Marvell Technology Group (MRVL) Given New $19.00 Price Target at Stifel Nicolaus

Marvell Technology Group (NASDAQ:MRVL) had its price objective lifted by Stifel Nicolaus from $16.00 to $19.00 in a research report sent to investors on Wednesday morning, MarketBeat Ratings reports. Stifel Nicolaus currently has a hold rating on the semiconductor company’s stock.

MRVL has been the topic of a number of other reports. Bank of America upgraded shares of Marvell Technology Group from a neutral rating to a buy rating in a research report on Monday, November 20th. Jefferies Group restated a hold rating and set a $18.50 price target (down from $19.00) on shares of Marvell Technology Group in a research report on Thursday, August 24th. BidaskClub lowered shares of Marvell Technology Group from a sell rating to a strong sell rating in a research report on Wednesday, August 2nd. Cowen restated an outperform rating and set a $29.00 price target (up from $21.00) on shares of Marvell Technology Group in a research report on Monday, November 27th. Finally, Oppenheimer restated a buy rating and set a $23.00 price target on shares of Marvell Technology Group in a research report on Monday, November 6th. Eight equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of Buy and an average price target of $23.48.

Shares of Marvell Technology Group (NASDAQ MRVL) opened at $22.18 on Wednesday. The stock has a market cap of $10,972.10, a PE ratio of 24.02, a PEG ratio of 1.36 and a beta of 1.12. Marvell Technology Group has a 52-week low of $13.59 and a 52-week high of $24.22.

Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings results on Tuesday, November 28th. The semiconductor company reported $0.34 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.01. The firm had revenue of $616.00 million for the quarter, compared to analyst estimates of $613.49 million. Marvell Technology Group had a net margin of 16.53% and a return on equity of 11.99%. Marvell Technology Group’s quarterly revenue was down 5.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.20 earnings per share. research analysts expect that Marvell Technology Group will post 1 earnings per share for the current fiscal year.

In other news, major shareholder Sehat Sutardja sold 537,235 shares of the business’s stock in a transaction that occurred on Thursday, September 7th. The shares were 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 SEC, which is available through the SEC website. Insiders sold a total of 17,558,035 shares of company stock worth $320,838,284 over the last three months. Insiders own 6.80% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in MRVL. Boston Partners purchased a new stake in Marvell Technology Group during the 2nd quarter worth approximately $133,179,000. Epoch Investment Partners Inc. increased its stake in Marvell Technology Group by 981.1% during the 3rd 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 during the period. Renaissance Technologies LLC increased its stake in Marvell Technology Group by 239.6% during the 2nd 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 during the period. Jennison Associates LLC purchased a new stake in Marvell Technology Group during the 2nd quarter worth approximately $36,663,000. Finally, TimesSquare Capital Management LLC increased its stake in Marvell Technology Group by 60.2% during the 2nd 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 during the period. 78.10% of the stock is currently owned by hedge funds and other institutional investors.

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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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