Now the company Insiders own 0.1% of Marvell Technology Group Ltd. Company shares. Moreover, Hoertkorn Richard Charles have 2.42% of their long stock exposure invested in the company for 246,243 shares. The stock has broken out of a trading range at the lows of the year and has set a 2-week high. Institutional Investors own 75.4% of Company shares. The company has a 50-day moving average of $10.72 and a 200 day moving average of $13.30.
It doesn’t come as much of a surprise to me, then, that Marvell put out a press release on September 24 announcing “a significant restructuring of its mobile platform business”. The semiconductor provider reported ($0.74) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.11 by $0.85. At the same time, however, we also find weaknesses including deteriorating net income, a generally disappointing performance in the stock itself and feeble growth in the company’s earnings per share. The 12-month mean target is $11.3, which means upside potential of 21.37% over the current price. Susquehanna reaffirmed a “hold” rating on shares of Marvell Technology Group in a research report on Friday. They issued a “sell” rating and a $13.00 price objective on the stock.
Though it’s important to note that Marvell’s mobile platform efforts likely leveraged technologies from Marvell’s non-mobile wireless businesses, even counting that spending wouldn’t put Marvell’s mobile research and development spending in the same league as MediaTek’s, let alone Qualcomm’s.
Unlike FBR Capital’s latest rating, based on the recent corporate insider activity of 9 insiders, corporate insider sentiment is negative on the stock. RBC Capital Markets raised its price target for the company to $40 from $9, reiterating its “sector perform” rating for the chipmaker. They noted that the move was a valuation call. Needham & Company LLC reaffirmed a “hold” rating on shares of Marvell Technology Group in a research note on Friday.
Analyst firm Craig-Hallum upgraded Marvell to “buy” from “hold” following the restructuring announcement. The Organization develops System-on-a-Processor (SoC) devices.
Forward Concepts analyst Will Strauss told FierceWireless Marvell is exiting the cellular baseband market even though it has actual products shipping inside smartphones and tablets because there is not enough business. Its products serve diverse programs utilized in metropolitan carrier, business and PC -client data communications, and storage systems. Furthermore, the Organization serves the consumer electronics market for the convergence of voice video and data applications. As a fabless integrated circuit firm, the Business relies on independent, third-party contractors to do manufacturing, assembly and test functions.