Marvell Technology Group (MRVL) Cut to Hold at BidaskClub
A number of other equities analysts have also recently issued reports on MRVL. Zacks Investment Research raised Marvell Technology Group from a “sell” rating to a “hold” rating in a report on Wednesday, May 8th. Wells Fargo & Co began coverage on Marvell Technology Group in a report on Tuesday, May 14th. They issued a “market perform” rating and a $24.00 target price for the company. Bank of America upped their target price on Marvell Technology Group from $24.00 to $28.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. Piper Jaffray Companies upped their target price on Marvell Technology Group from $22.00 to $30.00 and gave the stock an “overweight” rating in a report on Friday, May 3rd. Finally, Cowen reaffirmed an “outperform” rating and issued a $22.00 target price (up previously from $21.00) on shares of Marvell Technology Group in a report on Monday, March 18th. Four analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. Marvell Technology Group presently has an average rating of “Buy” and a consensus price target of $25.55.
Shares of MRVL stock traded down $0.88 on Monday, hitting $21.74. 17,033,013 shares of the company’s stock were exchanged, compared to its average volume of 12,547,148. The company has a quick ratio of 1.76, a current ratio of 2.19 and a debt-to-equity ratio of 0.24. Marvell Technology Group has a 12 month low of $14.34 and a 12 month high of $25.74. The company has a market cap of $14.91 billion, a P/E ratio of 25.58, a P/E/G ratio of 4.11 and a beta of 1.11.
In other news, EVP Mitchell Gaynor sold 10,000 shares of the stock in a transaction dated Friday, April 12th. The stock was sold at an average price of $23.64, for a total value of $236,400.00. Following the completion of the sale, the executive vice president now owns 25,576 shares of the company’s stock, valued at $604,616.64. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.10% of the company’s stock.
Several hedge funds have recently modified their holdings of MRVL. Loeb Partners Corp acquired a new stake in shares of Marvell Technology Group in the fourth quarter valued at about $44,000. Cresset Asset Management LLC acquired a new stake in shares of Marvell Technology Group in the first quarter valued at about $50,000. Quadrant Capital Group LLC increased its stake in shares of Marvell Technology Group by 1,266.3% in the first quarter. Quadrant Capital Group LLC now owns 2,678 shares of the semiconductor company’s stock valued at $51,000 after buying an additional 2,482 shares during the period. Tyers Asset Management LLC acquired a new stake in shares of Marvell Technology Group in the first quarter valued at about $53,000. Finally, AlphaOne Investment Services LLC increased its stake in shares of Marvell Technology Group by 339.4% in the fourth quarter. AlphaOne Investment Services LLC now owns 3,344 shares of the semiconductor company’s stock valued at $54,000 after buying an additional 2,583 shares during the period. 97.26% of the stock is owned by institutional investors.
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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