Marvell Technology Group Ltd. (MRVL) Raised to Buy at Benchmark Co.

Marvell Technology Group Ltd. (NASDAQ:MRVL) was upgraded by research analysts at Benchmark Co. from a “hold” rating to a “buy” rating in a research report issued on Monday. The firm presently has a $30.00 price target on the semiconductor company’s stock, up from their previous price target of $17.00. Benchmark Co.’s target price indicates a potential upside of 47.86% from the stock’s current price.

A number of other analysts have also commented on MRVL. B. Riley reiterated a “buy” rating and issued a $23.00 price objective on shares of Marvell Technology Group in a research report on Friday, September 1st. Bank of America Corporation upgraded Marvell Technology Group from a “neutral” rating to a “buy” rating in a research report on Monday. BidaskClub upgraded Marvell Technology Group from a “strong sell” rating to a “sell” rating in a research report on Wednesday, August 16th. Cowen and Company reiterated a “buy” rating and issued a $21.00 price objective on shares of Marvell Technology Group in a research report on Monday, August 21st. Finally, KeyCorp lifted their price objective on Marvell Technology Group from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Friday, August 25th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $20.23.

Shares of Marvell Technology Group (NASDAQ MRVL) traded up $0.03 during mid-day trading on Monday, reaching $20.29. The company had a trading volume of 5,145,100 shares, compared to its average volume of 6,143,901. The firm has a market capitalization of $10,060.00, a price-to-earnings ratio of 26.01, a price-to-earnings-growth ratio of 1.39 and a beta of 1.05. Marvell Technology Group has a 1 year low of $13.59 and a 1 year high of $21.08.

Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, August 24th. The semiconductor company reported $0.25 EPS for the quarter, missing the Zacks’ consensus estimate of $0.28 by ($0.03). The firm had revenue of $604.75 million during the quarter, compared to analyst estimates of $600.76 million. Marvell Technology Group had a return on equity of 9.99% and a net margin of 10.97%. Marvell Technology Group’s revenue for the quarter was up 16.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.18 earnings per share. sell-side analysts anticipate that Marvell Technology Group will post 0.97 earnings per share for the current fiscal year.

ILLEGAL ACTIVITY WARNING: This piece of content was originally published by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are reading this piece of content on another website, it was stolen and republished in violation of United States and international copyright and trademark law. The legal version of this piece of content can be accessed at https://ledgergazette.com/2017/11/20/marvell-technology-group-ltd-mrvl-raised-to-buy-at-benchmark-co.html.

In other news, major shareholder Sehat Sutardja sold 62,337 shares of the company’s stock in a transaction that occurred on Friday, October 20th. The stock was sold at an average price of $18.48, for a total transaction of $1,151,987.76. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In the last quarter, insiders have sold 17,558,035 shares of company stock worth $320,838,284. Company insiders own 6.80% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. IFM Investors Pty Ltd bought a new stake in shares of Marvell Technology Group during the 3rd quarter worth approximately $640,000. Parallel Advisors LLC bought a new stake in shares of Marvell Technology Group during the 3rd quarter worth approximately $968,000. Afam Capital Inc. raised its stake 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 worth $4,783,000 after purchasing an additional 31,604 shares in the last quarter. Cubist Systematic Strategies LLC raised its stake 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 worth $2,088,000 after purchasing an additional 31,153 shares in the last quarter. Finally, Point72 Asset Management L.P. bought a new stake in shares of Marvell Technology Group during the 3rd quarter worth approximately $2,617,000. Institutional investors own 77.03% 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)

Receive News & Ratings for Marvell Technology Group Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Marvell Technology Group Ltd. and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply