Marvell Technology Group (MRVL) Now Covered by Analysts at Piper Jaffray Companies

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.

COPYRIGHT VIOLATION NOTICE: “Marvell Technology Group (MRVL) Now Covered by Analysts at Piper Jaffray Companies” was reported by The Ledger Gazette and is the property of of The Ledger Gazette. If you are reading this story on another site, it was illegally copied and reposted in violation of US and international copyright & trademark laws. The correct version of this story can be accessed at https://ledgergazette.com/2018/01/13/marvell-technology-group-mrvl-research-coverage-started-at-piper-jaffray-companies.html.

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

Leave a Reply