Marvell Technology Group Ltd. (MRVL) Receives Market Perform Rating from BMO Capital Markets

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.

Analyst Recommendations for Marvell Technology Group (NASDAQ:MRVL)




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