BidaskClub upgraded shares of Marvell Technology Group (NASDAQ:MRVL) from a sell rating to a hold rating in a research report report published on Friday morning.
MRVL has been the subject of a number of other reports. Citigroup cut their target price on Marvell Technology Group from $23.00 to $20.00 and set a neutral rating for the company in a research report on Friday, September 14th. Cowen cut their target price on Marvell Technology Group from $29.00 to $26.00 and set an outperform rating for the company in a research report on Monday, August 27th. TheStreet downgraded Marvell Technology Group from a b rating to a c+ rating in a research report on Friday, October 26th. Barclays cut their target price on Marvell Technology Group from $30.00 to $25.00 and set an overweight rating for the company in a research report on Tuesday, October 23rd. Finally, ValuEngine downgraded Marvell Technology Group from a buy rating to a hold rating in a research report on Tuesday, August 14th. Five equities research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company’s stock. The company presently has an average rating of Buy and an average target price of $25.56.
Shares of NASDAQ:MRVL traded up $0.01 during trading on Friday, reaching $17.59. 10,276,321 shares of the company traded hands, compared to its average volume of 13,862,910. The company has a market cap of $11.58 billion, a price-to-earnings ratio of 16.91, a PEG ratio of 2.10 and a beta of 1.09. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.76 and a current ratio of 2.54. Marvell Technology Group has a 52 week low of $15.31 and a 52 week high of $25.18.
Marvell Technology Group declared that its board has approved a share repurchase program on Tuesday, October 16th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the semiconductor company to buy up to 7.9% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 23rd. Stockholders of record on Tuesday, October 2nd were issued a dividend of $0.06 per share. The ex-dividend date was Monday, October 1st. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.36%. Marvell Technology Group’s dividend payout ratio (DPR) is currently 23.08%.
In other news, CEO Matthew J. Murphy sold 10,000 shares of the business’s stock in a transaction on Tuesday, September 4th. The stock was sold at an average price of $20.64, for a total transaction of $206,400.00. Following the completion of the transaction, the chief executive officer now owns 1,755 shares of the company’s stock, valued at approximately $36,223.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.10% of the stock is currently owned by insiders.
Institutional investors have recently bought and sold shares of the company. American Century Companies Inc. acquired a new position in Marvell Technology Group in the 3rd quarter worth about $66,004,000. Wells Fargo & Company MN increased its holdings in Marvell Technology Group by 248.0% in the 3rd quarter. Wells Fargo & Company MN now owns 4,404,863 shares of the semiconductor company’s stock worth $85,013,000 after purchasing an additional 3,139,199 shares in the last quarter. FMR LLC increased its holdings in Marvell Technology Group by 5.1% in the 2nd 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 in the last quarter. Standard Life Aberdeen plc increased its holdings in Marvell Technology Group by 16.0% in the 2nd 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 in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its holdings in Marvell Technology Group by 59.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 5,065,247 shares of the semiconductor company’s stock worth $97,759,000 after purchasing an additional 1,885,095 shares in the last quarter. 81.96% of the stock is owned by institutional investors.
About Marvell Technology Group
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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