Marvell Technology Group (MRVL) Stock Rating Upgraded by ValuEngine
ValuEngine upgraded shares of Marvell Technology Group (NASDAQ:MRVL) from a hold rating to a buy rating in a research report released on Friday.
Other research analysts also recently issued reports about the stock. Piper Jaffray Companies started coverage on shares of Marvell Technology Group in a research report on Monday, December 18th. They set an overweight rating and a $25.00 target price for the company. Morgan Stanley increased their target price on shares of Marvell Technology Group from $20.50 to $22.00 and gave the company an equal weight rating in a research report on Wednesday, December 13th. BidaskClub downgraded shares of Marvell Technology Group from a buy rating to a hold rating in a research report on Saturday, December 2nd. Oppenheimer reissued a buy rating and set a $30.00 target price on shares of Marvell Technology Group in a research report on Wednesday, November 29th. Finally, Loop Capital reissued a buy rating and set a $28.00 target price on shares of Marvell Technology Group in a research report on Wednesday, November 29th. Eight analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus target price of $23.92.
Shares of Marvell Technology Group (NASDAQ:MRVL) opened at $22.43 on Friday. Marvell Technology Group has a 52-week low of $14.58 and a 52-week high of $24.22. The stock has a market cap of $11,017.62, a PE ratio of 29.13, a price-to-earnings-growth ratio of 1.18 and a beta of 0.95.
The company also recently announced a quarterly dividend, which was paid on Tuesday, January 16th. Shareholders of record on Wednesday, December 27th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.07%. The ex-dividend date was Tuesday, December 26th. Marvell Technology Group’s dividend payout ratio is presently 31.17%.
In other Marvell Technology Group news, Director Michael G. Strachan sold 20,000 shares of the stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $23.65, for a total value of $473,000.00. Following the sale, the director now directly owns 19,702 shares in the company, valued at approximately $465,952.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Marvell Semiconductor, Inc. Ca sold 9,812 shares of the stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $21.20, for a total transaction of $208,014.40. The disclosure for this sale can be found here. Insiders sold a total of 31,324 shares of company stock worth $717,091 over the last quarter. Corporate insiders own 6.80% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of MRVL. Prudential Financial Inc. lifted its stake in Marvell Technology Group by 6.1% in the 2nd quarter. Prudential Financial Inc. now owns 29,640 shares of the semiconductor company’s stock worth $490,000 after purchasing an additional 1,700 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Marvell Technology Group by 21.3% in the 2nd quarter. Principal Financial Group Inc. now owns 46,352 shares of the semiconductor company’s stock worth $766,000 after purchasing an additional 8,136 shares in the last quarter. D.A. Davidson & CO. lifted its stake in Marvell Technology Group by 10.2% in the 2nd quarter. D.A. Davidson & CO. now owns 6,461 shares of the semiconductor company’s stock worth $106,000 after purchasing an additional 600 shares in the last quarter. M&T Bank Corp lifted its stake in Marvell Technology Group by 1.3% in the 2nd quarter. M&T Bank Corp now owns 30,943 shares of the semiconductor company’s stock worth $512,000 after purchasing an additional 402 shares in the last quarter. Finally, Parametric Portfolio Associates LLC lifted its stake in Marvell Technology Group by 6.6% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 903,409 shares of the semiconductor company’s stock worth $14,924,000 after purchasing an additional 56,087 shares in the last quarter. Institutional investors and hedge funds own 78.92% of the company’s stock.
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About Marvell Technology Group
Marvell Technology Group Ltd. is a semiconductor provider of application-specific standard products. The Company is engaged in the design, development and sale of integrated circuits. The Company develops System-on-a-Chip (SoC) devices. It also develops integrated hardware platforms along with software that incorporates digital computing technologies designed and configured to provide an optimized computing solution.
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