Marvell Technology Group Ltd. (MRVL) Receives $23.87 Consensus Price Target from Brokerages

Marvell Technology Group Ltd. (NASDAQ:MRVL) has been assigned an average rating of “Buy” from the twenty-nine brokerages that are covering the stock, MarketBeat Ratings reports. Eight research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $23.92.

Several analysts have issued reports on MRVL shares. Credit Suisse Group reaffirmed a “buy” rating on shares of Marvell Technology Group in a research report on Wednesday, August 23rd. Jefferies Group reissued a “hold” rating and set a $18.50 price target (down previously from $19.00) on shares of Marvell Technology Group in a research report on Thursday, August 24th. Needham & Company LLC reissued a “buy” rating and set a $21.00 price target on shares of Marvell Technology Group in a research report on Thursday, August 24th. KeyCorp raised their price target on shares of 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, Northland Securities reissued a “buy” rating and set a $20.00 price target on shares of Marvell Technology Group in a research report on Friday, August 25th.

In related news, insider Marvell Semiconductor, Inc. Ca sold 9,812 shares of Marvell Technology Group stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $21.20, for a total transaction of $208,014.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Sehat Sutardja sold 1,266,498 shares of Marvell Technology Group stock in a transaction dated Monday, October 23rd. The shares were sold at an average price of $18.55, for a total transaction of $23,493,537.90. The disclosure for this sale can be found here. Insiders sold 12,148,004 shares of company stock worth $224,837,926 over the last quarter. 6.80% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Greenwood Capital Associates LLC raised its stake in shares of Marvell Technology Group by 37.0% during the second quarter. Greenwood Capital Associates LLC now owns 18,900 shares of the semiconductor company’s stock valued at $312,000 after purchasing an additional 5,105 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Marvell Technology Group by 9.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 547,334 shares of the semiconductor company’s stock valued at $9,042,000 after purchasing an additional 47,648 shares in the last quarter. Jennison Associates LLC bought a new stake in shares of Marvell Technology Group during the second quarter valued at about $36,663,000. Teton Advisors Inc. raised its stake in shares of Marvell Technology Group by 14.7% during the third quarter. Teton Advisors Inc. now owns 71,700 shares of the semiconductor company’s stock valued at $1,283,000 after purchasing an additional 9,200 shares in the last quarter. Finally, Seven Eight Capital LP raised its stake in shares of Marvell Technology Group by 41.3% during the second quarter. Seven Eight Capital LP now owns 228,974 shares of the semiconductor company’s stock valued at $3,783,000 after purchasing an additional 66,900 shares in the last quarter. Institutional investors and hedge funds own 78.70% of the company’s stock.

Shares of Marvell Technology Group (MRVL) traded down $0.26 during trading hours on Monday, reaching $22.05. 5,500,745 shares of the company’s stock traded hands, compared to its average volume of 6,809,583. Marvell Technology Group has a one year low of $13.83 and a one year high of $24.22. The firm has a market capitalization of $10,830.00, a P/E ratio of 24.05, a price-to-earnings-growth ratio of 1.35 and a beta of 1.13.

Marvell Technology Group (NASDAQ:MRVL) last issued its quarterly earnings data on Tuesday, November 28th. The semiconductor company reported $0.34 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.33 by $0.01. Marvell Technology Group had a net margin of 16.53% and a return on equity of 11.93%. The company had revenue of $616.00 million during the quarter, compared to the consensus estimate of $613.49 million. During the same quarter last year, the company earned $0.20 earnings per share. Marvell Technology Group’s revenue for the quarter was down 5.8% on a year-over-year basis. equities analysts predict that Marvell Technology Group will post 1.01 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Wednesday, December 27th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.09%. The ex-dividend date of this dividend is Tuesday, December 26th. Marvell Technology Group’s payout ratio is 42.11%.

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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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