Marvell Technology Group (MRVL) Price Target Raised to $27.00
Marvell Technology Group (NASDAQ:MRVL) had its price objective increased by Needham & Company LLC from $25.00 to $27.00 in a research note published on Wednesday morning, MarketBeat.com reports. Needham & Company LLC currently has a buy rating on the semiconductor company’s stock.
A number of other analysts have also issued reports on MRVL. BidaskClub lowered shares of Marvell Technology Group from a sell rating to a strong sell rating in a research report on Wednesday, August 2nd. Cowen restated a buy rating and set a $21.00 target price on shares of Marvell Technology Group in a research report on Monday, August 21st. B. Riley restated a buy rating and set a $23.00 target price on shares of Marvell Technology Group in a research report on Monday, August 21st. Credit Suisse Group restated a buy rating on shares of Marvell Technology Group in a research report on Wednesday, August 23rd. Finally, Jefferies Group restated a hold rating and set a $18.50 target price (down previously from $19.00) on shares of Marvell Technology Group in a research report on Thursday, August 24th. Eight investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of Buy and a consensus target price of $23.48.
Shares of Marvell Technology Group (NASDAQ:MRVL) traded down $0.16 on Wednesday, hitting $22.18. 13,140,079 shares of the stock were exchanged, compared to its average volume of 14,025,624. Marvell Technology Group has a fifty-two week low of $13.59 and a fifty-two week high of $24.22. The stock has a market cap of $10,972.10, a PE ratio of 24.02, a price-to-earnings-growth ratio of 1.36 and a beta of 1.12.
Marvell Technology Group (NASDAQ:MRVL) last announced its earnings results on Tuesday, November 28th. The semiconductor company reported $0.34 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.33 by $0.01. Marvell Technology Group had a net margin of 16.53% and a return on equity of 11.99%. The firm had revenue of $616.00 million for the quarter, compared to analyst estimates of $613.49 million. During the same quarter last year, the business earned $0.20 earnings per share. Marvell Technology Group’s revenue was down 5.8% compared to the same quarter last year. analysts expect that Marvell Technology Group will post 1 earnings per share for the current year.
In other Marvell Technology Group news, major shareholder Sehat Sutardja sold 420,422 shares of Marvell Technology Group stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $17.84, for a total value of $7,500,328.48. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In the last quarter, insiders sold 17,558,035 shares of company stock worth $320,838,284. 6.80% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently made changes to their positions in the business. IFM Investors Pty Ltd acquired a new position in shares of Marvell Technology Group in the 3rd quarter valued at $640,000. Parallel Advisors LLC acquired a new position in shares of Marvell Technology Group during the 3rd quarter valued at $968,000. Afam Capital Inc. lifted its holdings in shares of Marvell Technology Group by 13.4% during the 3rd quarter. Afam Capital Inc. now owns 267,181 shares of the semiconductor company’s stock valued at $4,783,000 after acquiring an additional 31,604 shares in the last quarter. Cubist Systematic Strategies LLC lifted its holdings in shares of Marvell Technology Group by 36.4% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 116,630 shares of the semiconductor company’s stock valued at $2,088,000 after acquiring an additional 31,153 shares in the last quarter. Finally, Point72 Asset Management L.P. acquired a new position in shares of Marvell Technology Group during the 3rd quarter valued at $2,617,000. Institutional investors own 78.10% of the company’s stock.
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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.
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