Marvell Technology Group Ltd. (MRVL) Sees Large Growth in Short Interest

Marvell Technology Group Ltd. (NASDAQ:MRVL) saw a large increase in short interest in the month of September. As of September 14th, there was short interest totalling 16,055,403 shares, an increase of 54.0% from the August 31st total of 10,425,599 shares. Based on an average trading volume of 16,609,213 shares, the short-interest ratio is presently 1.0 days. Currently, 2.6% of the shares of the company are short sold.

MRVL has been the topic of several recent analyst reports. ValuEngine upgraded shares of Marvell Technology Group from a “hold” rating to a “buy” rating in a research report on Thursday, June 28th. Argus reiterated a “buy” rating and set a $28.00 price objective on shares of Marvell Technology Group in a research report on Friday, June 29th. Evercore ISI initiated coverage on shares of Marvell Technology Group in a research report on Tuesday, June 26th. They set an “outperform” rating and a $27.00 price objective on the stock. Deutsche Bank upgraded shares of Marvell Technology Group from a “hold” rating to a “buy” rating and set a $13.00 price objective on the stock in a research report on Tuesday, June 26th. Finally, Citigroup reduced their price objective on shares of Marvell Technology Group from $23.00 to $20.00 and set a “neutral” rating on the stock in a research report on Friday, September 14th. One research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-two have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $25.90.

In other Marvell Technology Group news, CEO Matthew J. Murphy sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $20.64, for a total transaction of $206,400.00. Following the sale, the chief executive officer now owns 1,755 shares in the company, valued at approximately $36,223.20. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last 90 days, insiders have sold 30,000 shares of company stock worth $631,200. 0.10% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in MRVL. Jericho Capital Asset Management L.P. increased its position in Marvell Technology Group by 104.9% in the first quarter. Jericho Capital Asset Management L.P. now owns 5,493,004 shares of the semiconductor company’s stock worth $115,353,000 after purchasing an additional 2,812,835 shares during the last quarter. FMR LLC increased its position in Marvell Technology Group by 5.1% in the second quarter. FMR LLC now owns 55,789,566 shares of the semiconductor company’s stock worth $1,196,128,000 after purchasing an additional 2,685,377 shares during the last quarter. Point72 Asset Management L.P. increased its position in Marvell Technology Group by 4,960.9% in the first quarter. Point72 Asset Management L.P. now owns 2,277,385 shares of the semiconductor company’s stock worth $47,825,000 after purchasing an additional 2,232,385 shares during the last quarter. Standard Life Aberdeen plc increased its position in Marvell Technology Group by 16.0% in the second quarter. Standard Life Aberdeen plc now owns 14,359,692 shares of the semiconductor company’s stock worth $307,944,000 after purchasing an additional 1,979,069 shares during the last quarter. Finally, Frontier Capital Management Co. LLC increased its position in Marvell Technology Group by 60.6% in the second quarter. Frontier Capital Management Co. LLC now owns 4,532,425 shares of the semiconductor company’s stock worth $97,175,000 after purchasing an additional 1,710,569 shares during the last quarter.

Shares of MRVL opened at $18.71 on Friday. Marvell Technology Group has a fifty-two week low of $17.77 and a fifty-two week high of $25.18. The firm has a market capitalization of $12.24 billion, a P/E ratio of 17.99, a price-to-earnings-growth ratio of 2.22 and a beta of 0.91. The company has a current ratio of 2.54, a quick ratio of 1.76 and a debt-to-equity ratio of 0.25.

Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, September 6th. The semiconductor company reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.01). Marvell Technology Group had a return on equity of 10.70% and a net margin of 15.36%. The business had revenue of $665.31 million during the quarter, compared to the consensus estimate of $685.00 million. During the same quarter in the prior year, the firm posted $0.30 EPS. The company’s revenue for the quarter was up 10.1% on a year-over-year basis. analysts anticipate that Marvell Technology Group will post 0.86 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 23rd. Investors of record on Tuesday, October 2nd will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.28%. The ex-dividend date of this dividend is Monday, October 1st. Marvell Technology Group’s dividend payout ratio is presently 23.08%.

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 HDD components, such as HDD preamps components; and develops software-enabled silicon solutions comprising serial advanced technology attachment port multipliers, bridges, serial attached SCSI, 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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