Marvell Technology Group (NASDAQ:MRVL) Stock Rating Lowered by BMO Capital Markets

BMO Capital Markets lowered shares of Marvell Technology Group (NASDAQ:MRVL) from an outperform rating to a market perform rating in a research report released on Wednesday morning, BenzingaRatingsTable reports. BMO Capital Markets currently has $28.00 target price on the semiconductor company’s stock.

MRVL has been the topic of several other research reports. Bank of America set a $28.00 price objective on shares of Marvell Technology Group and gave the company a buy rating in a research report on Friday, August 30th. Benchmark set a $30.00 target price on shares of Marvell Technology Group and gave the stock a buy rating in a research report on Friday, August 30th. Wells Fargo & Co upgraded shares of Marvell Technology Group from a market perform rating to an outperform rating and increased their price target for the stock from $25.00 to $32.00 in a research note on Monday, November 4th. Citigroup downgraded shares of Marvell Technology Group to a buy rating and set a $29.00 price target on the stock. in a report on Friday, August 30th. Finally, Craig Hallum upgraded shares of Marvell Technology Group from a hold rating to a buy rating and set a $28.00 price target on the stock in a report on Friday, August 30th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and twenty have issued a buy rating to the stock. Marvell Technology Group presently has a consensus rating of Buy and an average target price of $28.12.

Shares of NASDAQ MRVL opened at $24.17 on Wednesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 3.06 and a quick ratio of 2.68. Marvell Technology Group has a one year low of $14.34 and a one year high of $28.38. The business’s 50-day moving average price is $25.67 and its two-hundred day moving average price is $24.75. The company has a market capitalization of $16.12 billion, a P/E ratio of 28.44, a price-to-earnings-growth ratio of 12.69 and a beta of 1.19.

Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings results on Tuesday, December 3rd. The semiconductor company reported $0.17 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.17. The company had revenue of $662.00 million during the quarter, compared to the consensus estimate of $660.94 million. Marvell Technology Group had a positive return on equity of 5.25% and a negative net margin of 14.42%. The business’s quarterly revenue was down 22.2% on a year-over-year basis. During the same period last year, the business earned $0.33 EPS. On average, equities analysts anticipate that Marvell Technology Group will post 0.34 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 16th. Investors of record on Thursday, December 26th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.99%. Marvell Technology Group’s payout ratio is presently 28.24%.

In other Marvell Technology Group news, CEO Matthew J. Murphy sold 15,000 shares of the business’s stock in a transaction on Friday, October 4th. The shares were sold at an average price of $24.33, for a total transaction of $364,950.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Dan Christman sold 64,856 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were 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 of the company’s stock, valued at $40,676.13. The disclosure for this sale can be found here. Insiders sold a total of 315,933 shares of company stock worth $8,334,532 in the last quarter. Insiders own 1.10% of the company’s stock.

Several institutional investors have recently bought and sold shares of MRVL. Millennium Management LLC grew its holdings in Marvell Technology Group by 276.3% in the 3rd quarter. Millennium Management LLC now owns 1,573,314 shares of the semiconductor company’s stock valued at $39,285,000 after buying an additional 1,155,172 shares during the last quarter. Man Group plc bought a new stake in shares of Marvell Technology Group in the third quarter valued at approximately $2,477,000. Raine Capital LLC boosted its position in shares of Marvell Technology Group by 37.5% in the third quarter. Raine Capital LLC now owns 275,000 shares of the semiconductor company’s stock valued at $6,866,000 after acquiring an additional 75,000 shares during the period. Voloridge Investment Management LLC acquired a new stake in shares of Marvell Technology Group in the third quarter worth $9,081,000. Finally, Worldquant Millennium Advisors LLC acquired a new stake in shares of Marvell Technology Group in the third quarter worth $17,649,000. Institutional investors and hedge funds own 96.38% of the company’s stock.

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 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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Analyst Recommendations for Marvell Technology Group (NASDAQ:MRVL)

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