Marvell Technology Group Ltd. (NASDAQ:MRVL) was upgraded by Citigroup Inc. from a “sell” rating to a “neutral” rating in a note issued to investors on Tuesday, November 7th, Marketbeat reports. The firm presently has a $22.00 price objective on the semiconductor company’s stock. Citigroup Inc.’s target price points to a potential upside of 8.43% from the stock’s current price.
Other equities analysts have also recently issued reports about the company. Cowen and Company restated a “buy” rating on shares of Marvell Technology Group in a research report on Friday, July 14th. B. Riley reiterated a “buy” rating and issued a $23.00 price objective on shares of Marvell Technology Group in a report on Saturday, August 26th. Northland Securities restated a “buy” rating and set a $20.00 target price on shares of Marvell Technology Group in a report on Friday, August 25th. Credit Suisse Group restated a “buy” rating on shares of Marvell Technology Group in a report on Wednesday, August 23rd. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $21.00 price target on shares of Marvell Technology Group in a research report on Thursday, August 24th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $20.23.
Shares of Marvell Technology Group (NASDAQ:MRVL) traded up $0.03 on Tuesday, hitting $20.29. The stock had a trading volume of 5,145,100 shares, compared to its average volume of 6,143,901. The company has a market capitalization of $10,060.00, a P/E ratio of 26.01, a price-to-earnings-growth ratio of 1.39 and a beta of 1.05. Marvell Technology Group has a 52 week low of $13.59 and a 52 week high of $21.08.
Marvell Technology Group (NASDAQ:MRVL) last issued its earnings results on Thursday, August 24th. The semiconductor company reported $0.25 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 during the quarter, compared to the consensus estimate of $600.76 million. During the same quarter in the previous year, the firm earned $0.18 earnings per share. The business’s quarterly revenue was up 16.4% compared to the same quarter last year. sell-side analysts anticipate that Marvell Technology Group will post 0.97 EPS for the current fiscal year.
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In other Marvell Technology Group news, major shareholder Sehat Sutardja sold 62,337 shares of Marvell Technology Group stock in a transaction on Friday, October 20th. The shares were sold at an average price of $18.48, for a total value of $1,151,987.76. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders sold a total of 17,558,035 shares of company stock worth $320,838,284 over the last 90 days. Company insiders own 6.80% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in MRVL. IFM Investors Pty Ltd acquired a new position in shares of Marvell Technology Group in the third quarter valued at approximately $640,000. Parallel Advisors LLC purchased a new stake in Marvell Technology Group during the third quarter worth approximately $968,000. Afam Capital Inc. grew its stake in Marvell Technology Group by 13.4% during the third quarter. Afam Capital Inc. now owns 267,181 shares of the semiconductor company’s stock worth $4,783,000 after buying an additional 31,604 shares during the period. Cubist Systematic Strategies LLC grew its stake in Marvell Technology Group by 36.4% during the third quarter. Cubist Systematic Strategies LLC now owns 116,630 shares of the semiconductor company’s stock worth $2,088,000 after buying an additional 31,153 shares during the period. Finally, Point72 Asset Management L.P. purchased a new stake in Marvell Technology Group during the third quarter worth approximately $2,617,000. 77.03% of the stock is currently owned by hedge funds and other institutional investors.
Marvell Technology Group Company Profile
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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