Shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) gapped up before the market opened on Wednesday . The stock had previously closed at $18.97, but opened at $19.91. Marvell Technology Group shares last traded at $20.12, with a volume of 11348320 shares trading hands.
Several analysts have commented on MRVL shares. Zacks Investment Research upgraded shares of Marvell Technology Group from a “hold” rating to a “buy” rating and set a $25.00 target price for the company in a research report on Tuesday, June 5th. Cowen upped their target price on shares of Marvell Technology Group from $21.00 to $29.00 and gave the company an “outperform” rating in a research report on Friday, March 9th. B. Riley reiterated a “buy” rating and set a $30.00 target price (up previously from $29.00) on shares of Marvell Technology Group in a research report on Friday, March 9th. TheStreet upgraded shares of Marvell Technology Group from a “c+” rating to a “b-” rating in a research report on Monday, April 16th. Finally, Rosenblatt Securities started coverage on shares of Marvell Technology Group in a research report on Tuesday, April 3rd. They set a “buy” rating and a $27.00 target price for the company. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have issued a buy rating to the stock. Marvell Technology Group presently has a consensus rating of “Buy” and an average target price of $25.67.
The company has a market capitalization of $10.12 billion, a price-to-earnings ratio of 19.35, a price-to-earnings-growth ratio of 1.49 and a beta of 1.00.
Marvell Technology Group (NASDAQ:MRVL) last announced its earnings results on Thursday, May 31st. The semiconductor company reported $0.32 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.01. The firm had revenue of $604.63 million during the quarter, compared to analyst estimates of $601.85 million. Marvell Technology Group had a net margin of 22.24% and a return on equity of 13.84%. The company’s revenue for the quarter was up 5.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.24 EPS. research analysts anticipate that Marvell Technology Group Ltd. will post 1.2 EPS for the current fiscal year.
In related news, insider Marvell Semiconductor, Inc. Ca sold 1,755 shares of the company’s stock in a transaction on Monday, June 11th. The shares were sold at an average price of $21.55, for a total value of $37,820.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Matthew J. Murphy sold 10,000 shares of the company’s stock in a transaction on Wednesday, April 4th. The stock was sold at an average price of $20.00, for a total transaction of $200,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 35,065 shares of company stock valued at $738,964. Company insiders own 0.10% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in MRVL. Advisor Group Inc. boosted its stake in Marvell Technology Group by 516.2% in the 4th quarter. Advisor Group Inc. now owns 4,800 shares of the semiconductor company’s stock worth $103,000 after purchasing an additional 4,021 shares during the period. Delpha Capital Management LLC acquired a new position in Marvell Technology Group in the 4th quarter worth $112,000. Tower Research Capital LLC TRC boosted its stake in Marvell Technology Group by 208.3% in the 4th quarter. Tower Research Capital LLC TRC now owns 5,482 shares of the semiconductor company’s stock worth $118,000 after purchasing an additional 3,704 shares during the period. Envestnet Asset Management Inc. boosted its stake in Marvell Technology Group by 182.9% in the 4th quarter. Envestnet Asset Management Inc. now owns 7,322 shares of the semiconductor company’s stock worth $157,000 after purchasing an additional 4,734 shares during the period. Finally, American International Group Inc. acquired a new position in shares of Marvell Technology Group during the 4th quarter worth about $181,000.
Marvell Technology Group Company Profile
Marvell Technology Group Ltd. designs, develops, and markets analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a range of storage products, including hard disk drive (HDD) and solid-state drive controllers, as well as HDD components, such as HDD preamps components; and develops software-enabled silicon solutions comprising serial advanced technology attachment port multipliers, bridges, serial attached SCSI, and non-volatile memory express redundant array of independent disks controllers and converged storage processors for enterprises, data centers, and cloud computing businesses.
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