Marvell Technology Group (NASDAQ:MRVL)‘s stock had its “buy” rating reiterated by research analysts at Rosenblatt Securities in a research report issued to clients and investors on Thursday. They currently have a $26.00 target price on the semiconductor company’s stock. Rosenblatt Securities’ target price indicates a potential upside of 50.03% from the company’s previous close.
The analysts wrote, “We caught up with Marvell management at CES. Key Takeaways The storage pause (HDDs and SSDs), continues to be viewed as a 2 -quarter dynamic driven by macro economy factors, x86 CPU shortages at Intel (INTC: Sell), and deceler- ating CapEx spend in the data center markets. Management’s bullish stance mid to longer term is based on key storage wins at major hyperscale players in both HDD and SSD areas, HDD pre-amp share gains, and visibility for more wins in high capacity enterprise storage products. Marvell reiterated the notion that its biggest growth driver in the next few years is 5G base-stations due to dollar content expansion to nearly $3K per box from ~$700 per box in 4G.””
MRVL has been the topic of a number of other reports. Citigroup decreased their target price on Marvell Technology Group from $23.00 to $20.00 and set a “neutral” rating on the stock in a research note on Friday, September 14th. BidaskClub lowered Marvell Technology Group from a “hold” rating to a “sell” rating in a research report on Saturday, October 27th. UBS Group reduced their price objective on Marvell Technology Group from $30.00 to $25.00 and set an “in-line” rating on the stock in a research report on Thursday, December 6th. TheStreet lowered Marvell Technology Group from a “b” rating to a “c+” rating in a research report on Friday, October 26th. Finally, Zacks Investment Research reiterated a “buy” rating and set a $19.00 price objective on shares of Marvell Technology Group in a research report on Wednesday, November 14th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seventeen have assigned a buy rating to the company’s stock. Marvell Technology Group presently has a consensus rating of “Buy” and a consensus target price of $24.76.
Marvell Technology Group (NASDAQ:MRVL) last announced its earnings results on Tuesday, December 4th. The semiconductor company reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.01. The business had revenue of $851.05 million for the quarter, compared to analyst estimates of $844.07 million. Marvell Technology Group had a return on equity of 9.45% and a net margin of 4.76%. The company’s quarterly revenue was up 38.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.34 EPS. As a group, research analysts anticipate that Marvell Technology Group will post 0.93 EPS for the current fiscal year.
Marvell Technology Group declared that its board has initiated a stock repurchase program on Tuesday, October 16th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to purchase up to 7.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
In related news, Director Michael G. Strachan purchased 10,000 shares of Marvell Technology Group stock in a transaction that occurred on Thursday, December 20th. The shares were acquired at an average cost of $14.85 per share, for a total transaction of $148,500.00. Following the transaction, the director now directly owns 32,338 shares in the company, valued at $480,219.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Jean X. Hu purchased 15,000 shares of Marvell Technology Group stock in a transaction that occurred on Wednesday, December 26th. The shares were bought at an average price of $14.67 per share, for a total transaction of $220,050.00. Following the completion of the transaction, the chief financial officer now owns 51,077 shares in the company, valued at $749,299.59. The disclosure for this purchase can be found here. 0.10% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. State of Alaska Department of Revenue grew its position in Marvell Technology Group by 1.1% during the 4th quarter. State of Alaska Department of Revenue now owns 92,615 shares of the semiconductor company’s stock worth $1,498,000 after acquiring an additional 968 shares during the last quarter. First Mercantile Trust Co. lifted its holdings in Marvell Technology Group by 9.6% in the 3rd quarter. First Mercantile Trust Co. now owns 38,443 shares of the semiconductor company’s stock worth $742,000 after buying an additional 3,375 shares during the period. American International Group Inc. lifted its holdings in Marvell Technology Group by 45.6% in the 3rd quarter. American International Group Inc. now owns 10,800 shares of the semiconductor company’s stock worth $208,000 after buying an additional 3,380 shares during the period. Meag Munich Ergo Kapitalanlagegesellschaft MBH lifted its holdings in Marvell Technology Group by 23.9% in the 3rd quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 24,786 shares of the semiconductor company’s stock worth $461,000 after buying an additional 4,786 shares during the period. Finally, Raymond James & Associates lifted its holdings in Marvell Technology Group by 1.8% in the 2nd quarter. Raymond James & Associates now owns 274,508 shares of the semiconductor company’s stock worth $5,885,000 after buying an additional 4,975 shares during the period. Institutional investors and hedge funds own 95.22% of the company’s stock.
About Marvell Technology Group
Marvell Technology Group Ltd. engages in the business of providing semiconductors to high-performance application-specific standard products. It focuses on the development of complex System-on-a-Chip devices leveraging extensive technology portfolio of intellectual property in the areas of analog, mixed-signal, digital signal processing, and embedded and stand alone integrated circuits.
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