Marvell Technology Group Ltd. (MRVL) Raised 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 brokerage presently has a $22.00 price target on the semiconductor company’s stock. Citigroup Inc.’s price target points to a potential downside of 7.56% from the stock’s current price.

A number of other research analysts also recently issued reports on MRVL. B. Riley restated a “buy” rating and set a $23.00 price target on shares of Marvell Technology Group in a research note on Friday, September 1st. BidaskClub raised Marvell Technology Group from a “strong sell” rating to a “sell” rating in a research report on Wednesday, August 16th. Cowen Inc reaffirmed a “buy” rating and set a $21.00 price objective on shares of Marvell Technology Group in a research report on Monday, August 21st. KeyCorp increased their price objective on Marvell Technology Group from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Friday, August 25th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $21.00 price objective on shares of Marvell Technology Group in a research report on Thursday, August 24th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $21.59.

Marvell Technology Group (NASDAQ:MRVL) opened at $23.80 on Tuesday. The stock has a market capitalization of $11,689.16, a P/E ratio of 30.51, a P/E/G ratio of 1.68 and a beta of 1.05. Marvell Technology Group has a 12 month low of $13.59 and a 12 month high of $24.22.

Marvell Technology Group (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, August 24th. The semiconductor company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.03). The firm had revenue of $604.75 million for the quarter, compared to analysts’ expectations of $600.76 million. Marvell Technology Group had a return on equity of 9.99% and a net margin of 10.97%. The company’s quarterly revenue was up 16.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.18 EPS. analysts forecast that Marvell Technology Group will post 0.97 earnings per share for the current year.

In related news, major shareholder Sehat Sutardja sold 537,235 shares of the firm’s stock in a transaction that occurred on Thursday, September 7th. The stock was sold at an average price of $17.57, for a total value of $9,439,218.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 17,558,035 shares of company stock valued at $320,838,284 over the last three months. Insiders own 6.80% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MRVL. Boston Partners purchased a new position in Marvell Technology Group during the second quarter worth $133,179,000. Epoch Investment Partners Inc. increased its position in Marvell Technology Group by 981.1% during the third quarter. Epoch Investment Partners Inc. now owns 3,983,148 shares of the semiconductor company’s stock worth $71,298,000 after buying an additional 3,614,719 shares in the last quarter. Renaissance Technologies LLC increased its position in Marvell Technology Group by 239.6% during the second quarter. Renaissance Technologies LLC now owns 3,886,158 shares of the semiconductor company’s stock worth $64,199,000 after buying an additional 2,741,914 shares in the last quarter. Jennison Associates LLC purchased a new position in Marvell Technology Group during the second quarter worth $36,663,000. Finally, TimesSquare Capital Management LLC increased its position in Marvell Technology Group by 60.2% during the second quarter. TimesSquare Capital Management LLC now owns 4,461,600 shares of the semiconductor company’s stock worth $73,706,000 after buying an additional 1,677,100 shares in the last quarter. 77.03% of the stock is owned by hedge funds and other 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.

Analyst Recommendations for Marvell Technology Group (NASDAQ:MRVL)

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