Marvell Technology Group (NASDAQ:MRVL) PT Raised to $25.00 at Needham & Company LLC

Marvell Technology Group (NASDAQ:MRVL) had its price objective increased by equities researchers at Needham & Company LLC from $21.00 to $25.00 in a research report issued on Tuesday, November 21st, MarketBeat Ratings reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. Needham & Company LLC’s target price points to a potential upside of 13.64% from the company’s current price.

A number of other brokerages have also recently commented on MRVL. B. Riley reaffirmed a “buy” rating and set a $24.00 price objective on shares of Marvell Technology Group in a research note on Monday, November 20th. Barclays raised shares of Marvell Technology Group from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $20.00 to $30.00 in a research note on Tuesday, November 21st. Jefferies Group raised shares of Marvell Technology Group from a “hold” rating to a “buy” rating and set a $18.50 price objective on the stock in a research note on Tuesday, November 21st. Loop Capital reaffirmed a “buy” rating and set a $26.00 price objective on shares of Marvell Technology Group in a research note on Tuesday, November 21st. Finally, Zacks Investment Research raised shares of Marvell Technology Group from a “hold” rating to a “buy” rating and set a $23.00 price objective on the stock in a research note on Tuesday, November 21st. Eight analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $23.48.

Shares of Marvell Technology Group (MRVL) traded up $0.18 during trading hours on Tuesday, reaching $22.00. 6,481,291 shares of the company traded hands, compared to its average volume of 6,831,205. Marvell Technology Group has a one year low of $13.83 and a one year high of $24.22. The firm has a market cap of $10,791.66, a P/E ratio of 23.62, a PEG ratio of 1.33 and a beta of 1.13.

Marvell Technology Group (NASDAQ:MRVL) last issued its quarterly earnings results on Tuesday, November 28th. The semiconductor company reported $0.34 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.01. The company had revenue of $616.00 million for the quarter, compared to the consensus estimate of $613.49 million. Marvell Technology Group had a net margin of 16.53% and a return on equity of 11.93%. Marvell Technology Group’s quarterly revenue was down 5.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.20 EPS. sell-side analysts anticipate that Marvell Technology Group will post 1.01 EPS for the current fiscal year.

In related news, major shareholder Sehat Sutardja sold 1,042,343 shares of the business’s stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $17.46, for a total value of $18,199,308.78. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Marvell Semiconductor, Inc. Ca sold 9,812 shares of the business’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $21.20, for a total transaction of $208,014.40. The disclosure for this sale can be found here. In the last quarter, insiders have sold 16,610,190 shares of company stock worth $304,106,751. Insiders own 6.80% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of MRVL. Bank of Montreal Can raised its holdings in Marvell Technology Group by 593.9% in the 2nd quarter. Bank of Montreal Can now owns 493,150 shares of the semiconductor company’s stock valued at $8,147,000 after buying an additional 422,078 shares during the period. NN Investment Partners Holdings N.V. raised its holdings in Marvell Technology Group by 764.7% in the 2nd quarter. NN Investment Partners Holdings N.V. now owns 20,598 shares of the semiconductor company’s stock valued at $340,000 after buying an additional 18,216 shares during the period. Creative Planning raised its holdings in Marvell Technology Group by 39.8% in 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 during the period. Mn Services Vermogensbeheer B.V. raised its holdings in Marvell Technology Group by 468.3% in the 2nd quarter. Mn Services Vermogensbeheer B.V. now owns 65,966 shares of the semiconductor company’s stock valued at $1,090,000 after buying an additional 54,359 shares during the period. Finally, Quantitative Systematic Strategies LLC raised its holdings in Marvell Technology Group by 4.1% in the 2nd quarter. Quantitative Systematic Strategies LLC now owns 17,107 shares of the semiconductor company’s stock valued at $288,000 after buying an additional 673 shares during the period. Hedge funds and other institutional investors own 78.84% of the company’s stock.

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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.

Analyst Recommendations for Marvell Technology Group (NASDAQ:MRVL)

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