Citigroup Inc. upgraded shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) from a sell rating to a neutral rating in a research report report published on Tuesday morning, Marketbeat.com reports. Citigroup Inc. currently has $22.00 price objective on the semiconductor company’s stock.

Several other analysts have also recently issued reports on the company. BidaskClub cut Marvell Technology Group from a hold rating to a sell rating in a research report on Tuesday, July 25th. Cowen and Company reaffirmed a buy rating on shares of Marvell Technology Group in a research report on Friday, July 14th. Zacks Investment Research cut Marvell Technology Group from a buy rating to a hold rating in a research report on Thursday, July 27th. Jefferies Group LLC set a $19.00 target price on Marvell Technology Group and gave the company a hold rating in a research report on Wednesday, October 18th. Finally, BMO Capital Markets reaffirmed a market perform rating and set a $16.00 target price on shares of Marvell Technology Group in a research report on Monday, August 28th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of Buy and a consensus target price of $19.29.

Shares of Marvell Technology Group (NASDAQ MRVL) remained flat at $$20.13 during midday trading on Tuesday. 6,936,842 shares of the company’s stock were exchanged, compared to its average volume of 6,180,645. The firm has a market cap of $9,980.00, a P/E ratio of 25.83, a PEG ratio of 1.38 and a beta of 1.05. Marvell Technology Group has a one year low of $12.48 and a one year high of $21.08.

Marvell Technology Group (NASDAQ:MRVL) last announced its earnings results on Thursday, August 24th. The semiconductor company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.03). The company had revenue of $604.75 million for the quarter, compared to the consensus estimate of $600.76 million. Marvell Technology Group had a net margin of 10.97% and a return on equity of 9.99%. The firm’s revenue was up 16.4% compared to the same quarter last year. During the same period last year, the business posted $0.18 EPS. equities analysts expect that Marvell Technology Group will post 0.97 EPS for the current year.

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The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 26th. Shareholders of record on Tuesday, October 10th were paid a dividend of $0.06 per share. The ex-dividend date was Friday, October 6th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.19%. Marvell Technology Group’s payout ratio is currently 54.55%.

In other Marvell Technology Group news, major shareholder Sehat Sutardja sold 537,235 shares of Marvell Technology Group stock in a transaction dated Thursday, September 7th. The stock was sold at an average price of $17.57, for a total transaction of $9,439,218.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 17,558,035 shares of company stock valued at $320,838,284 in the last quarter. Company insiders own 6.80% of the company’s stock.

Several institutional investors have recently made changes to their positions in the stock. Krilogy Financial LLC increased its stake in shares of Marvell Technology Group by 1.6% in the 2nd quarter. Krilogy Financial LLC now owns 15,600 shares of the semiconductor company’s stock valued at $258,000 after purchasing an additional 250 shares in the last quarter. Utah Retirement Systems increased its stake in shares of Marvell Technology Group by 0.4% in the 2nd quarter. Utah Retirement Systems now owns 73,725 shares of the semiconductor company’s stock valued at $1,218,000 after purchasing an additional 300 shares in the last quarter. M&T Bank Corp increased its stake in shares of Marvell Technology Group by 1.3% in the 2nd quarter. M&T Bank Corp now owns 30,943 shares of the semiconductor company’s stock valued at $512,000 after purchasing an additional 402 shares in the last quarter. D.A. Davidson & CO. increased its stake in shares of Marvell Technology Group by 10.2% in the 2nd quarter. D.A. Davidson & CO. now owns 6,461 shares of the semiconductor company’s stock valued at $106,000 after purchasing an additional 600 shares in the last quarter. Finally, Quantitative Systematic Strategies LLC increased its stake in shares of Marvell Technology Group by 4.1% in the 2nd quarter. Quantitative Systematic Strategies LLC now owns 17,107 shares of the semiconductor company’s stock valued at $288,000 after purchasing an additional 673 shares in the last quarter. Hedge funds and other institutional investors own 76.69% of the company’s stock.

About Marvell Technology Group

Marvell Technology Group Ltd. is a semiconductor provider of application-specific standard products. The Company is engaged in the design, development and sale of integrated circuits. The Company develops System-on-a-Chip (SoC) devices. It also develops integrated hardware platforms along with software that incorporates digital computing technologies designed and configured to provide an optimized computing solution.

Analyst Recommendations for Marvell Technology Group (NASDAQ:MRVL)

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