Marvell Technology Group Ltd. (NASDAQ:MRVL) shares shot up 7.5% on Friday after KeyCorp raised their price target on the stock from $22.00 to $23.00. KeyCorp currently has an overweight rating on the stock. Marvell Technology Group traded as high as $17.48 and last traded at $17.05, with a volume of 14,618,034 shares. The stock had previously closed at $15.86.
Other research analysts have also issued reports about the stock. B. Riley restated a “buy” rating and set a $23.00 price objective on shares of Marvell Technology Group in a research note on Saturday, May 27th. Zacks Investment Research raised shares of Marvell Technology Group from a “hold” rating to a “buy” rating and set a $19.00 target price for the company in a report on Friday, May 26th. Citigroup Inc. raised shares of Marvell Technology Group to an “outperform” rating and set a $23.00 target price for the company in a report on Friday, May 26th. Cowen and Company reaffirmed an “outperform” rating and set a $21.00 target price on shares of Marvell Technology Group in a report on Wednesday, June 21st. Finally, BidaskClub downgraded shares of Marvell Technology Group from a “buy” rating to a “hold” rating in a report on Wednesday, July 5th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. Marvell Technology Group presently has an average rating of “Buy” and a consensus price target of $18.71.
Several hedge funds have recently modified their holdings of MRVL. Creative Planning increased its stake in shares of Marvell Technology Group by 175.3% in the first quarter. Creative Planning now owns 7,158 shares of the semiconductor company’s stock worth $109,000 after buying an additional 4,558 shares during the period. DnB Asset Management AS boosted its position in Marvell Technology Group by 10.8% in the first quarter. DnB Asset Management AS now owns 76,698 shares of the semiconductor company’s stock worth $1,170,000 after buying an additional 7,500 shares in the last quarter. James Investment Research Inc. bought a new position in Marvell Technology Group during the first quarter worth about $138,000. Mn Services Vermogensbeheer B.V. boosted its position in Marvell Technology Group by 4.4% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 11,607 shares of the semiconductor company’s stock worth $166,000 after buying an additional 492 shares in the last quarter. Finally, Profund Advisors LLC boosted its position in Marvell Technology Group by 19.1% in the first quarter. Profund Advisors LLC now owns 80,048 shares of the semiconductor company’s stock worth $1,222,000 after buying an additional 12,821 shares in the last quarter. 75.80% of the stock is owned by institutional investors.
The company has a market capitalization of $8.54 billion, a price-to-earnings ratio of 33.04 and a beta of 1.10. The stock has a 50-day moving average price of $15.92 and a 200-day moving average price of $16.03. Marvell Technology Group also saw unusually large options trading activity on Thursday. Stock traders purchased 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 released its earnings results on Thursday, August 24th. The semiconductor company reported $0.25 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by $0.03. The firm had revenue of $604.75 million during the quarter, compared to analysts’ expectations of $600.76 million. Marvell Technology Group had a return on equity of 9.94% and a net margin of 10.97%. The company’s revenue was up 16.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.18 earnings per share. On average, equities analysts anticipate that Marvell Technology Group Ltd. will post $1.10 earnings per share for the current year.
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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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