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.
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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.
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