Marvell Technology Group Ltd. (NASDAQ:MRVL) gapped up before the market opened on Wednesday after Oppenheimer Holdings raised their price target on the stock from $23.00 to $30.00. The stock had previously closed at $21.03, but opened at $21.59. Oppenheimer Holdings currently has an outperform rating on the stock. Marvell Technology Group shares last traded at $23.28, with a volume of 35752100 shares traded.
A number of other equities research analysts have also commented on the stock. Craig Hallum reissued a “buy” rating on shares of Marvell Technology Group in a report on Tuesday. Needham & Company LLC increased their price objective on shares of Marvell Technology Group from $21.00 to $25.00 and gave the stock a “buy” rating in a report on Tuesday. 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 report on Tuesday. Loop Capital reissued a “buy” rating and set a $26.00 price objective on shares of Marvell Technology Group in a report on Tuesday. Finally, Jefferies Group LLC 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 report on Tuesday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $21.59.
In other news, major shareholder Sehat Sutardja sold 492,343 shares of the firm’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $17.41, for a total value of $8,571,691.63. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders sold a total of 17,558,035 shares of company stock worth $320,838,284 in the last ninety days. Insiders own 6.80% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of MRVL. Boston Partners bought a new position in shares of Marvell Technology Group in the 2nd quarter valued at about $133,179,000. Epoch Investment Partners Inc. boosted its stake in Marvell Technology Group by 981.1% during the 3rd quarter. Epoch Investment Partners Inc. now owns 3,983,148 shares of the semiconductor company’s stock worth $71,298,000 after acquiring an additional 3,614,719 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Marvell Technology Group by 239.6% during the 2nd quarter. Renaissance Technologies LLC now owns 3,886,158 shares of the semiconductor company’s stock worth $64,199,000 after acquiring an additional 2,741,914 shares during the last quarter. Jennison Associates LLC bought a new position in Marvell Technology Group during the 2nd quarter worth approximately $36,663,000. Finally, TimesSquare Capital Management LLC boosted its stake in Marvell Technology Group by 60.2% during the 2nd quarter. TimesSquare Capital Management LLC now owns 4,461,600 shares of the semiconductor company’s stock worth $73,706,000 after acquiring an additional 1,677,100 shares during the last quarter. 77.03% of the stock is currently owned by institutional investors.
The firm has a market cap of $12,090.00, a P/E ratio of 29.85, a price-to-earnings-growth ratio of 1.59 and a beta of 1.05.
Marvell Technology Group (NASDAQ:MRVL) last released its quarterly earnings data on Thursday, August 24th. The semiconductor company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.03). Marvell Technology Group had a return on equity of 9.99% and a net margin of 10.97%. The firm had revenue of $604.75 million for the quarter, compared to the consensus estimate of $600.76 million. During the same period in the previous year, the business earned $0.18 EPS. The firm’s revenue was up 16.4% compared to the same quarter last year. sell-side analysts forecast that Marvell Technology Group Ltd. will post 0.97 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 26th. Investors of record on Tuesday, October 10th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.01%. The ex-dividend date was Friday, October 6th. Marvell Technology Group’s payout ratio is 54.55%.
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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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