Marvell Technology Group Ltd. (NASDAQ:MRVL) shares shot up 10.8% on Friday following a stronger than expected earnings report. The stock traded as high as $14.80 and last traded at $14.80, with a volume of 25,436,236 shares. The stock had previously closed at $13.36.

The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.12 by $0.08. Marvell Technology Group had a return on equity of 3.28% and a net margin of 4.33%. The company had revenue of $654 million for the quarter, compared to analysts’ expectations of $615.66 million. During the same period last year, the firm posted $0.05 earnings per share. Marvell Technology Group’s revenue was down 3.1% compared to the same quarter last year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 28th. Shareholders of record on Tuesday, December 6th will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.62%. Marvell Technology Group’s dividend payout ratio is 114.29%.

A number of research analysts have weighed in on MRVL shares. Bank of America Corp. reissued a “sell” rating and issued a $11.75 target price on shares of Marvell Technology Group in a report on Friday. Credit Suisse Group AG reissued a “buy” rating and issued a $17.50 target price on shares of Marvell Technology Group in a report on Friday. BMO Capital Markets reissued a “hold” rating and issued a $11.00 target price on shares of Marvell Technology Group in a report on Thursday, July 28th. MKM Partners increased their target price on Marvell Technology Group from $10.00 to $14.00 and gave the company a “neutral” rating in a report on Thursday, July 28th. Finally, B. Riley reissued a “buy” rating and issued a $16.00 target price on shares of Marvell Technology Group in a report on Friday, August 26th. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $13.85.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Daiwa Securities Group Inc. increased 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 valued at $105,000 after buying an additional 2,100 shares during the period. Hartford Investment Management Co. acquired a new position in shares of Marvell Technology Group during the second quarter valued at $110,000. CIBC World Markets Inc. acquired a new position in shares of Marvell Technology Group during the second quarter valued at $139,000. LS Investment Advisors LLC increased its position in shares of Marvell Technology Group by 12.2% in the second quarter. LS Investment Advisors LLC now owns 16,557 shares of the company’s stock valued at $158,000 after buying an additional 1,794 shares during the period. Finally, Ardsley Advisory Partners acquired a new position in shares of Marvell Technology Group during the third quarter valued at $159,000. 69.37% of the stock is owned by hedge funds and other institutional investors.

The firm has a 50-day moving average of $13.06 and a 200 day moving average of $11.51. The firm’s market cap is $7.57 billion.

About Marvell Technology Group

Marvell Technology Group Ltd. is a fabless 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) and System-in-a-Package (SiP) devices. Its product portfolio includes devices for data storage, enterprise-class Ethernet data switching, Ethernet physical-layer transceivers (PHY), wireless connectivity, Internet-of-Things (IoT) devices and multimedia solutions.

5 Day Chart for NASDAQ:MRVL

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