Marvell Technology Group (NASDAQ:MRVL) was upgraded by research analysts at Barclays from an “equal weight” rating to an “overweight” rating in a report issued on Tuesday, November 21st, MarketBeat reports. The brokerage currently has a $30.00 target price on the semiconductor company’s stock, up from their previous target price of $20.00. Barclays’ price target indicates a potential upside of 37.49% from the stock’s previous close.
A number of other research analysts have also weighed in on the company. Bank of America raised Marvell Technology Group from a “neutral” rating to a “buy” rating in a report on Monday, November 20th. BidaskClub lowered Marvell Technology Group from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 2nd. Jefferies Group reissued a “hold” rating and issued a $18.50 target price (down previously from $19.00) on shares of Marvell Technology Group in a report on Thursday, August 24th. Oppenheimer reaffirmed a “buy” rating and set a $23.00 price objective on shares of Marvell Technology Group in a research note on Monday, November 6th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $21.00 price objective on shares of Marvell Technology Group in a research note on Thursday, August 24th. Eight investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $23.48.
Marvell Technology Group (MRVL) traded down $0.15 during mid-day trading on Tuesday, reaching $21.82. The company had a trading volume of 6,344,550 shares, compared to its average volume of 6,832,648. Marvell Technology Group has a 12-month low of $13.83 and a 12-month high of $24.22. The stock has a market capitalization of $10,953.76, a PE ratio of 23.98, a price-to-earnings-growth ratio of 1.35 and a beta of 1.13.
Marvell Technology Group (NASDAQ:MRVL) last issued its quarterly earnings data on Tuesday, November 28th. The semiconductor company reported $0.34 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.01. Marvell Technology Group had a return on equity of 11.99% and a net margin of 16.53%. The company had revenue of $616.00 million during the quarter, compared to analysts’ expectations of $613.49 million. During the same quarter in the previous year, the business earned $0.20 earnings per share. The firm’s revenue for the quarter was down 5.8% on a year-over-year basis. equities analysts anticipate that Marvell Technology Group will post 1.01 EPS for the current fiscal year.
In other news, insider Marvell Semiconductor, Inc. Ca sold 9,812 shares of the business’s stock in a transaction on Friday, December 1st. The stock was sold at an average price of $21.20, for a total value of $208,014.40. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Sehat Sutardja sold 2,727,810 shares of the business’s stock in a transaction on Tuesday, October 10th. The stock was sold at an average price of $18.49, for a total value of $50,437,206.90. The disclosure for this sale can be found here. Insiders sold a total of 17,147,425 shares of company stock worth $313,545,970 in the last three months. Company insiders own 6.80% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. IFM Investors Pty Ltd acquired a new position in shares of Marvell Technology Group in the 3rd quarter worth $640,000. Parallel Advisors LLC acquired a new position in shares of Marvell Technology Group in the 3rd quarter worth $968,000. Afam Capital Inc. grew its holdings in shares of Marvell Technology Group by 13.4% in the 3rd quarter. Afam Capital Inc. now owns 267,181 shares of the semiconductor company’s stock worth $4,783,000 after acquiring an additional 31,604 shares during the last quarter. Cubist Systematic Strategies LLC grew its holdings in shares of Marvell Technology Group by 36.4% in the 3rd quarter. Cubist Systematic Strategies LLC now owns 116,630 shares of the semiconductor company’s stock worth $2,088,000 after acquiring an additional 31,153 shares during the last quarter. Finally, Point72 Asset Management L.P. acquired a new position in shares of Marvell Technology Group in the 3rd quarter worth $2,617,000. Institutional investors and hedge funds own 78.84% of the company’s stock.
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Marvell Technology Group Company Profile
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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