Marvell Technology Group (MRVL) Shares Down 1.7% Following Analyst Downgrade

Shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) fell 1.7% during trading on Thursday after B. Riley lowered their price target on the stock from $30.00 to $26.00. B. Riley currently has a buy rating on the stock. Marvell Technology Group traded as low as $17.37 and last traded at $17.68. 1,275,463 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 9,302,697 shares. The stock had previously closed at $17.38.

A number of other brokerages have also issued reports on MRVL. Argus reaffirmed a “buy” rating and set a $28.00 target price on shares of Marvell Technology Group in a research report on Friday, June 29th. ValuEngine raised Marvell Technology Group from a “hold” rating to a “buy” rating in a research report on Thursday, June 28th. Zacks Investment Research lowered Marvell Technology Group from a “buy” rating to a “hold” rating in a research report on Wednesday, August 1st. UBS Group cut their target price on Marvell Technology Group from $38.00 to $33.00 and set a “buy” rating on the stock in a research report on Friday, July 6th. Finally, BidaskClub lowered Marvell Technology Group from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 2nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $25.77.

In other news, CEO Matthew J. Murphy sold 10,000 shares of Marvell Technology Group stock in a transaction on Friday, August 3rd. The stock was sold at an average price of $21.33, for a total transaction of $213,300.00. Following the transaction, the chief executive officer now owns 1,755 shares in the company, valued at $37,434.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.10% of the company’s stock.

Several hedge funds have recently modified their holdings of MRVL. Jericho Capital Asset Management L.P. grew its stake 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 valued at $115,353,000 after purchasing an additional 2,812,835 shares in the last quarter. FMR LLC grew its stake 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 valued at $1,196,128,000 after purchasing an additional 2,685,377 shares in the last quarter. Standard Life Aberdeen plc grew its stake 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 valued at $307,944,000 after purchasing an additional 1,979,069 shares in the last quarter. Frontier Capital Management Co. LLC grew its stake 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 valued at $97,175,000 after purchasing an additional 1,710,569 shares in the last quarter. Finally, Sumitomo Mitsui Asset Management Company LTD grew its stake in Marvell Technology Group by 187.9% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 2,033,090 shares of the semiconductor company’s stock valued at $43,589,000 after purchasing an additional 1,326,976 shares in the last quarter. Institutional investors and hedge funds own 81.56% of the company’s stock.

The company has a debt-to-equity ratio of 0.25, a current ratio of 2.54 and a quick ratio of 1.76. The company has a market cap of $12.71 billion, a P/E ratio of 17.32, a PEG ratio of 2.31 and a beta of 0.96.

Marvell Technology Group (NASDAQ:MRVL) last issued its earnings results on Thursday, September 6th. The semiconductor company reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.01). Marvell Technology Group had a net margin of 15.36% and a return on equity of 10.70%. The firm had revenue of $665.31 million during the quarter, compared to analysts’ expectations of $685.00 million. During the same quarter last year, the firm earned $0.30 EPS. The business’s revenue for the quarter was up 10.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Marvell Technology Group Ltd. will post 0.86 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 23rd. Shareholders of record on Tuesday, October 2nd will be paid a $0.06 dividend. The ex-dividend date of this dividend is Monday, October 1st. This represents a $0.24 dividend on an annualized basis and a yield of 1.33%. Marvell Technology Group’s dividend payout ratio (DPR) is currently 23.08%.

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 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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