Marvell Technology Group (NASDAQ:MRVL) Lowered to Neutral at Goldman Sachs Group

Marvell Technology Group (NASDAQ:MRVL) was downgraded by investment analysts at Goldman Sachs Group from a “buy” rating to a “neutral” rating in a research note issued on Sunday, July 21st, Marketbeat reports. They currently have a $25.00 target price on the semiconductor company’s stock, up from their previous target price of $24.00. Goldman Sachs Group’s target price points to a potential downside of 0.56% from the company’s current price. The analysts noted that the move was a valuation call.

MRVL has been the subject of several other research reports. Citigroup increased their target price on shares of Marvell Technology Group from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. ValuEngine upgraded shares of Marvell Technology Group from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, July 16th. B. Riley dropped their price objective on shares of Marvell Technology Group from $30.00 to $28.00 and set a “buy” rating for the company in a report on Friday, May 31st. Zacks Investment Research raised shares of Marvell Technology Group from a “sell” rating to a “hold” rating and set a $25.00 price target for the company in a report on Monday, June 10th. Finally, Raymond James started coverage on shares of Marvell Technology Group in a research note on Wednesday, June 19th. They issued a “market perform” rating and a $24.55 price objective on the stock. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and nineteen have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $26.25.

NASDAQ:MRVL traded up $1.22 during trading hours on Friday, hitting $25.14. 10,802,491 shares of the stock traded hands, compared to its average volume of 11,393,253. Marvell Technology Group has a fifty-two week low of $14.34 and a fifty-two week high of $27.64. The company has a current ratio of 2.07, a quick ratio of 1.67 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $15.75 billion, a price-to-earnings ratio of 29.58, a price-to-earnings-growth ratio of 7.92 and a beta of 1.16. The business’s 50 day simple moving average is $25.23.

Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, May 30th. The semiconductor company reported $0.16 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.14 by $0.02. Marvell Technology Group had a negative net margin of 12.18% and a positive return on equity of 5.88%. The business had revenue of $662.00 million for the quarter, compared to the consensus estimate of $651.07 million. During the same period in the prior year, the business posted $0.32 earnings per share. Marvell Technology Group’s revenue for the quarter was up 9.5% compared to the same quarter last year. Equities analysts anticipate that Marvell Technology Group will post 0.43 EPS for the current fiscal year.

In related news, CEO Matthew J. Murphy sold 15,000 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $23.98, for a total transaction of $359,700.00. Following the completion of the sale, the chief executive officer now owns 1,755 shares in the company, valued at $42,084.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew J. Murphy sold 265,000 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $26.02, for a total transaction of $6,895,300.00. Following the sale, the chief executive officer now owns 1,755 shares of the company’s stock, valued at approximately $45,665.10. The disclosure for this sale can be found here. Insiders have sold 338,057 shares of company stock worth $8,659,346 over the last three months. 1.10% of the stock is owned by insiders.

Hedge funds have recently added to or reduced their stakes in the company. FMR LLC lifted its position in Marvell Technology Group by 48.1% during the fourth quarter. FMR LLC now owns 80,824,523 shares of the semiconductor company’s stock valued at $1,308,549,000 after purchasing an additional 26,251,979 shares during the last quarter. BlackRock Inc. increased its position in Marvell Technology Group by 29.1% during the 1st quarter. BlackRock Inc. now owns 46,081,466 shares of the semiconductor company’s stock valued at $916,559,000 after purchasing an additional 10,388,875 shares during the period. FIL Ltd increased its position in Marvell Technology Group by 117.7% during the 1st quarter. FIL Ltd now owns 10,543,241 shares of the semiconductor company’s stock valued at $209,705,000 after purchasing an additional 5,700,711 shares during the period. Allianz Asset Management GmbH increased its position in Marvell Technology Group by 137.1% during the 2nd quarter. Allianz Asset Management GmbH now owns 9,718,724 shares of the semiconductor company’s stock valued at $231,986,000 after purchasing an additional 5,619,751 shares during the period. Finally, Norges Bank purchased a new position in Marvell Technology Group during the 4th quarter valued at $90,449,000.

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 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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Analyst Recommendations for Marvell Technology Group (NASDAQ:MRVL)

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