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.
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.
Featured Story: Diluted Earnings Per Share
Receive News & Ratings for Marvell Technology Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Marvell Technology Group and related companies with MarketBeat.com's FREE daily email newsletter.