Marvell Technology Group Ltd. (NASDAQ:MRVL) received a $19.00 price target from Jefferies Group LLC in a research note issued on Wednesday, October 18th. The brokerage currently has a “hold” rating on the semiconductor company’s stock. Jefferies Group LLC’s price target points to a potential upside of 3.04% from the stock’s current price.
MRVL has been the topic of several other reports. BidaskClub downgraded shares of Marvell Technology Group from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 2nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $21.00 target price on shares of Marvell Technology Group in a research note on Thursday, August 24th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $16.00 target price on shares of Marvell Technology Group in a research note on Monday, August 28th. Zacks Investment Research downgraded shares of Marvell Technology Group from a “buy” rating to a “hold” rating in a research note on Thursday, July 27th. Finally, Oppenheimer Holdings, Inc. reissued a “buy” rating and set a $23.00 price objective on shares of Marvell Technology Group in a research report on Friday, August 25th. 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 given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $19.34.
Shares of Marvell Technology Group (MRVL) traded up 0.22% during mid-day trading on Wednesday, hitting $18.44. 4,527,028 shares of the company were exchanged. Marvell Technology Group has a 12-month low of $12.30 and a 12-month high of $18.88. The firm has a market capitalization of $9.14 billion, a P/E ratio of 35.74 and a beta of 1.13. The company’s 50-day moving average price is $18.13 and its 200-day moving average price is $16.72.
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 the Zacks’ consensus estimate of $0.28 by ($0.03). The business had revenue of $604.75 million during the quarter, compared to the consensus estimate of $600.76 million. Marvell Technology Group had a return on equity of 9.99% and a net margin of 10.97%. The company’s revenue was up 16.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.18 earnings per share. Equities research analysts predict that Marvell Technology Group will post $1.13 earnings per share for the current fiscal year.
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In other Marvell Technology Group news, major shareholder Sehat Sutardja sold 62,337 shares of the stock in a transaction that occurred on Friday, October 20th. The shares were sold at an average price of $18.48, for a total transaction of $1,151,987.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders have sold 17,558,035 shares of company stock valued at $320,838,284. Insiders own 6.80% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the business. D.A. Davidson & CO. grew its holdings 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 buying an additional 600 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in Marvell Technology Group during the 3rd quarter valued at approximately $106,000. Tower Research Capital LLC TRC grew its holdings in Marvell Technology Group by 1,740.4% during the 1st quarter. Tower Research Capital LLC TRC now owns 7,969 shares of the semiconductor company’s stock valued at $122,000 after buying an additional 7,536 shares in the last quarter. United Capital Financial Advisers LLC purchased a new stake in Marvell Technology Group during the 1st quarter valued at approximately $165,000. Finally, Creative Planning grew its holdings in Marvell Technology Group by 39.8% during the 2nd quarter. Creative Planning now owns 10,008 shares of the semiconductor company’s stock valued at $165,000 after buying an additional 2,850 shares in the last quarter. 76.63% 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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