Marvell Technology Group (MRVL) Price Target Increased to $25.00 by Analysts at Needham & Company LLC

Marvell Technology Group (NASDAQ:MRVL) had its target price lifted by equities research analysts at Needham & Company LLC from $21.00 to $25.00 in a report released on Tuesday, November 21st, MarketBeat.com reports. The brokerage presently has a “buy” rating on the semiconductor company’s stock. Needham & Company LLC’s price target suggests a potential upside of 14.57% from the stock’s previous close.

MRVL has been the subject of several other reports. Bank of America raised Marvell Technology Group from a “neutral” rating to a “buy” rating in a research report on Monday, November 20th. Jefferies Group reissued a “hold” rating and set a $18.50 price target (down previously from $19.00) on shares of Marvell Technology Group in a research report on Thursday, August 24th. BidaskClub downgraded Marvell Technology Group from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 2nd. Oppenheimer restated a “buy” rating and set a $23.00 price objective on shares of Marvell Technology Group in a report on Monday, November 6th. Finally, BMO Capital Markets restated a “market perform” rating and set a $16.00 price objective on shares of Marvell Technology Group in a report on Monday, August 28th. Eight research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $23.48.

Marvell Technology Group (MRVL) traded down $0.15 during trading on Tuesday, reaching $21.82. The company’s stock had a trading volume of 6,344,550 shares, compared to its average volume of 6,832,648. Marvell Technology Group has a 52 week low of $13.83 and a 52 week high of $24.22. The firm has a market cap 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 posted its quarterly earnings results on Tuesday, November 28th. The semiconductor company reported $0.34 EPS for the quarter, beating the consensus estimate of $0.33 by $0.01. The business had revenue of $616.00 million during the quarter, compared to analysts’ expectations of $613.49 million. Marvell Technology Group had a return on equity of 11.99% and a net margin of 16.53%. The company’s quarterly revenue was down 5.8% compared to the same quarter last year. During the same period last year, the firm earned $0.20 EPS. research analysts predict that Marvell Technology Group will post 1.01 EPS for the current fiscal year.

In related news, insider Marvell Semiconductor, Inc. Ca sold 9,812 shares of the stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $21.20, for a total value of $208,014.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Sehat Sutardja sold 537,235 shares of the stock in a transaction dated Thursday, September 7th. The stock was sold at an average price of $17.57, for a total transaction of $9,439,218.95. The disclosure for this sale can be found here. Insiders sold 17,147,425 shares of company stock valued at $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 bought and sold shares of MRVL. Bank of Montreal Can increased its holdings in shares of Marvell Technology Group by 593.9% during the second quarter. Bank of Montreal Can now owns 493,150 shares of the semiconductor company’s stock worth $8,147,000 after buying an additional 422,078 shares in the last quarter. NN Investment Partners Holdings N.V. increased its holdings in shares of Marvell Technology Group by 764.7% during the second quarter. NN Investment Partners Holdings N.V. now owns 20,598 shares of the semiconductor company’s stock worth $340,000 after buying an additional 18,216 shares in the last quarter. Creative Planning increased its holdings in shares of Marvell Technology Group by 39.8% during the second quarter. Creative Planning now owns 10,008 shares of the semiconductor company’s stock worth $165,000 after buying an additional 2,850 shares in the last quarter. Mn Services Vermogensbeheer B.V. increased its holdings in shares of Marvell Technology Group by 468.3% during the second quarter. Mn Services Vermogensbeheer B.V. now owns 65,966 shares of the semiconductor company’s stock worth $1,090,000 after buying an additional 54,359 shares in the last quarter. Finally, Quantitative Systematic Strategies LLC increased its holdings in shares of Marvell Technology Group by 4.1% during the second quarter. Quantitative Systematic Strategies LLC now owns 17,107 shares of the semiconductor company’s stock worth $288,000 after buying an additional 673 shares in the last quarter. 78.84% of the stock is owned by institutional investors.

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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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