Traders Buy Marvell Technology Group (MRVL) on Weakness

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Traders purchased shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) on weakness during trading hours on Friday. $79.79 million flowed into the stock on the tick-up and $44.75 million flowed out of the stock on the tick-down, for a money net flow of $35.04 million into the stock. Of all stocks tracked, Marvell Technology Group had the 27th highest net in-flow for the day. Marvell Technology Group traded down ($0.02) for the day and closed at $24.85

MRVL has been the topic of a number of research analyst reports. ValuEngine upgraded Marvell Technology Group from a “hold” rating to a “buy” rating in a research note on Friday, April 5th. BidaskClub downgraded Marvell Technology Group from a “hold” rating to a “sell” rating in a research note on Saturday, January 19th. Macquarie upgraded Marvell Technology Group from a “neutral” rating to an “outperform” rating and set a $24.00 target price on the stock in a research note on Tuesday, February 19th. Craig Hallum downgraded Marvell Technology Group from a “buy” rating to a “hold” rating in a research note on Thursday, February 7th. Finally, Zacks Investment Research downgraded Marvell Technology Group from a “hold” rating to a “strong sell” rating in a research note on Wednesday, March 13th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eighteen have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $24.90.

The company has a current ratio of 2.19, a quick ratio of 1.76 and a debt-to-equity ratio of 0.24. The firm has a market cap of $16.38 billion, a PE ratio of 29.24, a price-to-earnings-growth ratio of 5.40 and a beta of 1.01.

Marvell Technology Group (NASDAQ:MRVL) last issued its earnings results on Thursday, March 7th. The semiconductor company reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.02). Marvell Technology Group had a negative net margin of 6.25% and a positive return on equity of 7.95%. The business had revenue of $744.80 million for the quarter, compared to the consensus estimate of $739.88 million. During the same period in the previous year, the firm earned $0.32 EPS. Equities analysts anticipate that Marvell Technology Group Ltd. will post 0.63 earnings per share for the current year.

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

In other Marvell Technology Group news, EVP Mitchell Gaynor sold 10,000 shares of the business’s stock in a transaction on 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 owns 25,576 shares of the company’s stock, valued at approximately $604,616.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.10% of the company’s stock.

A number of hedge funds have recently modified their holdings of MRVL. Prudential Financial Inc. raised its holdings in Marvell Technology Group by 38.7% during the 3rd quarter. Prudential Financial Inc. now owns 37,061 shares of the semiconductor company’s stock valued at $715,000 after acquiring an additional 10,335 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Marvell Technology Group by 11.4% in the third quarter. Bank of New York Mellon Corp now owns 7,356,470 shares of the semiconductor company’s stock worth $141,980,000 after purchasing an additional 751,488 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Marvell Technology Group in the third quarter worth $250,000. LPL Financial LLC increased its holdings in shares of Marvell Technology Group by 335.3% in the third quarter. LPL Financial LLC now owns 65,942 shares of the semiconductor company’s stock worth $1,273,000 after purchasing an additional 50,793 shares during the period. Finally, Verition Fund Management LLC bought a new position in shares of Marvell Technology Group in the third quarter worth $1,239,000. 96.70% of the stock is currently owned by institutional investors and hedge funds.

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Marvell Technology Group Company Profile (NASDAQ:MRVL)

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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