Marvell Technology Group Ltd. (MRVL) Rating Reiterated by Needham & Company LLC
Marvell Technology Group Ltd. (NASDAQ:MRVL)‘s stock had its “buy” rating reissued by investment analysts at Needham & Company LLC in a research note issued to investors on Thursday. They currently have a $21.00 price target on the semiconductor company’s stock. Needham & Company LLC’s target price suggests a potential upside of 23.17% from the stock’s current price.
The analysts wrote, “Marvell Technology reports F2Q18 results tonight after the close. Despite modestly softer than expected conditions in the HDD segment, we nevertheless expect Marvell to report in-line F2Q18 results and F3Q18 guidance led by strength in its SSD segment, seasonality and new product ramps in the Connectivity business and continued margin expansion. With MRVL shares trading at 13.2x CY18 NG EPS (or 10.6x CY18 NG EPS ex. cash), we continue to see good value in the shares.””
Several other equities analysts have also commented on the company. Zacks Investment Research lowered Marvell Technology Group from a “buy” rating to a “hold” rating in a research report on Wednesday, May 3rd. B. Riley reissued a “buy” rating and set a $23.00 price objective on shares of Marvell Technology Group in a research report on Wednesday, June 28th. BidaskClub lowered Marvell Technology Group from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. TheStreet raised Marvell Technology Group from a “c” rating to a “b” rating in a research report on Thursday, May 25th. Finally, Oppenheimer Holdings, Inc. raised Marvell Technology Group from a “market perform” rating to an “outperform” rating and set a $18.50 price objective for the company in a research report on Friday, May 26th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $18.73.
Shares of Marvell Technology Group (NASDAQ MRVL) traded up 7.50% on Thursday, reaching $17.05. 14,618,783 shares of the company traded hands. Marvell Technology Group has a one year low of $11.68 and a one year high of $18.18. The firm has a 50-day moving average price of $15.92 and a 200 day moving average price of $16.03. The company has a market capitalization of $8.54 billion, a PE ratio of 33.04 and a beta of 1.10. Marvell Technology Group also was the target of some unusual options trading on Thursday. Investors bought 10,346 call options on the stock. This is an increase of approximately 451% compared to the average daily volume of 1,878 call options.
Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, August 24th. The semiconductor company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.28 by $0.03. The firm had revenue of $604.75 million for the quarter, compared to analysts’ expectations of $600.76 million. Marvell Technology Group had a net margin of 10.97% and a return on equity of 9.94%. The business’s quarterly revenue was up 16.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.18 EPS. Equities analysts forecast that Marvell Technology Group will post $1.10 EPS for the current fiscal year.
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Large investors have recently added to or reduced their stakes in the stock. D.A. Davidson & CO. increased its stake in Marvell Technology Group by 10.2% in the second quarter. D.A. Davidson & CO. now owns 6,461 shares of the semiconductor company’s stock worth $106,000 after buying an additional 600 shares in the last quarter. Creative Planning increased its stake in Marvell Technology Group by 175.3% in the first quarter. Creative Planning now owns 7,158 shares of the semiconductor company’s stock worth $109,000 after buying an additional 4,558 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in Marvell Technology Group by 1,740.4% in the first quarter. Tower Research Capital LLC TRC now owns 7,969 shares of the semiconductor company’s stock worth $122,000 after buying an additional 7,536 shares in the last quarter. James Investment Research Inc. purchased a new stake in Marvell Technology Group during the first quarter worth about $138,000. Finally, United Capital Financial Advisers LLC purchased a new stake in Marvell Technology Group during the first quarter worth about $165,000. Institutional investors and hedge funds own 75.80% of the company’s stock.
Marvell Technology Group Company Profile
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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