Piper Jaffray Companies Begins Coverage on Marvell Technology Group (MRVL)

Piper Jaffray Companies initiated coverage on shares of Marvell Technology Group (NASDAQ:MRVL) in a report issued on Monday, December 18th, Marketbeat reports. The brokerage issued an overweight rating and a $25.00 price objective on the semiconductor company’s stock.

Several other equities analysts have also recently issued reports on the stock. Morgan Stanley boosted their price target on shares of Marvell Technology Group from $20.50 to $22.00 and gave the company an equal weight rating in a research report on Wednesday, December 13th. BidaskClub cut shares of Marvell Technology Group from a buy rating to a hold rating in a research report on Saturday, December 2nd. Oppenheimer reiterated a buy rating and set a $30.00 price target on shares of Marvell Technology Group in a research report on Wednesday, November 29th. Loop Capital reiterated a buy rating and set a $28.00 price target on shares of Marvell Technology Group in a research report on Wednesday, November 29th. Finally, B. Riley restated a buy rating and issued a $29.00 price objective on shares of Marvell Technology Group in a report on Wednesday, November 29th. Eight analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of Buy and an average target price of $23.92.

Marvell Technology Group (NASDAQ:MRVL) traded up $0.69 during trading on Monday, reaching $23.84. 18,421,544 shares of the company’s stock traded hands, compared to its average volume of 7,350,000. Marvell Technology Group has a 1-year low of $13.83 and a 1-year high of $24.22. The company has a market capitalization of $11,710.00, a P/E ratio of 41.82, a PEG ratio of 1.40 and a beta of 1.12.

Marvell Technology Group (NASDAQ:MRVL) last released its quarterly earnings data on Tuesday, November 28th. The semiconductor company reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.01. Marvell Technology Group had a net margin of 16.53% and a return on equity of 11.93%. The firm had revenue of $616.00 million for the quarter, compared to analysts’ expectations of $613.49 million. During the same quarter in the previous year, the company earned $0.20 earnings per share. The company’s revenue for the quarter was down 5.8% compared to the same quarter last year. equities research analysts forecast that Marvell Technology Group will post 1.01 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Wednesday, December 27th will be given a dividend of $0.06 per share. The ex-dividend date is Tuesday, December 26th. This represents a $0.24 dividend on an annualized basis and a yield of 1.01%. Marvell Technology Group’s dividend payout ratio (DPR) is 42.11%.

In other Marvell Technology Group news, insider Marvell Semiconductor, Inc. Ca sold 9,812 shares of the company’s stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $21.20, for a total transaction of $208,014.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Sehat Sutardja sold 1,266,498 shares of the company’s stock in a transaction that occurred on Monday, October 23rd. The shares were sold at an average price of $18.55, for a total transaction of $23,493,537.90. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,813,418 shares of company stock worth $33,627,308. 6.80% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in MRVL. Pictet Asset Management Ltd. increased its stake in shares of Marvell Technology Group by 0.7% in the second quarter. Pictet Asset Management Ltd. now owns 170,100 shares of the semiconductor company’s stock worth $2,933,000 after purchasing an additional 1,200 shares in the last quarter. DekaBank Deutsche Girozentrale increased its stake in shares of Marvell Technology Group by 40.1% in the second quarter. DekaBank Deutsche Girozentrale now owns 37,437 shares of the semiconductor company’s stock worth $648,000 after purchasing an additional 10,713 shares in the last quarter. Advisors Asset Management Inc. increased its stake in shares of Marvell Technology Group by 8.8% in the second quarter. Advisors Asset Management Inc. now owns 43,134 shares of the semiconductor company’s stock worth $713,000 after purchasing an additional 3,484 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Marvell Technology Group by 8.1% in the second quarter. Bank of New York Mellon Corp now owns 2,445,267 shares of the semiconductor company’s stock worth $40,395,000 after purchasing an additional 182,460 shares in the last quarter. Finally, Legal & General Group Plc increased its stake in shares of Marvell Technology Group by 0.6% in the second quarter. Legal & General Group Plc now owns 1,936,353 shares of the semiconductor company’s stock worth $31,988,000 after purchasing an additional 10,693 shares in the last quarter. 78.70% of the stock is owned by hedge funds and other institutional investors.

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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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