Marvell Technology Group Ltd. (NASDAQ:MRVL)‘s stock had its “market perform” rating restated by investment analysts at BMO Capital Markets in a research note issued on Monday, August 28th. They currently have a $16.00 price target on the semiconductor company’s stock. BMO Capital Markets’ target price would suggest a potential downside of 12.76% from the company’s previous close.
Other equities research analysts also recently issued research reports about the stock. B. Riley reissued a “buy” rating and issued a $23.00 target price on shares of Marvell Technology Group in a research report on Saturday, May 27th. Zacks Investment Research raised shares of Marvell Technology Group from a “hold” rating to a “buy” rating and set a $19.00 target price for the company in a research report on Friday, May 26th. Northland Securities reissued a “buy” rating and issued a $20.00 target price on shares of Marvell Technology Group in a research report on Friday, August 25th. Finally, Citigroup Inc. raised shares of Marvell Technology Group to an “outperform” rating and set a $23.00 target price for the company in a research report on Friday, May 26th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $18.93.
Marvell Technology Group (NASDAQ MRVL) traded up 0.33% during trading on Monday, reaching $18.34. The company had a trading volume of 7,434,838 shares. The stock has a 50 day moving average price of $16.49 and a 200-day moving average price of $16.21. The company has a market capitalization of $9.09 billion, a PE ratio of 35.54 and a beta of 1.10. Marvell Technology Group has a 52-week low of $12.30 and a 52-week high of $18.56.
Marvell Technology Group (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, August 24th. The semiconductor company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.03). The firm had revenue of $604.75 million during the quarter, compared to analyst estimates of $600.76 million. Marvell Technology Group had a return on equity of 9.99% and a net margin of 10.97%. The business’s quarterly revenue was up 16.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.18 EPS. On average, equities research analysts anticipate that Marvell Technology Group will post $1.12 earnings per share for the current fiscal year.
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In other news, major shareholder Sehat Sutardja sold 537,235 shares of the company’s stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $17.57, for a total value of $9,439,218.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders sold 4,867,343 shares of company stock valued at $85,970,548. Company insiders own 6.80% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. D.A. Davidson & CO. lifted its stake in Marvell Technology Group by 10.2% during the second 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 last quarter. Creative Planning lifted its stake in Marvell Technology Group by 175.3% during the first quarter. Creative Planning now owns 7,158 shares of the semiconductor company’s stock valued at $109,000 after purchasing an additional 4,558 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in Marvell Technology Group by 1,740.4% during the first quarter. Tower Research Capital LLC TRC now owns 7,969 shares of the semiconductor company’s stock valued at $122,000 after purchasing an additional 7,536 shares during the last quarter. James Investment Research Inc. acquired a new stake in Marvell Technology Group during the first quarter valued at approximately $138,000. Finally, United Capital Financial Advisers LLC acquired a new stake in Marvell Technology Group during the first quarter valued at approximately $165,000. 76.67% of the stock is owned by institutional investors and hedge funds.
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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