Marvell Technology Group Ltd. (NASDAQ:MRVL) shares shot up 7.5% during trading 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 changing hands. The stock had previously closed at $15.86.

Several other research analysts have also issued reports on the company. B. Riley reaffirmed a “buy” rating and set a $23.00 target price on shares of Marvell Technology Group in a research report on Saturday, May 27th. Zacks Investment Research raised Marvell Technology Group from a “hold” rating to a “buy” rating and set a $19.00 target price for the company in a research report on Friday, May 26th. Citigroup Inc. raised Marvell Technology Group to an “outperform” rating and set a $23.00 target price for the company in a research 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 research report on Wednesday, June 21st. Finally, BidaskClub lowered Marvell Technology Group from a “buy” rating to a “hold” rating in a research report on Wednesday, July 5th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $18.68.

Institutional investors have recently added to or reduced their stakes in the stock. Profund Advisors LLC increased 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 during the period. First Trust Advisors LP increased its position in Marvell Technology Group by 136.8% in the first quarter. First Trust Advisors LP now owns 364,273 shares of the semiconductor company’s stock worth $5,559,000 after buying an additional 210,421 shares during the period. Dynamic Technology Lab Private Ltd increased its position in Marvell Technology Group by 18.2% in the first quarter. Dynamic Technology Lab Private Ltd now owns 20,203 shares of the semiconductor company’s stock worth $309,000 after buying an additional 3,106 shares during the period. Jennison Associates LLC bought a new position in Marvell Technology Group during the second quarter worth about $36,663,000. Finally, Dai Ichi Life Insurance Company Ltd increased its position in Marvell Technology Group by 19.0% in the first quarter. Dai Ichi Life Insurance Company Ltd now owns 471,404 shares of the semiconductor company’s stock worth $7,194,000 after buying an additional 75,360 shares during the period. Institutional investors and hedge funds own 75.80% of the company’s stock.

The stock’s 50-day moving average price is $15.90 and its 200-day moving average price is $16.02. The company has a market capitalization of $8.57 billion, a price-to-earnings ratio of 57.60 and a beta of 1.10. Marvell Technology Group also was the target of some unusual options trading activity on Thursday. Traders bought 10,346 call options on the stock. This represents an increase of approximately 451% compared to the typical volume of 1,878 call options.

Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, August 24th. The semiconductor company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.28 by $0.03. Marvell Technology Group had a net margin of 6.19% and a return on equity of 7.96%. The business had revenue of $604.75 million during the quarter, compared to the consensus estimate of $600.76 million. During the same quarter in the prior year, the firm posted $0.18 EPS. The company’s revenue for the quarter was up 16.4% compared to the same quarter last year. Analysts expect that Marvell Technology Group Ltd. will post $1.10 earnings per share for the current fiscal year.

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About Marvell Technology Group

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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