Marvell Technology Group Ltd. (MRVL) Shares Up 1.8%
Marvell Technology Group Ltd. (NASDAQ:MRVL) shares shot up 1.8% during trading on Monday . The company traded as high as $12.38 and last traded at $12.37, with a volume of 3,583,786 shares traded. The stock had previously closed at $12.15.
A number of brokerages have recently commented on MRVL. B. Riley reiterated a “buy” rating and set a $16.00 price target on shares of Marvell Technology Group in a report on Friday, August 5th. Deutsche Bank AG reiterated a “hold” rating and set a $13.00 price target (up from $12.00) on shares of Marvell Technology Group in a report on Wednesday, July 20th. Northland Securities upgraded 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 reiterated a “neutral” rating and set a $10.00 price target (up 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 given a buy rating to the company’s stock. Marvell Technology Group presently has an average rating of “Hold” and an average price target of $11.71.
The stock’s market cap is $6.22 billion. The stock’s 50-day moving average is $11.09 and its 200-day moving average is $10.21.
Marvell Technology Group (NASDAQ:MRVL) last issued its quarterly earnings data 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. The company earned $540.82 million during the quarter, compared to analyst estimates of $652.65 million. The firm’s revenue was down 25.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.25 EPS. On average, equities analysts forecast that Marvell Technology Group Ltd. will post $0.40 EPS for the current year.
An institutional investor recently raised its position in Marvell Technology Group stock. State of Tennessee Treasury Department boosted its position in Marvell Technology Group Ltd. (NASDAQ:MRVL) by 15.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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 about 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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