Marvell Technology Group (NASDAQ:MRVL) Cut to “Hold” at BidaskClub

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BidaskClub downgraded shares of Marvell Technology Group (NASDAQ:MRVL) from a buy rating to a hold rating in a report issued on Thursday morning, BidAskClub reports.

A number of other equities analysts have also issued reports on MRVL. Raymond James began coverage on Marvell Technology Group in a report on Wednesday, June 19th. They set a market perform rating and a $24.55 price target on the stock. ValuEngine downgraded shares of Marvell Technology Group from a strong-buy rating to a buy rating in a research report on Thursday, August 1st. Needham & Company LLC restated a buy rating and issued a $28.00 price objective on shares of Marvell Technology Group in a research report on Sunday, June 2nd. UBS Group raised their price objective on shares of Marvell Technology Group from $22.00 to $29.00 and gave the company a buy rating in a research report on Wednesday, April 24th. Finally, TheStreet upgraded shares of Marvell Technology Group from a c+ rating to a b- rating in a research report on Wednesday, July 3rd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and nineteen have given a buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $26.25.

NASDAQ MRVL opened at $23.78 on Thursday. The company has a quick ratio of 1.67, a current ratio of 2.07 and a debt-to-equity ratio of 0.23. Marvell Technology Group has a 52-week low of $14.34 and a 52-week high of $27.64. The business’s 50-day moving average price is $25.40 and its 200 day moving average price is $22.82. The firm has a market cap of $16.40 billion, a P/E ratio of 37.01, a P/E/G ratio of 7.95 and a beta of 1.16.

Marvell Technology Group (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, May 30th. The semiconductor company reported $0.16 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.14 by $0.02. Marvell Technology Group had a positive return on equity of 5.88% and a negative net margin of 12.18%. The firm had revenue of $662.00 million for the quarter, compared to analyst estimates of $651.07 million. During the same quarter last year, the company posted $0.32 earnings per share. The business’s revenue was up 9.5% on a year-over-year basis. As a group, analysts anticipate that Marvell Technology Group will post 0.43 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 31st. Stockholders of record on Friday, July 12th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Thursday, July 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.01%. Marvell Technology Group’s payout ratio is 28.24%.

In other news, Director Oleg Khaykin sold 10,000 shares of Marvell Technology Group stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $23.89, for a total transaction of $238,900.00. Following the completion of the sale, the director now directly owns 33,204 shares in the company, valued at approximately $793,243.56. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Willem A. Meintjes sold 28,057 shares of Marvell Technology Group stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $24.32, for a total transaction of $682,346.24. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 338,057 shares of company stock valued at $8,659,346. Insiders own 1.10% of the company’s stock.

Hedge funds have recently bought and sold shares of the company. Capital Investment Advisory Services LLC acquired a new position in shares of Marvell Technology Group during the 2nd quarter worth approximately $31,000. Patriot Financial Group Insurance Agency LLC raised its position in shares of Marvell Technology Group by 198.2% during the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,807 shares of the semiconductor company’s stock worth $43,000 after purchasing an additional 1,201 shares during the last quarter. Signaturefd LLC raised its position in shares of Marvell Technology Group by 27.2% during the 2nd quarter. Signaturefd LLC now owns 1,859 shares of the semiconductor company’s stock worth $44,000 after purchasing an additional 397 shares during the last quarter. Mizuho Securities Co. Ltd. acquired a new position in shares of Marvell Technology Group during the 2nd quarter worth approximately $48,000. Finally, Griffin Asset Management Inc. acquired a new position in shares of Marvell Technology Group during the 2nd quarter worth approximately $50,000. Institutional investors own 95.98% 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.

Further Reading: Balanced Fund

Analyst Recommendations for Marvell Technology Group (NASDAQ:MRVL)

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