Marvell Technology Group (NASDAQ:MRVL) had its price objective lifted by research analysts at JPMorgan Chase & Co. from $27.00 to $31.00 in a note issued to investors on Wednesday, BenzingaRatingsTable reports. The firm presently has an “overweight” rating on the semiconductor company’s stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 32.20% from the stock’s current price.
Several other research firms have also recently commented on MRVL. B. Riley set a $28.00 price target on Marvell Technology Group and gave the company a “buy” rating in a report on Monday, August 26th. Susquehanna Bancshares reiterated a “buy” rating and set a $28.00 price objective on shares of Marvell Technology Group in a report on Monday. William Blair reissued an “outperform” rating on shares of Marvell Technology Group in a research report on Wednesday. Benchmark set a $30.00 target price on shares of Marvell Technology Group and gave the company a “buy” rating in a report on Friday, August 30th. Finally, Bank of America set a $28.00 price target on shares of Marvell Technology Group and gave the stock a “buy” rating in a research report on Friday, August 30th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and nineteen have assigned a buy rating to the company. Marvell Technology Group currently has an average rating of “Buy” and an average price target of $28.04.
Shares of Marvell Technology Group stock opened at $23.45 on Wednesday. Marvell Technology Group has a fifty-two week low of $14.34 and a fifty-two week high of $28.38. The business’s fifty day moving average is $25.66 and its two-hundred day moving average is $24.74. The company has a quick ratio of 2.68, a current ratio of 3.06 and a debt-to-equity ratio of 0.23. The firm has a market cap of $17.59 billion, a PE ratio of 27.59, a P/E/G ratio of 12.69 and a beta of 1.19.
Marvell Technology Group (NASDAQ:MRVL) last released its earnings results on Tuesday, December 3rd. The semiconductor company reported $0.17 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.17. Marvell Technology Group had a positive return on equity of 5.25% and a negative net margin of 14.42%. The firm had revenue of $662.00 million during the quarter, compared to analyst estimates of $660.94 million. During the same period in the prior year, the firm posted $0.33 earnings per share. The business’s quarterly revenue was down 22.2% compared to the same quarter last year. Equities research analysts anticipate that Marvell Technology Group will post 0.34 EPS for the current year.
In other news, CEO Matthew J. Murphy sold 100,000 shares of the firm’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $28.00, for a total value of $2,800,000.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Dan Christman sold 64,856 shares of Marvell Technology Group stock in a transaction on Monday, September 9th. The shares were sold at an average price of $24.97, for a total transaction of $1,619,454.32. Following the transaction, the executive vice president now owns 1,629 shares in the company, valued at approximately $40,676.13. The disclosure for this sale can be found here. Insiders sold 315,933 shares of company stock valued at $8,334,532 in the last three months. Company insiders own 1.10% of the company’s stock.
Several hedge funds have recently bought and sold shares of MRVL. Price T Rowe Associates Inc. MD lifted its position in Marvell Technology Group by 128.1% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 97,954,732 shares of the semiconductor company’s stock worth $2,338,179,000 after acquiring an additional 55,005,127 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Marvell Technology Group by 1.1% during the second quarter. Vanguard Group Inc. now owns 56,926,422 shares of the semiconductor company’s stock valued at $1,358,833,000 after purchasing an additional 628,141 shares during the period. Allianz Asset Management GmbH raised its stake in shares of Marvell Technology Group by 137.1% during the second quarter. Allianz Asset Management GmbH now owns 9,718,724 shares of the semiconductor company’s stock valued at $231,986,000 after purchasing an additional 5,619,751 shares during the period. Nuveen Asset Management LLC acquired a new position in shares of Marvell Technology Group during the second quarter worth $212,265,000. Finally, Whale Rock Capital Management LLC purchased a new position in shares of Marvell Technology Group in the second quarter valued at $204,888,000. Institutional investors and hedge funds own 96.38% of the company’s stock.
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 preamplifiers; supports a variety of host system interfaces consisting of serial attached SCSI (SAS), serial advanced technology attachment (SATA), peripheral component interconnect express, and non-volatile memory express; and develops software-enabled silicon solutions comprising SATA port multipliers, bridges, SATA, SAS, 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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