Marvell Technology Group (NASDAQ:MRVL) Upgraded to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Marvell Technology Group (NASDAQ:MRVL) from a hold rating to a buy rating in a research report report published on Monday, Zacks.com reports. The firm currently has $35.00 target price on the semiconductor company’s stock.

According to Zacks, “Strong demand for its networking products from the datacenter and 5G infrastructure end markets are driving Marvell’s revenues. Strong supply-chain executions are enabling the company to address the strong demand from cloud datacenters for its Smart NICs and security adapters. Moreover, the wireless infrastructure business is showing signs of improvements. Also, Marvell’s recent acquisitions of Avera and Aquantia are boosting the top line. Further, Marvell expects the storage business to start recovering from coronavirus impacts on the supply chain in the near term. However, seasonal weakness and supply-chain impairments in the storage business due to the coronavirus outbreak were headwinds. Also, the U.S. government's export restriction on certain Chinese customers is likely to continue to be an overhang on the top line.”

Several other brokerages also recently weighed in on MRVL. Oppenheimer started coverage on Marvell Technology Group in a research note on Wednesday, June 10th. They set a buy rating and a $35.00 target price for the company. Stifel Nicolaus upped their price target on Marvell Technology Group from $30.00 to $32.00 and gave the company a buy rating in a report on Thursday, March 5th. TheStreet raised Marvell Technology Group from a c rating to a b rating in a report on Thursday, March 5th. Argus reaffirmed a buy rating and issued a $30.00 price target on shares of Marvell Technology Group in a report on Friday, March 6th. Finally, Citigroup upped their price target on Marvell Technology Group from $31.00 to $35.00 and gave the company a buy rating in a report on Thursday, May 21st. One analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the stock. The company has an average rating of Buy and a consensus target price of $32.31.

Shares of NASDAQ:MRVL opened at $35.02 on Monday. The business has a 50 day moving average price of $32.40 and a 200 day moving average price of $26.66. Marvell Technology Group has a twelve month low of $16.45 and a twelve month high of $36.92. The company has a market cap of $23.33 billion, a price-to-earnings ratio of 15.63, a PEG ratio of 12.33 and a beta of 1.08. The company has a quick ratio of 1.75, a current ratio of 2.14 and a debt-to-equity ratio of 0.17.

Marvell Technology Group (NASDAQ:MRVL) last announced its earnings results on Thursday, May 28th. The semiconductor company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.04. Marvell Technology Group had a return on equity of 2.82% and a net margin of 55.66%. The firm had revenue of $694.00 million during the quarter, compared to the consensus estimate of $680.19 million. During the same quarter in the prior year, the company earned $0.16 EPS. The firm’s revenue for the quarter was up 4.8% compared to the same quarter last year. Analysts anticipate that Marvell Technology Group will post 0.57 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 29th. Investors of record on Monday, July 13th will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, July 10th. This represents a $0.24 dividend on an annualized basis and a yield of 0.69%. Marvell Technology Group’s dividend payout ratio is 75.00%.

In other Marvell Technology Group news, SVP Dean E. Jr. Jarnac sold 6,857 shares of the stock in a transaction on Tuesday, April 14th. The stock was sold at an average price of $25.34, for a total value of $173,756.38. Following the transaction, the senior vice president now directly owns 16,859 shares in the company, valued at approximately $427,207.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Willem A. Meintjes sold 20,646 shares of the stock in a transaction on Thursday, April 16th. The shares were sold at an average price of $25.13, for a total value of $518,833.98. Following the completion of the transaction, the chief accounting officer now owns 33,853 shares in the company, valued at $850,725.89. The disclosure for this sale can be found here. Insiders have sold a total of 116,730 shares of company stock valued at $3,549,849 over the last ninety days. Insiders own 0.29% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. State Street Corp boosted its position in Marvell Technology Group by 2.5% in the 1st quarter. State Street Corp now owns 14,534,086 shares of the semiconductor company’s stock valued at $328,906,000 after buying an additional 355,517 shares during the last quarter. Royal Bank of Canada boosted its position in Marvell Technology Group by 43.2% in the 1st quarter. Royal Bank of Canada now owns 602,293 shares of the semiconductor company’s stock valued at $13,631,000 after buying an additional 181,747 shares during the last quarter. New England Research & Management Inc. boosted its position in Marvell Technology Group by 37.5% in the 1st quarter. New England Research & Management Inc. now owns 38,296 shares of the semiconductor company’s stock valued at $867,000 after buying an additional 10,450 shares during the last quarter. Skandinaviska Enskilda Banken AB publ boosted its position in Marvell Technology Group by 14.6% in the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 111,285 shares of the semiconductor company’s stock valued at $2,518,000 after buying an additional 14,209 shares during the last quarter. Finally, Morgan Stanley boosted its position in Marvell Technology Group by 55.9% in the 1st quarter. Morgan Stanley now owns 556,806 shares of the semiconductor company’s stock valued at $12,600,000 after buying an additional 199,574 shares during the last quarter. Hedge funds and other institutional investors own 91.18% of the company’s stock.

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.

See Also: Differences Between Momentum Investing and Long Term Investing

Get a free copy of the Zacks research report on Marvell Technology Group (MRVL)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Marvell Technology Group (NASDAQ:MRVL)

Receive News & Ratings for Marvell Technology Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Marvell Technology Group and related companies with MarketBeat.com's FREE daily email newsletter.