Piper Jaffray Companies began coverage on shares of Marvell Technology Group (NASDAQ:MRVL) in a research report sent to investors on Monday, December 18th, Marketbeat Ratings reports. The firm issued an overweight rating and a $25.00 price objective on the semiconductor company’s stock.
MRVL has been the subject of a number of other research reports. B. Riley restated a buy rating and set a $23.00 price objective on shares of Marvell Technology Group in a research note on Friday, September 1st. BMO Capital Markets raised their price objective on Marvell Technology Group to $25.00 and gave the company a market perform rating in a research note on Monday, November 27th. Jefferies Group set a $19.00 price objective on Marvell Technology Group and gave the company a hold rating in a research note on Wednesday, October 18th. Bank of America upgraded Marvell Technology Group from a neutral rating to a buy rating in a research note on Monday, November 20th. Finally, Needham & Company LLC raised their price objective on Marvell Technology Group from $25.00 to $27.00 and gave the company a buy rating in a research note on Wednesday, November 29th. Eight research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of Buy and an average price target of $23.92.
Shares of Marvell Technology Group (MRVL) traded up $0.68 during trading hours on Monday, hitting $23.83. The company had a trading volume of 18,420,000 shares, compared to its average volume of 7,350,000. The stock has a market cap of $11,710.00, a P/E ratio of 41.81, a P/E/G ratio of 1.39 and a beta of 1.12. Marvell Technology Group has a 1-year low of $13.83 and a 1-year high of $24.22.
Marvell Technology Group (NASDAQ:MRVL) last announced its 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 for the quarter, compared to the consensus estimate of $613.49 million. Marvell Technology Group had a return on equity of 11.93% and a net margin of 16.53%. The company’s revenue was down 5.8% on a year-over-year basis. During the same period last year, the business posted $0.20 EPS. research analysts forecast that Marvell Technology Group will post 1.01 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Wednesday, December 27th will be given a $0.06 dividend. The ex-dividend date of this dividend is Tuesday, December 26th. This represents a $0.24 annualized dividend and a dividend yield of 1.01%. Marvell Technology Group’s payout ratio is 42.11%.
In related news, major shareholder Sehat Sutardja sold 474,771 shares of the business’s stock in a transaction that occurred on Wednesday, October 18th. The stock was sold at an average price of $18.48, for a total transaction of $8,773,768.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Marvell Semiconductor, Inc. Ca sold 9,812 shares of the business’s stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $21.20, for a total value of $208,014.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,813,418 shares of company stock valued at $33,627,308. Insiders own 6.80% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. Krilogy Financial LLC boosted its position in Marvell Technology Group by 1.6% during the 2nd quarter. Krilogy Financial LLC now owns 15,600 shares of the semiconductor company’s stock valued at $258,000 after purchasing an additional 250 shares during the period. Utah Retirement Systems boosted its position in Marvell Technology Group by 0.4% during the 2nd quarter. Utah Retirement Systems now owns 73,725 shares of the semiconductor company’s stock valued at $1,218,000 after purchasing an additional 300 shares during the period. M&T Bank Corp boosted its position in Marvell Technology Group by 1.3% during the 2nd quarter. M&T Bank Corp now owns 30,943 shares of the semiconductor company’s stock valued at $512,000 after purchasing an additional 402 shares during the period. D.A. Davidson & CO. boosted its position in Marvell Technology Group by 10.2% during the 2nd quarter. D.A. Davidson & CO. now owns 6,461 shares of the semiconductor company’s stock valued at $106,000 after purchasing an additional 600 shares during the period. Finally, Pictet Asset Management Ltd. boosted its position in Marvell Technology Group by 0.7% during the 2nd quarter. Pictet Asset Management Ltd. now owns 170,100 shares of the semiconductor company’s stock valued at $2,933,000 after purchasing an additional 1,200 shares during the period. Institutional investors and hedge funds own 78.70% 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.
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