Marvell Technology Group Ltd. (MRVL) Reaches New 52-Week High at $12.15
Marvell Technology Group Ltd. (NASDAQ:MRVL) reached a new 52-week high during trading on Friday . The stock traded as high as $12.15 and last traded at $12.09, with a volume of 4,081,184 shares changing hands. The stock had previously closed at $11.65.
Several equities research analysts recently commented on the company. B. Riley reaffirmed a “buy” rating and issued a $16.00 price target on shares of Marvell Technology Group in a report on Friday, August 5th. Deutsche Bank AG reaffirmed a “hold” rating and issued a $13.00 price target (up previously from $12.00) on shares of Marvell Technology Group in a report on Wednesday, July 20th. Northland Securities raised Marvell Technology Group from a “market perform” rating to an “outperform” rating and set a $16.00 price target for the company in a report on Thursday, July 28th. Finally, MKM Partners reaffirmed a “neutral” rating and issued a $10.00 price target (up previously from $9.00) on shares of Marvell Technology Group in a report on Tuesday, May 3rd. Four analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and seven have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $11.71.
The stock’s 50-day moving average is $10.98 and its 200 day moving average is $10.15. The company’s market cap is $6.21 billion.
Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by $0.06. During the same period last year, the business posted $0.25 earnings per share. The company had revenue of $540.82 million for the quarter, compared to analysts’ expectations of $652.65 million. The company’s revenue for the quarter was down 25.3% compared to the same quarter last year. On average, equities analysts expect that Marvell Technology Group Ltd. will post $0.40 earnings per share for the current fiscal year.
An institutional investor recently raised its position in Marvell Technology Group stock. State of Tennessee Treasury Department raised its position in 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 firm 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 approximately 0.18% of Marvell Technology Group worth $8,114,000 at the end of the most recent quarter.
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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