Marvell Technology Group Ltd. (NASDAQ:MRVL) has been assigned an average rating of “Buy” from the twenty-nine brokerages that are presently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, six have issued a hold rating, nineteen have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $21.78.
A number of equities research analysts have weighed in on MRVL shares. Bank of America Corporation upgraded Marvell Technology Group from a “neutral” rating to a “buy” rating in a research report on Monday, November 20th. Jefferies Group LLC reaffirmed a “hold” rating and set a $18.50 price objective (down from $19.00) on shares of Marvell Technology Group in a research note on Thursday, August 24th. BidaskClub cut Marvell Technology Group from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 2nd. Oppenheimer Holdings, Inc. reaffirmed a “buy” rating and set a $23.00 price objective on shares of Marvell Technology Group in a research note on Monday, November 6th. Finally, BMO Capital Markets reaffirmed a “market perform” rating and set a $16.00 price objective on shares of Marvell Technology Group in a research note on Monday, August 28th.
Marvell Technology Group (MRVL) traded down $0.03 during midday trading on Thursday, reaching $23.80. The company’s stock had a trading volume of 7,191,730 shares, compared to its average volume of 11,684,708. Marvell Technology Group has a twelve month low of $13.59 and a twelve month high of $24.22. The stock has a market capitalization of $11,689.16, a P/E ratio of 30.51, a price-to-earnings-growth ratio of 1.68 and a beta of 1.05.
Marvell Technology Group (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, August 24th. The semiconductor company reported $0.25 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.28 by ($0.03). Marvell Technology Group had a net margin of 10.97% and a return on equity of 9.99%. The firm had revenue of $604.75 million for the quarter, compared to analysts’ expectations of $600.76 million. During the same quarter in the previous year, the business earned $0.18 EPS. The company’s revenue for the quarter was up 16.4% on a year-over-year basis. research analysts expect that Marvell Technology Group will post 0.97 earnings per share for the current year.
In related news, major shareholder Sehat Sutardja sold 62,337 shares of the firm’s stock in a transaction dated Friday, October 20th. The stock was sold at an average price of $18.48, for a total value of $1,151,987.76. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders sold 17,558,035 shares of company stock worth $320,838,284 over the last three months. 6.80% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of MRVL. Boston Partners bought a new stake in shares of Marvell Technology Group in the second quarter worth about $133,179,000. Epoch Investment Partners Inc. grew its stake in shares of Marvell Technology Group by 981.1% in the third quarter. Epoch Investment Partners Inc. now owns 3,983,148 shares of the semiconductor company’s stock worth $71,298,000 after purchasing an additional 3,614,719 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Marvell Technology Group by 239.6% in the second quarter. Renaissance Technologies LLC now owns 3,886,158 shares of the semiconductor company’s stock worth $64,199,000 after purchasing an additional 2,741,914 shares during the last quarter. Jennison Associates LLC bought a new stake in shares of Marvell Technology Group in the second quarter worth about $36,663,000. Finally, TimesSquare Capital Management LLC grew its stake in shares of Marvell Technology Group by 60.2% in the second quarter. TimesSquare Capital Management LLC now owns 4,461,600 shares of the semiconductor company’s stock worth $73,706,000 after purchasing an additional 1,677,100 shares during the last quarter. 77.03% of the stock is currently owned by 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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