,486 shares during the last quarter. BNP Paribas Arbitrage SA grew its holdings in shares of Marvell Technology Group by 2.0% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 153,996 shares of the semiconductor company’s stock worth $3,302,000 after acquiring an additional 3,060 shares during the period. First Mercantile Trust Co. grew its holdings in shares of Marvell Technology Group by 9.6% during the 3rd quarter. First Mercantile Trust Co. now owns 38,443 shares of the semiconductor company’s stock worth $742,000 after acquiring an additional 3,375 shares during the period. American International Group Inc. grew its holdings in shares of Marvell Technology Group by 45.6% during the 3rd quarter. American International Group Inc. now owns 10,800 shares of the semiconductor company’s stock worth $208,000 after acquiring an additional 3,380 shares during the period. Finally, KBC Group NV grew its holdings in shares of Marvell Technology Group by 6.3% during the 2nd quarter. KBC Group NV now owns 61,012 shares of the semiconductor company’s stock worth $1,308,000 after acquiring an additional 3,608 shares during the period. 95.31% of the stock is owned by institutional investors and hedge funds.
MRVL stock traded down $0.65 during mid-day trading on Monday, hitting $15.44. 10,756,624 shares of the stock were exchanged, compared to its average volume of 9,551,238. Marvell Technology Group has a 12 month low of $14.69 and a 12 month high of $25.18. The company has a quick ratio of 1.76, a current ratio of 2.54 and a debt-to-equity ratio of 0.25. The firm has a market cap of $10.59 billion, a P/E ratio of 14.85, a price-to-earnings-growth ratio of 1.99 and a beta of 1.01.
Marvell Technology Group (NASDAQ:MRVL) last released its earnings results on Tuesday, December 4th. The semiconductor company reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.01. Marvell Technology Group had a return on equity of 10.43% and a net margin of 4.76%. The company had revenue of $851.05 million during the quarter, compared to analyst estimates of $844.07 million. During the same quarter in the previous year, the company posted $0.34 EPS. Marvell Technology Group’s revenue for the quarter was up 38.1% on a year-over-year basis. As a group, research analysts expect that Marvell Technology Group will post 0.86 EPS for the current fiscal year.
Marvell Technology Group declared that its board has approved a share repurchase plan on Tuesday, October 16th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the semiconductor company to reacquire up to 7.9% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.
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 HDD components, such as HDD preamps components; and develops software-enabled silicon solutions comprising serial advanced technology attachment port multipliers, bridges, serial attached SCSI, 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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