Credit Suisse Group AG upgraded shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) from a neutral rating to an outperform rating in a report released on Wednesday. Credit Suisse Group AG currently has $17.50 price target on the stock, up from their prior price target of $13.50.

A number of other brokerages have also recently weighed in on MRVL. Vetr cut shares of Marvell Technology Group from a hold rating to a sell rating and set a $12.78 price target on the stock. in a research report on Thursday, October 6th. Cowen and Company lifted their price target on shares of Marvell Technology Group from $15.00 to $16.00 and gave the company an outperform rating in a research report on Tuesday, September 6th. B. Riley reissued a buy rating and set a $16.00 target price on shares of Marvell Technology Group in a research report on Tuesday, September 6th. Benchmark Co. reissued a hold rating on shares of Marvell Technology Group in a research report on Tuesday, September 6th. Finally, Goldman Sachs Group Inc. reissued a neutral rating and set a $12.00 target price on shares of Marvell Technology Group in a research report on Wednesday, September 7th. Three analysts have rated the stock with a sell rating, sixteen have given a hold rating and eight have issued a buy rating to the company’s stock. Marvell Technology Group currently has a consensus rating of Hold and an average target price of $13.02.

Shares of Marvell Technology Group (NASDAQ:MRVL) traded down 2.63% on Wednesday, reaching $12.60. 594,665 shares of the company’s stock traded hands. The stock’s market capitalization is $6.45 billion. The company has a 50 day moving average of $12.77 and a 200-day moving average of $10.98. Marvell Technology Group has a 52 week low of $7.40 and a 52 week 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 analysts’ consensus estimates of $0.11 by $0.07. The firm had revenue of $626 million for the quarter, compared to analysts’ expectations of $629.96 million. Marvell Technology Group had a negative net margin of 1.18% and a positive return on equity of 1.35%. Marvell Technology Group’s revenue was down 11.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.12 earnings per share. Equities research analysts forecast that Marvell Technology Group will post $0.44 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 19th. Shareholders of record on Wednesday, September 28th will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date is Monday, September 26th. Marvell Technology Group’s payout ratio is -480.00%.

Large investors have recently modified their holdings of the stock. JPMorgan Chase & Co. increased its stake in shares of Marvell Technology Group by 16.8% in the first quarter. JPMorgan Chase & Co. now owns 16,982,811 shares of the company’s stock worth $175,094,000 after buying an additional 2,438,649 shares during the last quarter. State Street Corp increased its stake in shares of Marvell Technology Group by 1.9% in the second quarter. State Street Corp now owns 10,392,245 shares of the company’s stock worth $99,033,000 after buying an additional 189,900 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Marvell Technology Group by 8.6% in the second quarter. Dimensional Fund Advisors LP now owns 6,455,008 shares of the company’s stock worth $61,514,000 after buying an additional 512,782 shares during the last quarter. Roystone Capital Management LP increased its stake in shares of Marvell Technology Group by 70.6% in the second quarter. Roystone Capital Management LP now owns 4,485,600 shares of the company’s stock worth $42,747,000 after buying an additional 1,855,600 shares during the last quarter. Finally, BlackRock Group LTD increased its stake in shares of Marvell Technology Group by 2.8% in the second quarter. BlackRock Group LTD now owns 2,776,468 shares of the company’s stock worth $26,460,000 after buying an additional 75,214 shares during the last quarter. 70.60% of the stock is owned by institutional investors.

About Marvell Technology Group

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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