Brokerages Set Marvell Technology Group Ltd. (NASDAQ:MRVL) PT at $12.90
Marvell Technology Group Ltd. (NASDAQ:MRVL) has earned a consensus rating of “Hold” from the twenty-nine brokerages that are presently covering the company. Three equities research analysts have rated the stock with a sell recommendation, nineteen have issued a hold recommendation and six have assigned a buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $12.90.
Several equities analysts recently weighed in on the stock. Citigroup Inc. raised their price target on shares of Marvell Technology Group from $10.50 to $12.00 and gave the company a “sell” rating in a research report on Friday, September 2nd. Oppenheimer Holdings Inc. reaffirmed a “market perform” rating on shares of Marvell Technology Group in a research report on Thursday, September 8th. Cowen and Company reaffirmed an “outperform” rating and issued a $15.00 price target on shares of Marvell Technology Group in a research report on Friday, June 10th. B. Riley reiterated a “buy” rating and issued a $16.00 price objective on shares of Marvell Technology Group in a research note on Monday, July 25th. Finally, Jefferies Group reiterated a “hold” rating and issued a $13.00 price objective on shares of Marvell Technology Group in a research note on Wednesday, September 7th.
Shares of Marvell Technology Group (NASDAQ:MRVL) opened at 13.27 on Thursday. The company’s market cap is $6.79 billion. The stock’s 50 day moving average price is $12.50 and its 200-day moving average price is $10.82. Marvell Technology Group has a one year low of $7.40 and a one year high of $13.56.
Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings results on Tuesday, September 6th. The company reported $0.18 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.11 by $0.07. Marvell Technology Group had a negative net margin of 1.18% and a positive return on equity of 1.35%. The business had revenue of $626 million for the quarter, compared to analysts’ expectations of $629.96 million. During the same quarter last year, the firm earned $0.12 EPS. The firm’s revenue for the quarter was down 11.8% compared to the same quarter last year. On average, analysts expect that Marvell Technology Group will post $0.44 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 19th. Investors of record on Wednesday, September 28th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date of this dividend is Monday, September 26th. Marvell Technology Group’s payout ratio is presently -480.00%.
Institutional investors have recently modified their holdings of the company. Daiwa Securities Group Inc. boosted its position in shares of Marvell Technology Group by 23.6% in the second quarter. Daiwa Securities Group Inc. now owns 11,000 shares of the company’s stock worth $105,000 after buying an additional 2,100 shares during the last quarter. Hartford Investment Management Co. acquired a new position in shares of Marvell Technology Group during the second quarter worth approximately $110,000. Franklin Resources Inc. acquired a new position in shares of Marvell Technology Group during the first quarter worth approximately $132,000. CIBC World Markets Inc. acquired a new position in shares of Marvell Technology Group during the second quarter worth approximately $139,000. Finally, Envestnet Asset Management Inc. boosted its position in shares of Marvell Technology Group by 12.4% in the first quarter. Envestnet Asset Management Inc. now owns 14,273 shares of the company’s stock worth $147,000 after buying an additional 1,575 shares during the last quarter. Institutional investors own 70.65% of the company’s stock.
Marvell Technology Group Company Profile
Marvell Technology Group Ltd. (Marvell) is a fabless semiconductor provider of application-specific standard products. The Company develops System-on-a-Chip (SoC) devices. Its product portfolio includes devices for data storage, enterprise-class Ethernet data switching, Ethernet physical-layer transceivers (PHY), mobile handsets, connectivity, Internet-of-Things (IoT) devices and other consumer electronics.
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