Marvell Technology Group (NASDAQ:MRVL) Rating Reiterated by Benchmark
Benchmark reiterated their buy rating on shares of Marvell Technology Group (NASDAQ:MRVL) in a report released on Wednesday, 24/7 WallStreet reports. The brokerage currently has a $30.00 target price on the semiconductor company’s stock.
Several other research firms also recently commented on MRVL. Citigroup increased their price objective on Marvell Technology Group from $27.00 to $30.00 and gave the company a buy rating in a research note on Wednesday, July 17th. Goldman Sachs Group downgraded Marvell Technology Group from a buy rating to a neutral rating and raised their target price for the stock from $24.00 to $25.00 in a research note on Sunday, July 21st. They noted that the move was a valuation call. B. Riley cut their target price on Marvell Technology Group from $30.00 to $28.00 and set a buy rating for the company in a research note on Friday, May 31st. Zacks Investment Research downgraded Marvell Technology Group from a hold rating to a sell rating and set a $29.00 target price for the company. in a research note on Thursday, July 25th. Finally, MKM Partners raised their target price on Marvell Technology Group from $25.00 to $28.00 and gave the stock a buy rating in a research note on Friday, May 31st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and nineteen have issued a buy rating to the company’s stock. Marvell Technology Group has an average rating of Buy and a consensus target price of $26.25.
NASDAQ MRVL opened at $23.78 on Wednesday. The business has a fifty day moving average price of $25.40 and a 200 day moving average price of $22.82. Marvell Technology Group has a one year low of $14.34 and a one year high of $27.64. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.67 and a current ratio of 2.07. The company has a market cap of $16.40 billion, a P/E ratio of 37.01, a P/E/G ratio of 7.95 and a beta of 1.16.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 31st. Investors of record on Friday, July 12th were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.01%. The ex-dividend date of this dividend was Thursday, July 11th. Marvell Technology Group’s payout ratio is 28.24%.
In related news, CAO Willem A. Meintjes sold 28,057 shares of the firm’s stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $24.32, for a total transaction of $682,346.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Oleg Khaykin sold 10,000 shares of the firm’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $23.89, for a total value of $238,900.00. Following the sale, the director now directly owns 33,204 shares of the company’s stock, valued at $793,243.56. The disclosure for this sale can be found here. Insiders have sold a total of 338,057 shares of company stock valued at $8,659,346 over the last three months. Corporate insiders own 1.10% of the company’s stock.
Several large investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP increased its stake in Marvell Technology Group by 2.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,720,199 shares of the semiconductor company’s stock valued at $76,403,000 after purchasing an additional 128,943 shares in the last quarter. Geode Capital Management LLC increased its stake in Marvell Technology Group by 6.4% in the fourth quarter. Geode Capital Management LLC now owns 5,974,001 shares of the semiconductor company’s stock valued at $96,654,000 after purchasing an additional 360,969 shares in the last quarter. IFM Investors Pty Ltd increased its stake in Marvell Technology Group by 14.9% in the first quarter. IFM Investors Pty Ltd now owns 44,289 shares of the semiconductor company’s stock valued at $881,000 after purchasing an additional 5,744 shares in the last quarter. Investors Research Corp bought a new stake in Marvell Technology Group in the first quarter valued at $135,000. Finally, Oppenheimer Asset Management Inc. increased its stake in Marvell Technology Group by 9.2% in the first quarter. Oppenheimer Asset Management Inc. now owns 44,062 shares of the semiconductor company’s stock valued at $876,000 after purchasing an additional 3,696 shares in the last quarter. 95.98% of the stock is owned by hedge funds and other institutional investors.
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 preamplifiers; supports a variety of host system interfaces consisting of serial attached SCSI (SAS), serial advanced technology attachment (SATA), peripheral component interconnect express, and non-volatile memory express; and develops software-enabled silicon solutions comprising SATA port multipliers, bridges, SATA, SAS, 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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