Marvell Technology Group (MRVL) Price Target Cut to $25.00 by Analysts at UBS Group

Marvell Technology Group (NASDAQ:MRVL) had its target price decreased by equities research analysts at UBS Group from $30.00 to $25.00 in a research note issued to investors on Thursday, The Fly reports. The firm currently has an “in-line” rating on the semiconductor company’s stock. UBS Group’s price objective would suggest a potential upside of 61.92% from the stock’s previous close.

MRVL has been the subject of several other research reports. Citigroup cut their target price on Marvell Technology Group from $23.00 to $20.00 and set a “neutral” rating for the company in a research note on Friday, September 14th. BidaskClub downgraded Marvell Technology Group from a “hold” rating to a “sell” rating in a research note on Saturday, October 27th. Cowen cut their target price on Marvell Technology Group from $29.00 to $26.00 and set an “outperform” rating for the company in a research note on Monday, August 27th. TheStreet downgraded Marvell Technology Group from a “b” rating to a “c+” rating in a research note on Friday, October 26th. Finally, Zacks Investment Research restated a “buy” rating and issued a $19.00 target price on shares of Marvell Technology Group in a research note on Wednesday, November 14th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and seventeen have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $24.44.

Shares of NASDAQ MRVL opened at $15.44 on Thursday. Marvell Technology Group has a 52 week low of $14.69 and a 52 week 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 stock has a market capitalization of $10.59 billion, a price-to-earnings ratio of 14.85, a P/E/G 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 EPS for the quarter, topping the consensus estimate 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 business had revenue of $851.05 million during the quarter, compared to the consensus estimate of $844.07 million. During the same quarter last year, the company earned $0.34 EPS. The firm’s revenue was up 38.1% compared to the same quarter last year. On average, equities analysts forecast that Marvell Technology Group will post 0.86 earnings per share for the current fiscal year.

Marvell Technology Group announced that its Board of Directors has initiated a share buyback 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 stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Several institutional investors and hedge funds have recently modified their holdings of the company. Kiwi Wealth Investments Limited Partnership boosted its position in shares of 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 acquiring an additional 2,486 shares during the last quarter. First Mercantile Trust Co. raised 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 valued at $742,000 after buying an additional 3,375 shares in the last quarter. American International Group Inc. raised 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 valued at $208,000 after buying an additional 3,380 shares in the last quarter. KBC Group NV raised 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 valued at $1,308,000 after buying an additional 3,608 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. raised its holdings in shares of Marvell Technology Group by 11.1% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 41,619 shares of the semiconductor company’s stock valued at $893,000 after buying an additional 4,149 shares in the last quarter. Hedge funds and other institutional investors own 95.31% 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 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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