Marvell Technology Group (NASDAQ:MRVL)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a report released on Monday. They currently have a $25.00 price objective on the semiconductor company’s stock. Needham & Company LLC’s target price points to a potential upside of 44.26% from the company’s previous close.
The analysts wrote, “In conjunction with our industry report published this morning entitled, CES C1H19″, we are reducing forward revenue and NG EPS estimates for the majority of our semiconductor companies under coverage including Marvell. Highlights from our CES meeting appears below.””
Other research analysts have also issued reports about the company. Benchmark lowered their target price on Marvell Technology Group to $30.00 in a research report on Sunday, December 2nd. Goldman Sachs Group started coverage on Marvell Technology Group in a research report on Tuesday, September 18th. They set a “buy” rating and a $23.00 target price for the company. Zacks Investment Research reaffirmed a “buy” rating and set a $19.00 target price on shares of Marvell Technology Group in a research report on Wednesday, November 14th. Stifel Nicolaus raised Marvell Technology Group from a “hold” rating to a “buy” rating and set a $21.00 target price for the company in a research report on Friday, October 12th. Finally, 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 report on Wednesday, October 10th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seventeen have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $24.76.
NASDAQ MRVL opened at $17.33 on Monday. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.32 and a quick ratio of 1.74. Marvell Technology Group has a fifty-two week low of $14.34 and a fifty-two week high of $25.18. The firm has a market cap of $11.23 billion, a price-to-earnings ratio of 16.66, a price-to-earnings-growth ratio of 1.97 and a beta of 0.85.
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, topping the consensus estimate of $0.32 by $0.01. Marvell Technology Group had a return on equity of 9.45% and a net margin of 4.76%. The firm had revenue of $851.05 million during the quarter, compared to analysts’ expectations of $844.07 million. During the same period in the prior year, the company earned $0.34 earnings per share. The company’s quarterly revenue was up 38.1% on a year-over-year basis. As a group, analysts predict that Marvell Technology Group will post 0.93 EPS for the current fiscal year.
Marvell Technology Group announced that its Board of Directors has authorized a share buyback program on Tuesday, October 16th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the semiconductor company to purchase up to 7.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.
In other Marvell Technology Group news, Director Michael G. Strachan purchased 10,000 shares of the firm’s stock in a transaction on Thursday, December 20th. The stock was purchased at an average cost of $14.85 per share, for a total transaction of $148,500.00. Following the acquisition, the director now owns 32,338 shares in the company, valued at approximately $480,219.30. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Jean X. Hu purchased 15,000 shares of the firm’s stock in a transaction on Wednesday, December 26th. The shares were acquired at an average price of $14.67 per share, with a total value of $220,050.00. Following the completion of the acquisition, the chief financial officer now owns 51,077 shares in the company, valued at approximately $749,299.59. The disclosure for this purchase can be found here. Company insiders own 0.10% of the company’s stock.
Institutional investors have recently modified their holdings of the business. FMR LLC grew its stake in shares of Marvell Technology Group by 5.1% in the 2nd quarter. FMR LLC now owns 55,789,566 shares of the semiconductor company’s stock valued at $1,196,128,000 after buying an additional 2,685,377 shares during the period. Jennison Associates LLC grew its stake in shares of Marvell Technology Group by 47.4% in the 3rd quarter. Jennison Associates LLC now owns 7,611,736 shares of the semiconductor company’s stock valued at $146,907,000 after buying an additional 2,449,407 shares during the period. Starboard Value LP grew its stake in shares of Marvell Technology Group by 1.7% in the 3rd quarter. Starboard Value LP now owns 34,289,997 shares of the semiconductor company’s stock valued at $661,797,000 after buying an additional 569,211 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Marvell Technology Group in the 3rd quarter valued at about $250,000. Finally, Frontier Capital Management Co. LLC grew its stake in shares of Marvell Technology Group by 14.5% in the 3rd quarter. Frontier Capital Management Co. LLC now owns 5,188,283 shares of the semiconductor company’s stock valued at $100,134,000 after buying an additional 655,858 shares during the period. Hedge funds and other institutional investors own 95.22% of the company’s stock.
Marvell Technology Group Company Profile
Marvell Technology Group Ltd. engages in the business of providing semiconductors to high-performance application-specific standard products. It focuses on the development of complex System-on-a-Chip devices leveraging extensive technology portfolio of intellectual property in the areas of analog, mixed-signal, digital signal processing, and embedded and stand alone integrated circuits.
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