Marvell Technology Group Ltd. (MRVL) Reaches New 12-Month High at $12.60
Marvell Technology Group Ltd. (NASDAQ:MRVL) shares hit a new 52-week high on Monday . The company traded as high as $12.60 and last traded at $12.35, with a volume of 1,550,167 shares changing hands. The stock had previously closed at $12.27.
A number of research analysts have weighed in on MRVL shares. BMO Capital Markets reaffirmed a “hold” rating on shares of Marvell Technology Group in a research report on Monday, June 13th. Jefferies Group reaffirmed a “hold” rating on shares of Marvell Technology Group in a research report on Wednesday, July 20th. MKM Partners lifted their price target on shares of Marvell Technology Group from $10.00 to $14.00 and gave the company a “neutral” rating in a research report on Thursday, July 28th. B. Riley reaffirmed a “buy” rating and set a $16.00 price target on shares of Marvell Technology Group in a research report on Friday. Finally, Oppenheimer Holdings Inc. reaffirmed a “market perform” rating on shares of Marvell Technology Group in a research report on Friday, July 22nd. Four equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and seven have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $11.71.
The firm’s market cap is $6.31 billion. The company has a 50 day moving average of $11.31 and a 200 day moving average of $10.26.
Marvell Technology Group (NASDAQ:MRVL) last released its quarterly earnings data on Wednesday, July 27th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by $0.06. The business earned $540.82 million during the quarter, compared to analysts’ expectations of $652.65 million. During the same period in the prior year, the company earned $0.25 EPS. Marvell Technology Group’s quarterly revenue was down 25.3% on a year-over-year basis. On average, equities analysts anticipate 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 increased its stake in Marvell Technology Group Ltd. (NASDAQ:MRVL) by 15.0% during the fourth quarter, according to its most recent Form 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 approximately 0.18% of Marvell Technology Group worth $8,114,000 at the end of the most recent reporting period.
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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