Marvell Technology Group (MRVL) Price Target Lowered to $17.30 at Citigroup

Marvell Technology Group (NASDAQ:MRVL) had its target price lowered by investment analysts at Citigroup from $20.00 to $17.30 in a research note issued on Thursday. The firm currently has a “neutral” rating on the semiconductor company’s stock. Citigroup’s price objective would indicate a potential upside of 12.05% from the company’s current price.

A number of other equities analysts also recently commented on MRVL. Cowen reiterated an “outperform” rating and set a $22.00 target price (down previously from $26.00) on shares of Marvell Technology Group in a research note on Thursday. Needham & Company LLC reiterated a “buy” rating and set a $25.00 target price (down previously from $27.00) on shares of Marvell Technology Group in a research note on Wednesday. UBS Group decreased their price objective on shares of Marvell Technology Group from $30.00 to $25.00 and set an “in-line” rating for the company in a research note on Thursday. ValuEngine downgraded shares of Marvell Technology Group from a “hold” rating to a “sell” rating in a research note on Tuesday, November 20th. Finally, Credit Suisse Group restated a “buy” rating and issued a $30.00 price objective on shares of Marvell Technology Group in a research note on Monday, December 3rd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and seventeen have given a buy rating to the company’s stock. Marvell Technology Group presently has an average rating of “Buy” and a consensus price target of $24.44.

Shares of MRVL stock opened at $15.44 on Thursday. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.54 and a quick ratio of 1.76. The firm has a market cap of $10.59 billion, a P/E ratio of 14.85, a PEG ratio of 1.99 and a beta of 1.01. Marvell Technology Group has a 12 month low of $14.69 and a 12 month high of $25.18.

Marvell Technology Group (NASDAQ:MRVL) last issued its earnings results on Tuesday, December 4th. The semiconductor company reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.01. The firm had revenue of $851.05 million during the quarter, compared to the consensus estimate of $844.07 million. Marvell Technology Group had a net margin of 4.76% and a return on equity of 10.43%. The company’s revenue was up 38.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.34 earnings per share. On average, sell-side analysts anticipate that Marvell Technology Group will post 0.86 earnings per share for the current year.

Marvell Technology Group announced that its Board of Directors has authorized a stock repurchase program on Tuesday, October 16th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the semiconductor company to buy up to 7.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Institutional investors and hedge funds have recently made changes to their positions in the company. FMR LLC boosted its stake in shares of Marvell Technology Group by 5.1% during the second quarter. FMR LLC now owns 55,789,566 shares of the semiconductor company’s stock worth $1,196,128,000 after buying an additional 2,685,377 shares during the period. BlackRock Inc. boosted its stake in shares of Marvell Technology Group by 1.5% during the second quarter. BlackRock Inc. now owns 24,191,921 shares of the semiconductor company’s stock worth $518,672,000 after buying an additional 358,921 shares during the period. Swiss National Bank boosted its stake in shares of Marvell Technology Group by 17.0% during the second quarter. Swiss National Bank now owns 1,474,872 shares of the semiconductor company’s stock worth $31,621,000 after buying an additional 214,300 shares during the period. Jennison Associates LLC boosted its stake in shares of Marvell Technology Group by 47.4% during the third quarter. Jennison Associates LLC now owns 7,611,736 shares of the semiconductor company’s stock worth $146,907,000 after buying an additional 2,449,407 shares during the period. Finally, Stevens Capital Management LP acquired a new stake in shares of Marvell Technology Group during the second quarter worth about $1,608,000. Institutional investors and hedge funds own 95.31% 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.

Featured Story: What Is An Exchange-Traded Fund (ETF)?

Analyst Recommendations for Marvell Technology Group (NASDAQ:MRVL)

Receive News & Ratings for Marvell Technology Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Marvell Technology Group and related companies with MarketBeat.com's FREE daily email newsletter.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit