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.

Analyst Recommendations for Marvell Technology Group (NASDAQ:MRVL)

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