Marvell Technology Group Ltd. (MRVL) Price Target Raised to $18.00 at Cowen and Company
Marvell Technology Group Ltd. (NASDAQ:MRVL) had its price objective upped by Cowen and Company from $16.00 to $18.00 in a report issued on Friday. They currently have an outperform rating on the stock.
MRVL has been the subject of a number of other research reports. B. Riley restated a buy rating and issued a $16.00 price objective on shares of Marvell Technology Group in a research note on Monday, July 25th. Brean Capital increased their price target on Marvell Technology Group from $12.50 to $15.00 and gave the stock a buy rating in a research note on Thursday, July 28th. Finally, Vetr upgraded Marvell Technology Group from a hold rating to a buy rating and set a $13.96 price target for the company in a research note on Wednesday, October 12th. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have given a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $13.95.
Marvell Technology Group (NASDAQ:MRVL) traded down 0.20% on Friday, reaching $14.77. The company had a trading volume of 2,679,119 shares. The stock’s 50-day moving average price is $13.06 and its 200-day moving average price is $11.51. Marvell Technology Group has a 12-month low of $7.40 and a 12-month high of $14.99. The stock’s market capitalization is $7.56 billion.
Marvell Technology Group (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, November 17th. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.08. The business earned $654 million during the quarter, compared to analyst estimates of $615.66 million. Marvell Technology Group had a return on equity of 3.28% and a net margin of 4.33%. Marvell Technology Group’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.05 EPS. On average, equities research analysts anticipate that Marvell Technology Group will post $0.45 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 28th. Shareholders of record on Tuesday, December 6th will be given a dividend of $0.06 per share. The ex-dividend date is Friday, December 2nd. This represents a $0.24 dividend on an annualized basis and a yield of 1.62%. Marvell Technology Group’s dividend payout ratio (DPR) is presently 114.29%.
A number of large investors have recently modified their holdings of the stock. Renaissance Technologies LLC bought a new stake in shares of Marvell Technology Group during the first quarter worth about $12,977,000. Nuveen Asset Management LLC increased its stake in shares of Marvell Technology Group by 63.3% in the first quarter. Nuveen Asset Management LLC now owns 171,169 shares of the company’s stock worth $1,765,000 after buying an additional 66,379 shares during the period. Legal & General Group Plc increased its stake in shares of Marvell Technology Group by 3.8% in the first quarter. Legal & General Group Plc now owns 1,855,185 shares of the company’s stock worth $19,127,000 after buying an additional 68,468 shares during the period. BlueMountain Capital Management LLC increased its stake in shares of Marvell Technology Group by 112.6% in the first quarter. BlueMountain Capital Management LLC now owns 56,549 shares of the company’s stock worth $583,000 after buying an additional 29,954 shares during the period. Finally, BNP Paribas Arbitrage SA increased its stake in shares of Marvell Technology Group by 1.5% in the second quarter. BNP Paribas Arbitrage SA now owns 592,269 shares of the company’s stock worth $5,644,000 after buying an additional 8,859 shares during the period. Institutional investors and hedge funds own 68.13% of the company’s stock.
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.
Receive News & Stock Ratings for Marvell Technology Group Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Marvell Technology Group Ltd. and related stocks with our FREE daily email newsletter.