Marvell Technology Group Ltd. (NASDAQ:MRVL) has received a consensus recommendation of “Buy” from the twenty-eight brokerages that are currently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation, nine have assigned a hold recommendation, fourteen have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $19.37.

Several research analysts recently commented on the stock. B. Riley reiterated a “buy” rating and issued a $23.00 target price on shares of Marvell Technology Group in a report on Wednesday, June 28th. BidaskClub lowered shares of Marvell Technology Group from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. Zacks Investment Research cut shares of Marvell Technology Group from a “buy” rating to a “hold” rating in a report on Thursday, July 27th. Cowen and Company restated a “buy” rating on shares of Marvell Technology Group in a report on Friday, July 14th. Finally, Pacific Crest upgraded shares of Marvell Technology Group from a “sector weight” rating to an “overweight” rating and set a $22.00 price target for the company in a report on Tuesday, June 20th.

Shares of Marvell Technology Group (MRVL) traded up 0.298% on Wednesday, reaching $18.485. The company had a trading volume of 3,214,473 shares. The firm has a market capitalization of $9.16 billion, a PE ratio of 35.824 and a beta of 1.13. The company has a 50-day moving average price of $17.35 and a 200-day moving average price of $16.39. Marvell Technology Group has a 52-week low of $12.30 and a 52-week high of $18.72.

Marvell Technology Group (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, August 24th. The semiconductor company reported $0.25 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.28 by ($0.03). The firm had revenue of $604.75 million during the quarter, compared to analyst estimates of $600.76 million. Marvell Technology Group had a return on equity of 9.99% and a net margin of 10.97%. Marvell Technology Group’s quarterly revenue was up 16.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.18 earnings per share. Equities research analysts forecast that Marvell Technology Group will post $1.12 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 26th. Shareholders of record on Tuesday, October 10th will be given a $0.06 dividend. The ex-dividend date is Friday, October 6th. This represents a $0.24 dividend on an annualized basis and a yield of 1.30%. Marvell Technology Group’s dividend payout ratio (DPR) is presently 47.06%.

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In related news, major shareholder Sehat Sutardja sold 1,375,000 shares of Marvell Technology Group stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $17.84, for a total value of $24,530,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In the last ninety days, insiders have sold 5,513,738 shares of company stock valued at $97,900,361. Company insiders own 6.80% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. Wells Fargo & Company MN boosted its stake in Marvell Technology Group by 4.0% in the first quarter. Wells Fargo & Company MN now owns 184,261 shares of the semiconductor company’s stock valued at $2,812,000 after acquiring an additional 7,038 shares during the last quarter. Karp Capital Management Corp acquired a new position in shares of Marvell Technology Group in the 1st quarter valued at $943,000. TD Asset Management Inc. grew its holdings in shares of Marvell Technology Group by 5.6% in the 1st quarter. TD Asset Management Inc. now owns 26,610 shares of the semiconductor company’s stock valued at $406,000 after buying an additional 1,400 shares during the period. Ameriprise Financial Inc. grew its holdings in shares of Marvell Technology Group by 5.3% in the 1st quarter. Ameriprise Financial Inc. now owns 931,014 shares of the semiconductor company’s stock valued at $14,207,000 after buying an additional 46,863 shares during the period. Finally, M&T Bank Corp grew its holdings in shares of Marvell Technology Group by 3.4% in the 1st quarter. M&T Bank Corp now owns 30,541 shares of the semiconductor company’s stock valued at $465,000 after buying an additional 1,000 shares during the period. 76.61% of the stock is currently owned by institutional investors and hedge funds.

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.

Analyst Recommendations for Marvell Technology Group (NASDAQ:MRVL)

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