Marvell Technology Group (NASDAQ:MRVL) had its price objective dropped by analysts at Citigroup from $20.00 to $17.30 in a research report issued to clients and investors on Thursday. The firm presently has a “neutral” rating on the semiconductor company’s stock. Citigroup’s price objective would suggest a potential upside of 12.05% from the company’s current price.
A number of other research firms have also recently commented on MRVL. Cowen reiterated an “outperform” rating and issued a $22.00 price objective (down from $26.00) on shares of Marvell Technology Group in a report on Thursday. ValuEngine cut Marvell Technology Group from a “hold” rating to a “sell” rating in a report on Tuesday, November 20th. BidaskClub cut Marvell Technology Group from a “hold” rating to a “sell” rating in a report on Thursday, November 8th. BMO Capital Markets upgraded Marvell Technology Group from a “market perform” rating to an “outperform” rating and set a $24.00 price objective on the stock in a report on Monday, October 15th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $27.00 price objective on shares of Marvell Technology Group in a report on Sunday, September 9th. Two analysts have rated the stock with a sell rating, three have given a hold rating and seventeen have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $24.44.
MRVL stock opened at $15.44 on Thursday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.76 and a current ratio of 2.54. Marvell Technology Group has a 12-month low of $14.69 and a 12-month high of $25.18. The stock has a market capitalization of $10.59 billion, a P/E ratio of 14.85, a PEG ratio of 1.99 and a beta of 1.01.
Marvell Technology Group (NASDAQ:MRVL) last issued its earnings results on Tuesday, December 4th. The semiconductor company reported $0.33 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.01. The business had revenue of $851.05 million for the quarter, compared to analysts’ expectations of $844.07 million. Marvell Technology Group had a return on equity of 10.43% and a net margin of 4.76%. The business’s revenue for the quarter was up 38.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.34 EPS. As a group, analysts expect that Marvell Technology Group will post 0.86 earnings per share for the current year.
Marvell Technology Group announced that its Board of Directors has initiated a share repurchase plan on Tuesday, October 16th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to buy up to 7.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC raised its position in Marvell Technology Group by 5.1% in the second quarter. FMR LLC now owns 55,789,566 shares of the semiconductor company’s stock valued at $1,196,128,000 after purchasing an additional 2,685,377 shares during the period. Vanguard Group Inc. increased its position in shares of Marvell Technology Group by 45.0% during the third quarter. Vanguard Group Inc. now owns 53,229,098 shares of the semiconductor company’s stock worth $1,027,321,000 after acquiring an additional 16,517,490 shares during the period. Starboard Value LP increased its position in shares of Marvell Technology Group by 1.7% during the third quarter. Starboard Value LP now owns 34,289,997 shares of the semiconductor company’s stock worth $661,797,000 after acquiring an additional 569,211 shares during the period. BlackRock Inc. increased its position in shares of Marvell Technology Group by 34.5% during the third quarter. BlackRock Inc. now owns 32,541,818 shares of the semiconductor company’s stock worth $628,056,000 after acquiring an additional 8,349,897 shares during the period. Finally, Standard Life Aberdeen plc increased its position in shares of Marvell Technology Group by 16.0% during the second quarter. Standard Life Aberdeen plc now owns 14,359,692 shares of the semiconductor company’s stock worth $307,944,000 after acquiring an additional 1,979,069 shares during the period. 95.31% of the stock is currently owned by institutional investors.
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 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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