Marvell Technology Group (MRVL) Price Target Lowered to $25.00 at Barclays

Marvell Technology Group (NASDAQ:MRVL) had its price objective lowered by Barclays from $30.00 to $25.00 in a report released on Tuesday morning. The brokerage currently has an overweight rating on the semiconductor company’s stock.

Several other research firms also recently commented on MRVL. BMO Capital Markets raised shares of Marvell Technology Group from a market perform rating to an outperform rating and set a $24.00 price objective for the company in a report on Monday, October 15th. Rosenblatt Securities reissued a buy rating and set a $27.00 price objective on shares of Marvell Technology Group in a report on Sunday, September 9th. Goldman Sachs Group set a $23.00 price objective on shares of Marvell Technology Group and gave the company a buy rating in a report on Wednesday, October 17th. UBS Group dropped their price objective on shares of Marvell Technology Group from $38.00 to $33.00 and set a buy rating for the company in a report on Friday, July 6th. Finally, Argus reissued a buy rating and set a $28.00 price objective on shares of Marvell Technology Group in a report on Friday, June 29th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-three have issued a buy rating to the stock. The stock has a consensus rating of Buy and an average target price of $25.56.

MRVL opened at $15.68 on Tuesday. Marvell Technology Group has a 52 week low of $15.34 and a 52 week high of $25.18. The stock has a market cap of $11.09 billion, a price-to-earnings ratio of 15.08, a P/E/G ratio of 2.02 and a beta of 0.96. The company has a quick ratio of 1.76, a current ratio of 2.54 and a debt-to-equity ratio of 0.25.



Marvell Technology Group (NASDAQ:MRVL) last released its quarterly earnings data on Thursday, September 6th. The semiconductor company reported $0.28 EPS for the quarter, missing the consensus estimate 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 company had revenue of $665.31 million for the quarter, compared to the consensus estimate of $685.00 million. During the same period last year, the company earned $0.30 EPS. The firm’s revenue for the quarter was up 10.1% on a year-over-year basis. On average, sell-side analysts forecast that Marvell Technology Group will post 0.86 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 23rd. Stockholders of record on Tuesday, October 2nd were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.53%. The ex-dividend date of this dividend was Monday, October 1st. Marvell Technology Group’s dividend payout ratio is 23.08%.

Marvell Technology Group announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, October 16th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the semiconductor company to repurchase up to 7.9% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.

In other news, CEO Matthew J. Murphy sold 10,000 shares of the company’s stock in a transaction dated Friday, August 3rd. The shares were sold at an average price of $21.33, for a total transaction of $213,300.00. Following the sale, the chief executive officer now directly owns 1,755 shares in the company, valued at approximately $37,434.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.10% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. FMR LLC raised its position in shares of Marvell Technology Group by 5.1% during the 2nd quarter. FMR LLC now owns 55,789,566 shares of the semiconductor company’s stock valued at $1,196,128,000 after buying an additional 2,685,377 shares in the last quarter. BlackRock Inc. raised its position in Marvell Technology Group by 1.5% in the 2nd quarter. BlackRock Inc. now owns 24,191,921 shares of the semiconductor company’s stock worth $518,672,000 after purchasing an additional 358,921 shares during the period. Swiss National Bank raised its position in Marvell Technology Group by 17.0% in the 2nd quarter. Swiss National Bank now owns 1,474,872 shares of the semiconductor company’s stock worth $31,621,000 after purchasing an additional 214,300 shares during the period. Stevens Capital Management LP purchased a new stake in Marvell Technology Group in the 2nd quarter worth about $1,608,000. Finally, Twin Tree Management LP raised its position in Marvell Technology Group by 155.5% in the 2nd quarter. Twin Tree Management LP now owns 56,461 shares of the semiconductor company’s stock worth $1,211,000 after purchasing an additional 34,361 shares during the period. Hedge funds and other institutional investors own 81.83% of the company’s stock.

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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