Marvell Technology Group Ltd. (NASDAQ:MRVL) Given a $19.00 Price Target by Jefferies Group LLC Analysts

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.

Analyst Recommendations for Marvell Technology Group (NASDAQ:MRVL)

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