Marvell Technology Group (NASDAQ: MRVL) has recently received a number of price target changes and ratings updates:

  • 4/23/2019 – Marvell Technology Group was upgraded by analysts at BidaskClub from a “buy” rating to a “strong-buy” rating.
  • 4/17/2019 – Marvell Technology Group had its price target raised by analysts at Bank of America Corp from $24.00 to $28.00. They now have a “buy” rating on the stock.
  • 4/17/2019 – Marvell Technology Group had its price target raised by analysts at Citigroup Inc from $22.00 to $28.00. They now have a “buy” rating on the stock.
  • 4/10/2019 – Marvell Technology Group was upgraded by analysts at BidaskClub from a “hold” rating to a “buy” rating.
  • 4/5/2019 – Marvell Technology Group was upgraded by analysts at ValuEngine from a “hold” rating to a “buy” rating.
  • 3/18/2019 – Marvell Technology Group had its “outperform” rating reaffirmed by analysts at Cowen Inc. They now have a $22.00 price target on the stock, up previously from $21.00.
  • 3/13/2019 – Marvell Technology Group was downgraded by analysts at Zacks Investment Research from a “hold” rating to a “strong sell” rating. According to Zacks, “Marvell's Q4 results were hurt by lower-than-expected performance in the networking and storage businesses. Low demand for storage controllers due to fall in cloud capital spending and CPU shortages, hurt Marvell’s top-line. Tight inventory control by customers due to demand shift from product consigned to vendor-managed inventory arrangements is also a concern. Moreover, the companydepends on some big customers for a substantial portion of its net revenues, exposing it to customer concentration risk. Shares underperformed the industry in the past year. However, Marvell’s WiFi business is expected to start boosting next-generation products built on the latest WiFi 6 standard, leading its WiFi business to return to growth from the second quarter of fiscal 2020.”
  • 3/8/2019 – Marvell Technology Group had its “buy” rating reaffirmed by analysts at Needham & Company LLC. They now have a $23.00 price target on the stock. They wrote, “MRVL’s F4Q19 results were in line with revised guidance, but F1Q20 guidance was below expectations. Storage and Networking are expected to decline again Q/Q in F1Q20 driven by the weak macro environment and inventory digestion by cloud customers. Reflecting improving bookings post CNY and the 5G ramp with Samsung in F2H20, MRVL believes F1Q20 will represent the revenue trough. MRVL believes it undershipped HDD end market demand in F4Q19 and will again in F1Q20, setting up a possible recovery in F2Q20. MRVL announced it is engaged with a 2nd tier-one base station OEM for a 5G design based on a custom Fusion-M, which should sample in early FY21. While we lower estimates, we maintain our $23 PT (~18x our CY20 NG EPS est.) and are buyers on weakness given MRVL’s valuation and 5G growth opportunities.””

Shares of NASDAQ MRVL opened at $24.84 on Tuesday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.76 and a current ratio of 2.19. The stock has a market cap of $16.33 billion, a PE ratio of 29.22, a price-to-earnings-growth ratio of 4.50 and a beta of 1.01. Marvell Technology Group Ltd. has a 12-month low of $14.34 and a 12-month high of $25.41.

Marvell Technology Group (NASDAQ:MRVL) last announced its earnings results on Thursday, March 7th. The semiconductor company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.02). The business had revenue of $744.80 million for the quarter, compared to analysts’ expectations of $739.88 million. Marvell Technology Group had a negative net margin of 6.25% and a positive return on equity of 7.95%. During the same quarter in the prior year, the company posted $0.32 earnings per share. As a group, sell-side analysts expect that Marvell Technology Group Ltd. will post 0.63 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 24th. Stockholders of record on Wednesday, April 3rd will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.97%. The ex-dividend date of this dividend is Tuesday, April 2nd. Marvell Technology Group’s dividend payout ratio is 28.24%.

In other news, EVP Mitchell Gaynor sold 10,000 shares of the company’s stock in a transaction dated Friday, April 12th. The shares were sold at an average price of $23.64, for a total transaction of $236,400.00. Following the sale, the executive vice president now directly owns 25,576 shares in the company, valued at approximately $604,616.64. 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. Loeb Partners Corp purchased a new stake in Marvell Technology Group in the 4th quarter worth about $44,000. AlphaOne Investment Services LLC raised its position in Marvell Technology Group by 339.4% in the 4th quarter. AlphaOne Investment Services LLC now owns 3,344 shares of the semiconductor company’s stock worth $54,000 after purchasing an additional 2,583 shares during the period. Massey Quick Simon & CO. LLC purchased a new stake in Marvell Technology Group in the 1st quarter worth about $59,000. Sterling Investment Advisors Ltd. raised its position in Marvell Technology Group by 100.0% in the 4th quarter. Sterling Investment Advisors Ltd. now owns 6,000 shares of the semiconductor company’s stock worth $97,000 after purchasing an additional 3,000 shares during the period. Finally, Penserra Capital Management LLC raised its position in Marvell Technology Group by 580.7% in the 4th quarter. Penserra Capital Management LLC now owns 6,126 shares of the semiconductor company’s stock worth $98,000 after purchasing an additional 5,226 shares during the period. Hedge funds and other institutional investors own 96.70% of the company’s stock.

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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