Marvell Technology Group (MRVL) Lifted to Buy at BidaskClub

Marvell Technology Group (NASDAQ:MRVL) was upgraded by investment analysts at BidaskClub from a “hold” rating to a “buy” rating in a research note issued on Friday.

A number of other analysts also recently issued reports on MRVL. Oppenheimer reaffirmed a “buy” rating and set a $23.00 price objective on shares of Marvell Technology Group in a report on Monday, November 6th. Citigroup raised shares of Marvell Technology Group from a “sell” rating to a “neutral” rating and set a $22.00 price objective for the company in a report on Tuesday, November 7th. Bank of America raised shares of Marvell Technology Group from a “neutral” rating to a “buy” rating in a report on Monday, November 20th. Benchmark raised shares of Marvell Technology Group from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $17.00 to $30.00 in a report on Monday, November 20th. Finally, B. Riley reaffirmed a “buy” rating and set a $24.00 price objective on shares of Marvell Technology Group in a report on Monday, November 20th. Seven research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $23.92.

Shares of Marvell Technology Group (NASDAQ:MRVL) opened at $23.13 on Friday. Marvell Technology Group has a fifty-two week low of $14.58 and a fifty-two week high of $24.22. The stock has a market cap of $11,470.00, a price-to-earnings ratio of 40.58, a PEG ratio of 1.22 and a beta of 0.95.

Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings data on Tuesday, November 28th. The semiconductor company reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.01. Marvell Technology Group had a net margin of 16.53% and a return on equity of 11.93%. The company had revenue of $616.00 million during the quarter, compared to the consensus estimate of $613.49 million. During the same period in the previous year, the firm posted $0.20 EPS. The firm’s revenue was down 5.8% compared to the same quarter last year. equities analysts predict that Marvell Technology Group will post 1.01 EPS for the current year.

In other news, Director Michael G. Strachan sold 20,000 shares of the company’s stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $23.65, for a total transaction of $473,000.00. Following the completion of the transaction, the director now directly owns 19,702 shares of the company’s stock, valued at $465,952.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Marvell Semiconductor, Inc. Ca sold 9,812 shares of the company’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $21.20, for a total transaction of $208,014.40. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 31,324 shares of company stock valued at $717,091. Insiders own 6.80% of the company’s stock.

Several large investors have recently modified their holdings of MRVL. Boston Partners raised its stake in shares of Marvell Technology Group by 51.4% during the third quarter. Boston Partners now owns 12,205,587 shares of the semiconductor company’s stock valued at $218,480,000 after acquiring an additional 4,143,929 shares during the last quarter. Two Sigma Advisers LP increased its position in shares of Marvell Technology Group by 152.0% during the fourth quarter. Two Sigma Advisers LP now owns 6,195,002 shares of the semiconductor company’s stock valued at $133,007,000 after buying an additional 3,736,310 shares during the period. Epoch Investment Partners Inc. increased its position in shares of Marvell Technology Group by 981.1% during the third quarter. Epoch Investment Partners Inc. now owns 3,983,148 shares of the semiconductor company’s stock valued at $71,298,000 after buying an additional 3,614,719 shares during the period. Allianz Asset Management GmbH increased its position in shares of Marvell Technology Group by 38.8% during the third quarter. Allianz Asset Management GmbH now owns 4,760,965 shares of the semiconductor company’s stock valued at $85,221,000 after buying an additional 1,331,765 shares during the period. Finally, TD Asset Management Inc. increased its position in shares of Marvell Technology Group by 88.3% during the third quarter. TD Asset Management Inc. now owns 2,022,923 shares of the semiconductor company’s stock valued at $36,210,000 after buying an additional 948,804 shares during the period. 89.44% of the stock is owned by hedge funds and other institutional investors.

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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.

Analyst Recommendations for Marvell Technology Group (NASDAQ:MRVL)

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