Marvell Technology Group (MRVL) Downgraded to Hold at Craig Hallum

Marvell Technology Group (NASDAQ:MRVL) was downgraded by equities researchers at Craig Hallum from a “buy” rating to a “hold” rating in a research note issued on Thursday, The Fly reports.

Several other research firms have also commented on MRVL. Cowen restated an “outperform” rating and issued a $22.00 price target (down previously from $26.00) on shares of Marvell Technology Group in a report on Thursday, December 6th. ValuEngine lowered shares of Marvell Technology Group from a “hold” rating to a “sell” rating in a report on Tuesday, November 20th. BidaskClub lowered shares of Marvell Technology Group from a “hold” rating to a “sell” rating in a report on Thursday, November 8th. BMO Capital Markets upgraded shares of Marvell Technology Group from a “market perform” rating to an “outperform” rating and set a $24.00 price target on the stock in a report on Monday, October 15th. Finally, Citigroup cut their price target on shares of Marvell Technology Group from $20.00 to $17.30 and set a “neutral” rating on the stock in a report on Thursday, December 6th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $24.86.

Shares of MRVL stock opened at $19.04 on Thursday. Marvell Technology Group has a 1-year low of $14.34 and a 1-year high of $25.18. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.74 and a current ratio of 2.32. The stock has a market cap of $12.27 billion, a PE ratio of 18.31, a P/E/G ratio of 1.54 and a beta of 0.98.

Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings results on Tuesday, December 4th. The semiconductor company reported $0.33 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.32 by $0.01. Marvell Technology Group had a net margin of 4.76% and a return on equity of 9.45%. The firm had revenue of $851.05 million for the quarter, compared to analyst estimates of $844.07 million. During the same quarter last year, the firm posted $0.34 earnings per share. Marvell Technology Group’s revenue for the quarter was up 38.1% compared to the same quarter last year. Analysts forecast that Marvell Technology Group will post 0.93 earnings per share for the current fiscal year.

Marvell Technology Group announced that its board has initiated a share repurchase plan on Tuesday, October 16th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the semiconductor company to reacquire up to 7.9% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

In other news, Director Syed Ali sold 442,000 shares of Marvell Technology Group stock in a transaction that occurred on Friday, January 11th. The shares were sold at an average price of $17.14, for a total transaction of $7,575,880.00. Following the sale, the director now owns 4,950,515 shares in the company, valued at $84,851,827.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael G. Strachan purchased 10,000 shares of the firm’s stock in a transaction dated Thursday, December 20th. The shares were bought at an average cost of $14.85 per share, with a total value of $148,500.00. Following the transaction, the director now directly owns 32,338 shares of the company’s stock, valued at approximately $480,219.30. The disclosure for this purchase can be found here. Company insiders own 0.10% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. FMR LLC grew its position in shares of Marvell Technology Group by 5.1% during the second quarter. FMR LLC now owns 55,789,566 shares of the semiconductor company’s stock worth $1,196,128,000 after buying an additional 2,685,377 shares in the last quarter. Vanguard Group Inc grew its position in shares of Marvell Technology Group by 45.0% during the third quarter. Vanguard Group Inc now owns 53,229,098 shares of the semiconductor company’s stock worth $1,027,321,000 after buying an additional 16,517,490 shares in the last quarter. Starboard Value LP grew its position in shares of Marvell Technology Group by 1.7% during the third quarter. Starboard Value LP now owns 34,289,997 shares of the semiconductor company’s stock worth $661,797,000 after buying an additional 569,211 shares in the last quarter. BlackRock Inc. grew its position in shares of Marvell Technology Group by 34.5% during the third quarter. BlackRock Inc. now owns 32,541,818 shares of the semiconductor company’s stock worth $628,056,000 after buying an additional 8,349,897 shares in the last quarter. Finally, Jennison Associates LLC grew its position in shares of Marvell Technology Group by 47.4% during the third quarter. Jennison Associates LLC now owns 7,611,736 shares of the semiconductor company’s stock worth $146,907,000 after buying an additional 2,449,407 shares in the last quarter. 94.98% of the stock is owned by institutional investors and hedge funds.

About Marvell Technology Group

Marvell Technology Group Ltd. engages in the business of providing semiconductors to high-performance application-specific standard products. It focuses on the development of complex System-on-a-Chip devices leveraging extensive technology portfolio of intellectual property in the areas of analog, mixed-signal, digital signal processing, and embedded and stand alone integrated circuits.

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