Marvell Technology Group (MRVL) PT Raised to $22.00 at Morgan Stanley

Marvell Technology Group (NASDAQ:MRVL) had its price target increased by equities researchers at Morgan Stanley from $20.50 to $22.00 in a research report issued on Wednesday. The brokerage presently has an “equal weight” rating on the semiconductor company’s stock. Morgan Stanley’s price target points to a potential downside of 0.86% from the company’s previous close.

Other analysts also recently issued reports about the company. B. Riley reaffirmed a “buy” rating and set a $23.00 price target on shares of Marvell Technology Group in a report on Friday, September 1st. Northland Securities reiterated a “buy” rating and set a $20.00 target price on shares of Marvell Technology Group in a research report on Friday, August 25th. Cowen reiterated a “buy” rating and set a $21.00 target price on shares of Marvell Technology Group in a research report on Monday, August 21st. BidaskClub upgraded Marvell Technology Group from a “strong sell” rating to a “sell” rating in a research report on Wednesday, August 16th. Finally, Citigroup upgraded Marvell Technology Group from a “sell” rating to a “neutral” rating and set a $22.00 target price on the stock in a research report on Tuesday, November 7th. Eight investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $23.87.

Shares of Marvell Technology Group (NASDAQ:MRVL) traded up $0.14 during midday trading on Wednesday, reaching $22.19. The company’s stock had a trading volume of 4,662,200 shares, compared to its average volume of 6,816,621. The stock has a market cap of $10,830.96, a P/E ratio of 23.71, a price-to-earnings-growth ratio of 1.33 and a beta of 1.13. Marvell Technology Group has a 12 month low of $13.83 and a 12 month high of $24.22.

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

In other news, insider Marvell Semiconductor, Inc. Ca sold 9,812 shares of the business’s stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $21.20, for a total transaction of $208,014.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Sehat Sutardja sold 1,375,000 shares of the business’s stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $17.84, for a total value of $24,530,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 14,075,504 shares of company stock worth $259,605,751 in the last quarter. 6.80% of the stock is currently owned by insiders.

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Marvell Technology Group by 0.9% during the 2nd quarter. Vanguard Group Inc. now owns 32,190,297 shares of the semiconductor company’s stock worth $531,785,000 after acquiring an additional 290,339 shares in the last quarter. Boston Partners boosted its stake in shares of Marvell Technology Group by 51.4% during the 3rd quarter. Boston Partners now owns 12,205,587 shares of the semiconductor company’s stock worth $218,480,000 after acquiring an additional 4,143,929 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Marvell Technology Group by 9.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 9,581,295 shares of the semiconductor company’s stock worth $172,175,000 after acquiring an additional 830,797 shares in the last quarter. Contour Asset Management LLC boosted its stake in shares of Marvell Technology Group by 11.5% during the 2nd quarter. Contour Asset Management LLC now owns 9,192,978 shares of the semiconductor company’s stock worth $151,868,000 after acquiring an additional 944,622 shares in the last quarter. Finally, UBS Asset Management Americas Inc. boosted its stake in shares of Marvell Technology Group by 2.3% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 8,901,332 shares of the semiconductor company’s stock worth $147,050,000 after acquiring an additional 195,985 shares in the last quarter. 78.83% of the stock is currently owned by institutional investors and hedge funds.

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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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