Other analysts have also issued research reports about the stock. Bank of America raised their price target on shares of Marvell Technology Group from $24.00 to $28.00 and gave the company a “buy” rating in a report on Wednesday, April 17th. Citigroup lifted their target price on shares of Marvell Technology Group from $22.00 to $28.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. ValuEngine raised shares of Marvell Technology Group from a “hold” rating to a “buy” rating in a research report on Friday, April 5th. Needham & Company LLC reissued a “buy” rating and set a $23.00 price target on shares of Marvell Technology Group in a research report on Friday, March 8th. Finally, Zacks Investment Research raised shares of Marvell Technology Group from a “hold” rating to a “buy” rating and set a $21.00 price target on the stock in a research report on Wednesday, February 6th. Five research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $25.83.
Shares of NASDAQ MRVL traded down $0.43 during mid-day trading on Monday, hitting $23.83. 5,450,764 shares of the stock were exchanged, compared to its average volume of 12,374,193. The firm has a market cap of $15.66 billion, a price-to-earnings ratio of 28.04, a PEG ratio of 7.65 and a beta of 1.17. The company has a current ratio of 2.07, a quick ratio of 1.67 and a debt-to-equity ratio of 0.23. Marvell Technology Group has a twelve month low of $14.34 and a twelve month high of $25.74.
Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, May 30th. The semiconductor company reported $0.16 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.14 by $0.02. The company had revenue of $662.00 million during the quarter, compared to analyst estimates of $651.07 million. Marvell Technology Group had a negative net margin of 12.18% and a positive return on equity of 5.88%. The company’s revenue was up 9.5% on a year-over-year basis. During the same quarter last year, the business posted $0.32 earnings per share. On average, analysts forecast that Marvell Technology Group will post 0.43 earnings per share for the current year.
In related news, EVP Mitchell Gaynor sold 10,000 shares of the company’s stock in a transaction dated Friday, April 12th. The shares were sold at an average price of $23.64, for a total value of $236,400.00. Following the transaction, the executive vice president now owns 25,576 shares in the company, valued at approximately $604,616.64. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 1.10% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. FMR LLC grew its position in shares of Marvell Technology Group by 48.1% during the 4th quarter. FMR LLC now owns 80,824,523 shares of the semiconductor company’s stock worth $1,308,549,000 after purchasing an additional 26,251,979 shares in the last quarter. Vanguard Group Inc grew its position in shares of Marvell Technology Group by 45.0% during the 3rd quarter. Vanguard Group Inc now owns 53,229,098 shares of the semiconductor company’s stock worth $1,027,321,000 after purchasing an additional 16,517,490 shares in the last quarter. Wellington Management Group LLP grew its position in shares of Marvell Technology Group by 59.8% during the 1st quarter. Wellington Management Group LLP now owns 31,527,267 shares of the semiconductor company’s stock worth $627,077,000 after purchasing an additional 11,803,147 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Marvell Technology Group by 29.1% during the 1st quarter. BlackRock Inc. now owns 46,081,466 shares of the semiconductor company’s stock worth $916,559,000 after acquiring an additional 10,388,875 shares during the period. Finally, Morgan Stanley lifted its stake in Marvell Technology Group by 837.0% in the 3rd quarter. Morgan Stanley now owns 6,592,139 shares of the semiconductor company’s stock valued at $127,230,000 after purchasing an additional 5,888,609 shares during the last quarter.
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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