Marvell Technology Group Ltd. (NASDAQ:MRVL)‘s stock had its “market perform” rating restated by research analysts at BMO Capital Markets in a report issued on Monday, August 28th. They currently have a $16.00 target price on the semiconductor company’s stock. BMO Capital Markets’ price objective indicates a potential downside of 12.50% from the stock’s current price.
A number of other research analysts have also issued reports on the stock. Oppenheimer Holdings, Inc. raised shares of Marvell Technology Group from a “market perform” rating to an “outperform” rating and set a $18.50 target price for the company in a research note on Friday, May 26th. BidaskClub lowered shares of Marvell Technology Group from a “buy” rating to a “hold” rating in a research note on Wednesday, July 5th. KeyCorp boosted their target price on shares of Marvell Technology Group from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Friday, August 25th. Cowen and Company reissued an “outperform” rating and set a $21.00 target price on shares of Marvell Technology Group in a research note on Wednesday, June 21st. Finally, Zacks Investment Research lowered shares of Marvell Technology Group from a “buy” rating to a “hold” rating in a research note on Wednesday, May 3rd. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. Marvell Technology Group has a consensus rating of “Buy” and a consensus target price of $18.93.
Shares of Marvell Technology Group (NASDAQ:MRVL) traded up 2.61% during midday trading on Monday, hitting $18.28. The stock had a trading volume of 10,066,610 shares. The firm’s 50 day moving average price is $16.42 and its 200 day moving average price is $16.19. The firm has a market cap of $9.07 billion, a price-to-earnings ratio of 35.44 and a beta of 1.10. Marvell Technology Group has a 52-week low of $12.30 and a 52-week high of $18.38.
Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, August 24th. The semiconductor company reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.03). Marvell Technology Group had a net margin of 10.97% and a return on equity of 9.99%. The business had revenue of $604.75 million for the quarter, compared to the consensus estimate of $600.76 million. During the same period in the prior year, the company earned $0.18 EPS. Marvell Technology Group’s quarterly revenue was up 16.4% on a year-over-year basis. On average, equities research analysts expect that Marvell Technology Group will post $1.12 earnings per share for the current year.
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In other news, major shareholder Sehat Sutardja sold 492,343 shares of the firm’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $17.41, for a total value of $8,571,691.63. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders sold a total of 2,492,343 shares of company stock worth $43,710,548 in the last ninety days. Insiders own 6.80% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. ProShare Advisors LLC boosted its stake in shares of Marvell Technology Group by 0.3% in the 1st quarter. ProShare Advisors LLC now owns 27,321 shares of the semiconductor company’s stock valued at $417,000 after purchasing an additional 75 shares during the last quarter. Prudential Financial Inc. boosted its stake in Marvell Technology Group by 0.7% during the 1st quarter. Prudential Financial Inc. now owns 27,940 shares of the semiconductor company’s stock worth $426,000 after acquiring an additional 200 shares during the last quarter. Krilogy Financial LLC boosted its stake 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 worth $258,000 after acquiring an additional 250 shares during the last quarter. Utah Retirement Systems boosted its stake 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 worth $1,218,000 after acquiring an additional 300 shares during the last quarter. Finally, Greenwood Capital Associates LLC boosted its stake in Marvell Technology Group by 2.8% during the 1st quarter. Greenwood Capital Associates LLC now owns 13,795 shares of the semiconductor company’s stock worth $211,000 after acquiring an additional 380 shares during the last quarter. 76.67% of the stock is currently owned by institutional investors.
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.
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