Marvell Technology Group (MRVL) Rating Reiterated by Needham & Company LLC

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Marvell Technology Group (NASDAQ:MRVL)‘s stock had its “buy” rating reaffirmed by investment analysts at Needham & Company LLC in a note issued to investors on Monday. They presently have a $25.00 price objective on the semiconductor company’s stock. Needham & Company LLC’s price target points to a potential upside of 44.26% from the stock’s previous close.

The analysts wrote, “In conjunction with our industry report published this morning entitled, CES C1H19″, we are reducing forward revenue and NG EPS estimates for the majority of our semiconductor companies under coverage including Marvell. Highlights from our CES meeting appears below.””

MRVL has been the subject of a number of other reports. TheStreet cut Marvell Technology Group from a “b” rating to a “c+” rating in a research note on Friday, October 26th. BidaskClub cut Marvell Technology Group from a “hold” rating to a “sell” rating in a research note on Saturday, October 27th. Zacks Investment Research reaffirmed a “buy” rating and set a $19.00 price objective on shares of Marvell Technology Group in a research note on Wednesday, November 14th. Goldman Sachs Group raised Marvell Technology Group to a “buy” rating in a research note on Thursday, December 13th. Finally, Barclays decreased their price objective on Marvell Technology Group from $30.00 to $25.00 and set an “overweight” rating for the company in a research note on Tuesday, October 23rd. One analyst has rated the stock with a sell rating, three have given a hold rating and seventeen have issued a buy rating to the stock. Marvell Technology Group presently has an average rating of “Buy” and a consensus price target of $24.76.

MRVL opened at $17.33 on Monday. The company has a market capitalization of $11.23 billion, a price-to-earnings ratio of 16.66, a price-to-earnings-growth ratio of 1.97 and a beta of 0.85. The company has a current ratio of 2.32, a quick ratio of 1.74 and a debt-to-equity ratio of 0.24. Marvell Technology Group has a 12-month low of $14.34 and a 12-month high of $25.18.

Marvell Technology Group (NASDAQ:MRVL) last released its earnings results on Tuesday, December 4th. The semiconductor company reported $0.33 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.32 by $0.01. Marvell Technology Group had a return on equity of 9.45% and a net margin of 4.76%. The company had revenue of $851.05 million during the quarter, compared to analysts’ expectations of $844.07 million. During the same period last year, the firm earned $0.34 EPS. The business’s revenue for the quarter was up 38.1% on a year-over-year basis. Research analysts expect that Marvell Technology Group will post 0.93 EPS for the current fiscal year.

Marvell Technology Group announced that its board has initiated a stock repurchase plan on Tuesday, October 16th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the semiconductor company to reacquire up to 7.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

In other Marvell Technology Group news, Director Michael G. Strachan acquired 10,000 shares of the company’s stock in a transaction on Thursday, December 20th. The shares were purchased at an average price of $14.85 per share, for a total transaction of $148,500.00. Following the completion of the purchase, the director now directly owns 32,338 shares of the company’s stock, valued at $480,219.30. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Jean X. Hu acquired 15,000 shares of the company’s stock in a transaction on Wednesday, December 26th. The stock was acquired at an average price of $14.67 per share, for a total transaction of $220,050.00. Following the purchase, the chief financial officer now directly owns 51,077 shares of the company’s stock, valued at $749,299.59. The disclosure for this purchase can be found here. 0.10% of the stock is owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in the business. Nelson Van Denburg & Campbell Wealth Management Group LLC acquired a new position in shares of Marvell Technology Group in the second quarter valued at approximately $117,000. Cerebellum GP LLC acquired a new position in shares of Marvell Technology Group in the third quarter valued at approximately $183,000. Rehmann Capital Advisory Group acquired a new position in shares of Marvell Technology Group in the third quarter valued at approximately $506,000. Engineers Gate Manager LP acquired a new position in shares of Marvell Technology Group in the third quarter valued at approximately $203,000. Finally, Cadence Capital Management LLC acquired a new position in shares of Marvell Technology Group in the third quarter valued at approximately $206,000. Hedge funds and other institutional investors own 95.22% of the company’s stock.

Marvell Technology Group Company Profile

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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