Marvell Technology Group Ltd. (MRVL) Sets New 1-Year High at $12.15
Marvell Technology Group Ltd. (NASDAQ:MRVL) reached a new 52-week high during trading on Friday . The company traded as high as $12.15 and last traded at $12.09, with a volume of 4,081,184 shares. The stock had previously closed at $11.65.
A number of equities research analysts have recently commented on MRVL shares. BMO Capital Markets reiterated a “hold” rating on shares of Marvell Technology Group in a research note on Monday, June 13th. Jefferies Group reiterated a “hold” rating on shares of Marvell Technology Group in a research note on Wednesday, July 20th. MKM Partners lifted their target price on Marvell Technology Group from $10.00 to $14.00 and gave the stock a “neutral” rating in a research note on Thursday, July 28th. Oppenheimer Holdings Inc. reiterated a “market perform” rating on shares of Marvell Technology Group in a research note on Friday, July 22nd. Finally, B. Riley reiterated a “buy” rating and set a $16.00 target price on shares of Marvell Technology Group in a research note on Saturday, July 30th. Four equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and eight have assigned a buy rating to the stock. Marvell Technology Group presently has a consensus rating of “Hold” and an average target price of $11.83.
The firm has a 50 day moving average of $10.90 and a 200 day moving average of $10.12. The stock’s market cap is $6.23 billion.
Marvell Technology Group (NASDAQ:MRVL) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.07 by $0.06. The business earned $540.82 million during the quarter, compared to analyst estimates of $652.65 million. During the same period in the previous year, the company earned $0.25 EPS. Marvell Technology Group’s quarterly revenue was down 25.3% compared to the same quarter last year. Equities analysts predict that Marvell Technology Group Ltd. will post $0.40 EPS for the current year.
A hedge fund recently raised its stake in Marvell Technology Group stock. State of Tennessee Treasury Department boosted its stake in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) by 15.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 920,000 shares of the company’s stock after buying an additional 120,000 shares during the period. State of Tennessee Treasury Department owned 0.18% of Marvell Technology Group worth $8,114,000 as of its most recent filing with the SEC.
Marvell Technology Group Ltd. (Marvell) is a fabless semiconductor provider of application-specific standard products. The Company develops System-on-a-Chip (SoC) devices. Its product portfolio includes devices for data storage, enterprise-class Ethernet data switching, Ethernet physical-layer transceivers (PHY), mobile handsets, connectivity, Internet-of-Things (IoT) devices and other consumer electronics.
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