Marvell Technology Group (MRVL) Price Target Lowered to $23.00 at Barclays

Marvell Technology Group (NASDAQ:MRVL) had its target price reduced by Barclays from $25.00 to $23.00 in a research note released on Friday. They currently have an overweight rating on the semiconductor company’s stock.

Other equities research analysts have also issued reports about the company. BidaskClub lowered Marvell Technology Group from a sell rating to a strong sell rating in a research note on Thursday, August 2nd. Cowen cut their price objective on Marvell Technology Group from $29.00 to $26.00 and set an outperform rating for the company in a research note on Monday, August 27th. ValuEngine lowered Marvell Technology Group from a buy rating to a hold rating in a research note on Tuesday, August 14th. Stifel Nicolaus upgraded Marvell Technology Group from a hold rating to a buy rating and set a $21.00 price objective for the company in a research note on Friday, October 12th. Finally, B. Riley cut their price objective on Marvell Technology Group from $30.00 to $26.00 and set a buy rating for the company in a research note on Wednesday, October 10th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and fifteen have issued a buy rating to the company. The company has an average rating of Buy and an average target price of $24.24.

Shares of Marvell Technology Group stock traded up $0.04 on Friday, hitting $16.11. The company’s stock had a trading volume of 10,689,491 shares, compared to its average volume of 8,452,351. 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 has a 1 year low of $14.69 and a 1 year high of $25.18. The firm has a market cap of $10.58 billion, a PE ratio of 15.49, a P/E/G ratio of 1.91 and a beta of 1.09.

Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, September 6th. The semiconductor company reported $0.28 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by ($0.01). Marvell Technology Group had a return on equity of 10.70% and a net margin of 15.36%. The firm had revenue of $665.31 million for the quarter, compared to analysts’ expectations of $685.00 million. During the same quarter last year, the firm posted $0.30 earnings per share. Marvell Technology Group’s quarterly revenue was up 10.1% on a year-over-year basis. On average, sell-side analysts expect that Marvell Technology Group will post 0.86 EPS for the current year.

Marvell Technology Group announced that its board has initiated a share repurchase plan on Tuesday, October 16th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the semiconductor company to purchase up to 7.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

In other news, CEO Matthew J. Murphy sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 4th. The stock was sold at an average price of $20.64, for a total value of $206,400.00. Following the completion of the sale, the chief executive officer now directly owns 1,755 shares in the company, valued at $36,223.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.10% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Kiwi Wealth Investments Limited Partnership lifted its holdings in Marvell Technology Group by 3.1% in the second quarter. Kiwi Wealth Investments Limited Partnership now owns 82,642 shares of the semiconductor company’s stock valued at $1,772,000 after acquiring an additional 2,486 shares during the last quarter. BNP Paribas Arbitrage SA lifted its holdings in Marvell Technology Group by 2.0% in the second quarter. BNP Paribas Arbitrage SA now owns 153,996 shares of the semiconductor company’s stock valued at $3,302,000 after acquiring an additional 3,060 shares during the last quarter. First Mercantile Trust Co. lifted its holdings in Marvell Technology Group by 9.6% in the third quarter. First Mercantile Trust Co. now owns 38,443 shares of the semiconductor company’s stock valued at $742,000 after acquiring an additional 3,375 shares during the last quarter. American International Group Inc. lifted its holdings in Marvell Technology Group by 45.6% in the third quarter. American International Group Inc. now owns 10,800 shares of the semiconductor company’s stock valued at $208,000 after acquiring an additional 3,380 shares during the last quarter. Finally, KBC Group NV lifted its holdings in Marvell Technology Group by 6.3% in the second quarter. KBC Group NV now owns 61,012 shares of the semiconductor company’s stock valued at $1,308,000 after acquiring an additional 3,608 shares during the last quarter. Hedge funds and other institutional investors own 90.25% of the company’s stock.

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 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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