Marvell Technology Group (NASDAQ:MRVL) Lifted to Strong-Buy at BidaskClub
Several other equities research analysts have also recently commented on MRVL. Bank of America reissued a buy rating and issued a C$10.00 price target on shares of Hexo in a research note on Wednesday, April 17th. William Blair reissued a buy rating on shares of Albireo Pharma in a research note on Monday, July 15th. Piper Jaffray Companies boosted their price target on Marvell Technology Group from $22.00 to $30.00 and gave the company an overweight rating in a research note on Friday, May 3rd. BMO Capital Markets decreased their target price on AKITA Drilling from C$5.00 to C$3.50 in a research report on Tuesday, May 7th. Finally, UBS Group upped their target price on W. R. Berkley from $53.00 to $56.00 and gave the stock a sell rating in a research report on Wednesday, April 24th. Five research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the company. Marvell Technology Group presently has a consensus rating of Buy and an average target price of $26.00.
Shares of NASDAQ MRVL opened at $25.92 on Thursday. The company has a market cap of $17.14 billion, a PE ratio of 30.49, a price-to-earnings-growth ratio of 8.31 and a beta of 1.17. The firm has a 50 day moving average price of $24.23. Marvell Technology Group has a 52 week low of $14.34 and a 52 week high of $26.65. The company has a current ratio of 2.07, a quick ratio of 1.67 and a debt-to-equity ratio of 0.23.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Friday, July 12th will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, July 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.93%. Marvell Technology Group’s dividend payout ratio (DPR) is presently 28.24%.
In other news, CEO Matthew J. Murphy sold 265,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $26.02, for a total transaction of $6,895,300.00. Following the completion of the transaction, the chief executive officer now directly owns 1,755 shares in the company, valued at $45,665.10. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Oleg Khaykin sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $23.89, for a total value of $238,900.00. Following the transaction, the director now owns 33,204 shares of the company’s stock, valued at $793,243.56. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 323,057 shares of company stock valued at $8,299,646. Corporate insiders own 1.10% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Selz Capital LLC acquired a new position in shares of Marvell Technology Group during the first quarter worth approximately $857,000. Columbus Circle Investors acquired a new position in shares of Marvell Technology Group in the first quarter valued at $10,857,000. Investors Research Corp acquired a new position in shares of Marvell Technology Group in the first quarter valued at $135,000. Jennison Associates LLC raised its stake in shares of Marvell Technology Group by 7.8% in the first quarter. Jennison Associates LLC now owns 7,375,792 shares of the semiconductor company’s stock valued at $146,705,000 after purchasing an additional 533,146 shares in the last quarter. Finally, Calamos Advisors LLC acquired a new position in shares of Marvell Technology Group in the first quarter valued at $4,337,000.
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 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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