Marvell Technology Group (MRVL) Receives New Coverage from Analysts at Piper Jaffray Companies

Piper Jaffray Companies started coverage on shares of Marvell Technology Group (NASDAQ:MRVL) in a research report sent to investors on Monday, Marketbeat Ratings reports. The brokerage issued an overweight rating and a $25.00 price target on the semiconductor company’s stock.

A number of other research analysts have also recently issued reports on the stock. Morgan Stanley increased their target price on shares of Marvell Technology Group from $20.50 to $22.00 and gave the company an equal weight rating in a report on Wednesday, December 13th. BidaskClub cut shares of Marvell Technology Group from a buy rating to a hold rating in a report on Saturday, December 2nd. Oppenheimer reaffirmed a buy rating and issued a $30.00 target price on shares of Marvell Technology Group in a report on Wednesday, November 29th. Loop Capital reaffirmed a buy rating and issued a $28.00 target price on shares of Marvell Technology Group in a report on Wednesday, November 29th. Finally, B. Riley reaffirmed a buy rating and issued a $29.00 target price on shares of Marvell Technology Group in a report on Wednesday, November 29th. Eight analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of Buy and an average price target of $23.92.

Marvell Technology Group (MRVL) opened at $22.05 on Monday. Marvell Technology Group has a 1-year low of $13.83 and a 1-year high of $24.22. The stock has a market cap of $10,958.67, a PE ratio of 23.99, a price-to-earnings-growth ratio of 1.35 and a beta of 1.13.

Marvell Technology Group (NASDAQ:MRVL) last issued its earnings results on Tuesday, November 28th. The semiconductor company reported $0.34 earnings per share (EPS) for the quarter, beating the Zacks’ 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 analysts’ expectations of $613.49 million. During the same period last year, the company posted $0.20 earnings per share. The firm’s quarterly revenue was down 5.8% compared to the same quarter last year. analysts predict that Marvell Technology Group will post 1.01 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Wednesday, December 27th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Tuesday, December 26th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.09%. Marvell Technology Group’s dividend payout ratio (DPR) is 31.17%.

In related news, insider Marvell Semiconductor, Inc. Ca sold 9,812 shares of the firm’s stock in a transaction that occurred on 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 document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Sehat Sutardja sold 2,727,810 shares of the firm’s stock in a transaction that occurred on Tuesday, October 10th. The stock was sold at an average price of $18.49, for a total transaction of $50,437,206.90. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,148,004 shares of company stock valued at $224,837,926. Corporate insiders own 6.80% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in Marvell Technology Group by 0.9% during the second quarter. Vanguard Group Inc. now owns 32,190,297 shares of the semiconductor company’s stock worth $531,785,000 after acquiring an additional 290,339 shares during the last quarter. Boston Partners boosted its position in Marvell Technology Group by 51.4% during the third quarter. Boston Partners now owns 12,205,587 shares of the semiconductor company’s stock worth $218,480,000 after acquiring an additional 4,143,929 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Marvell Technology Group by 9.5% during the third quarter. JPMorgan Chase & Co. now owns 9,581,295 shares of the semiconductor company’s stock worth $172,175,000 after acquiring an additional 830,797 shares during the last quarter. Contour Asset Management LLC boosted its position in Marvell Technology Group by 11.5% during the second quarter. Contour Asset Management LLC now owns 9,192,978 shares of the semiconductor company’s stock worth $151,868,000 after acquiring an additional 944,622 shares during the last quarter. Finally, UBS Asset Management Americas Inc. boosted its position in Marvell Technology Group by 2.3% during the second quarter. UBS Asset Management Americas Inc. now owns 8,901,332 shares of the semiconductor company’s stock worth $147,050,000 after acquiring an additional 195,985 shares during the last quarter. Hedge funds and other institutional investors own 78.70% of the company’s stock.

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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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