Northland Securities reissued their buy rating on shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) in a research report sent to investors on Friday. The brokerage currently has a $20.00 target price on the semiconductor company’s stock.
Other research analysts have also issued reports about the stock. B. Riley reissued a buy rating and set a $23.00 price objective on shares of Marvell Technology Group in a report on Saturday, May 27th. Zacks Investment Research upgraded shares of Marvell Technology Group from a hold rating to a buy rating and set a $19.00 price target on the stock in a research report on Friday, May 26th. 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. Citigroup Inc. upgraded shares of Marvell Technology Group to an outperform rating and set a $23.00 price target on the stock in a research report on Friday, May 26th. Finally, Cowen and Company restated an outperform rating and issued a $21.00 price target on shares of Marvell Technology Group in a research report on Wednesday, June 21st. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and an average price target of $18.71.
Marvell Technology Group (MRVL) traded up 7.50% during trading on Friday, hitting $17.05. The company had a trading volume of 14,618,783 shares. The firm’s 50 day moving average is $15.92 and its 200-day moving average is $16.03. The stock has a market capitalization of $8.54 billion, a price-to-earnings ratio of 33.04 and a beta of 1.10. Marvell Technology Group has a 52-week low of $12.03 and a 52-week high of $18.18. Marvell Technology Group also saw unusually large options trading activity on Thursday. Investors acquired 10,346 call options on the stock. This is an increase of 451% compared to the average daily volume of 1,878 call options.
Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, August 24th. The semiconductor company reported $0.25 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by $0.03. The company had revenue of $604.75 million for the quarter, compared to analyst estimates of $600.76 million. Marvell Technology Group had a return on equity of 9.94% and a net margin of 10.97%. Marvell Technology Group’s revenue was up 16.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.18 earnings per share. On average, equities analysts forecast that Marvell Technology Group will post $1.10 earnings per share for the current year.
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Several institutional investors have recently made changes to their positions in MRVL. BlackRock Inc. boosted its position in shares of Marvell Technology Group by 4,078.2% in the first quarter. BlackRock Inc. now owns 24,309,056 shares of the semiconductor company’s stock valued at $370,955,000 after buying an additional 23,727,243 shares in the last quarter. Boston Partners acquired a new position in shares of Marvell Technology Group during the second quarter valued at about $133,179,000. UBS Asset Management Americas Inc. boosted its position in shares of Marvell Technology Group by 71.0% in the first quarter. UBS Asset Management Americas Inc. now owns 8,705,347 shares of the semiconductor company’s stock valued at $132,844,000 after buying an additional 3,613,160 shares in the last quarter. TimesSquare Capital Management LLC acquired a new position in shares of Marvell Technology Group during the first quarter valued at about $42,491,000. Finally, Renaissance Technologies LLC boosted its position in shares of Marvell Technology Group by 239.6% in the second quarter. Renaissance Technologies LLC now owns 3,886,158 shares of the semiconductor company’s stock valued at $64,199,000 after buying an additional 2,741,914 shares in the last quarter. 75.80% of the stock is currently owned by institutional investors.
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.
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