Several other equities research analysts have also recently issued reports on MRVL. Rosenblatt Securities began coverage on Marvell Technology Group in a research note on Tuesday, April 3rd. They issued a buy rating and a $27.00 price target for the company. BidaskClub cut Marvell Technology Group from a buy rating to a hold rating in a research note on Tuesday, March 27th. Zacks Investment Research cut Marvell Technology Group from a hold rating to a sell rating in a research note on Wednesday, March 7th. Morgan Stanley restated an equal weight rating and set a $23.00 target price (up from $22.00) on shares of Marvell Technology Group in a research note on Friday, March 9th. Finally, B. Riley restated a buy rating and set a $30.00 target price (up from $29.00) on shares of Marvell Technology Group in a research note on Friday, March 9th. Seven equities research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company. Marvell Technology Group currently has an average rating of Buy and an average price target of $25.59.
Shares of MRVL stock opened at $21.04 on Monday. The company has a market capitalization of $11,047.13, a P/E ratio of 20.23, a P/E/G ratio of 1.71 and a beta of 0.97. Marvell Technology Group has a 1 year low of $14.64 and a 1 year high of $25.18.
The company also recently declared a quarterly dividend, which was paid on Wednesday, April 18th. Stockholders of record on Thursday, March 29th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date was Wednesday, March 28th. Marvell Technology Group’s payout ratio is 23.08%.
In other news, CEO Matthew J. Murphy sold 30,000 shares of the stock in a transaction on Monday, March 12th. The stock was sold at an average price of $24.24, for a total value of $727,200.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Marvell Semiconductor, Inc. Ca sold 3,310 shares of the stock in a transaction on Wednesday, April 18th. The shares were sold at an average price of $22.40, for a total value of $74,144.00. The disclosure for this sale can be found here. Insiders sold a total of 43,310 shares of company stock valued at $1,001,344 over the last quarter. 6.80% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently made changes to their positions in MRVL. Wells Fargo & Company MN lifted its stake in shares of Marvell Technology Group by 1.2% in the 3rd quarter. Wells Fargo & Company MN now owns 621,803 shares of the semiconductor company’s stock valued at $11,131,000 after acquiring an additional 7,481 shares during the last quarter. Highbridge Capital Management LLC lifted its stake in shares of Marvell Technology Group by 1,928.6% in the 3rd quarter. Highbridge Capital Management LLC now owns 14,200 shares of the semiconductor company’s stock valued at $254,000 after acquiring an additional 13,500 shares during the last quarter. Point72 Asset Management L.P. acquired a new stake in Marvell Technology Group in the third quarter valued at $2,617,000. Parametric Portfolio Associates LLC increased its holdings in Marvell Technology Group by 6.0% in the third quarter. Parametric Portfolio Associates LLC now owns 943,989 shares of the semiconductor company’s stock valued at $16,897,000 after purchasing an additional 53,038 shares during the period. Finally, Bank of Montreal Can increased its holdings in Marvell Technology Group by 162.7% in the fourth quarter. Bank of Montreal Can now owns 992,462 shares of the semiconductor company’s stock valued at $21,308,000 after purchasing an additional 614,690 shares during the period. Institutional investors own 91.56% of the company’s stock.
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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, such as 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 consisting of 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 enterprise, data centers, and cloud computing businesses.
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