Marvell Technology Group Ltd. (MRVL) Shares Down 1.2%
Marvell Technology Group Ltd. (NASDAQ:MRVL)’s share price fell 1.2% during trading on Tuesday . The stock traded as low as $12.27 and last traded at $12.28, with a volume of 1,923,265 shares changing hands. The stock had previously closed at $12.43.
Several research firms recently commented on MRVL. B. Riley reiterated a “buy” rating and issued a $16.00 price objective on shares of Marvell Technology Group in a research note on Saturday, July 30th. Oppenheimer Holdings Inc. restated a “market perform” rating on shares of Marvell Technology Group in a research report on Friday, July 22nd. Zacks Investment Research downgraded Marvell Technology Group from a “hold” rating to a “strong sell” rating in a research report on Monday, July 25th. Citigroup Inc. restated a “sell” rating and set a $10.50 target price (up previously from $8.65) on shares of Marvell Technology Group in a research report on Thursday, July 28th. Finally, Barclays PLC increased their target price on Marvell Technology Group from $10.00 to $12.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 28th. Four research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and seven have given a buy rating to the stock. Marvell Technology Group has an average rating of “Hold” and a consensus price target of $11.71.
The company’s market capitalization is $6.21 billion. The company has a 50 day moving average of $11.17 and a 200 day moving average of $10.22.
Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $0.01 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.07 by $0.06. The firm had revenue of $540.82 million for the quarter, compared to analyst estimates of $652.65 million. During the same quarter in the previous year, the business posted $0.25 earnings per share. The firm’s revenue for the quarter was down 25.3% on a year-over-year basis. Equities research analysts anticipate that Marvell Technology Group Ltd. will post $0.40 EPS for the current fiscal year.
An institutional investor recently raised its position in Marvell Technology Group stock. State of Tennessee Treasury Department increased 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 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 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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