Marvell Technology Group Ltd. (MRVL) Upgraded to “Neutral” at Citigroup Inc.

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.

Analyst Recommendations for Marvell Technology Group (NASDAQ:MRVL)

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