Marvell Technology Group (NASDAQ:MRVL) Shares Gap Down to $25.81

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Marvell Technology Group Ltd. (NASDAQ:MRVL)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $26.68, but opened at $25.81. Marvell Technology Group shares last traded at $25.16, with a volume of 12,124,234 shares changing hands.

A number of equities analysts recently weighed in on the stock. Bank of America set a $28.00 target price on shares of Marvell Technology Group and gave the stock a “buy” rating in a report on Friday, August 30th. Oppenheimer set a $30.00 price target on shares of Marvell Technology Group and gave the company a “buy” rating in a research note on Friday, August 30th. Rosenblatt Securities reissued a “buy” rating and issued a $28.00 price objective on shares of Marvell Technology Group in a research report on Tuesday, November 26th. Zacks Investment Research lowered shares of Marvell Technology Group from a “hold” rating to a “sell” rating and set a $25.00 price objective on the stock. in a research note on Friday, October 11th. Finally, Morgan Stanley set a $20.00 target price on shares of Marvell Technology Group and gave the company a “hold” rating in a report on Friday, August 30th. One research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $27.42.

The firm has a market cap of $17.59 billion, a P/E ratio of 29.60, a P/E/G ratio of 12.69 and a beta of 1.19. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.68 and a current ratio of 3.06. The firm’s fifty day moving average is $25.68 and its 200 day moving average is $24.73.

Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings results on Tuesday, December 3rd. The semiconductor company reported $0.17 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.17. The business had revenue of $662.00 million for the quarter, compared to analyst estimates of $660.94 million. Marvell Technology Group had a negative net margin of 14.42% and a positive return on equity of 5.25%. Marvell Technology Group’s quarterly revenue was down 22.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.33 EPS. As a group, equities research analysts forecast that Marvell Technology Group Ltd. will post 0.34 EPS for the current year.

In other Marvell Technology Group news, Director Michael G. Strachan sold 10,000 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $25.99, for a total transaction of $259,900.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Oleg Khaykin sold 20,000 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $25.71, for a total value of $514,200.00. Following the transaction, the director now owns 23,309 shares in the company, valued at approximately $599,274.39. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 370,933 shares of company stock valued at $9,666,982. Corporate insiders own 1.10% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in MRVL. Price T Rowe Associates Inc. MD raised its stake in Marvell Technology Group by 128.1% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 97,954,732 shares of the semiconductor company’s stock worth $2,338,179,000 after purchasing an additional 55,005,127 shares in the last quarter. Nuveen Asset Management LLC bought a new position in Marvell Technology Group during the 2nd quarter worth $212,265,000. Whale Rock Capital Management LLC acquired a new position in Marvell Technology Group in the 2nd quarter valued at $204,888,000. Allianz Asset Management GmbH raised its holdings in Marvell Technology Group by 137.1% in the 2nd quarter. Allianz Asset Management GmbH now owns 9,718,724 shares of the semiconductor company’s stock valued at $231,986,000 after acquiring an additional 5,619,751 shares in the last quarter. Finally, Senator Investment Group LP acquired a new position in Marvell Technology Group in the 2nd quarter valued at $119,350,000. Institutional investors and hedge funds own 96.38% of the company’s stock.

Marvell Technology Group Company Profile (NASDAQ:MRVL)

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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