Marvell Technology Group Ltd. (NASDAQ:MRVL) was upgraded by Citigroup Inc. from a “sell” rating to a “neutral” rating in a report released on Tuesday. The firm presently has a $22.00 price objective on the semiconductor company’s stock. Citigroup Inc.’s price target would indicate a potential upside of 9.18% from the stock’s previous close.

Several other research firms also recently commented on MRVL. BMO Capital Markets reissued a “market perform” rating and set a $16.00 price objective on shares of Marvell Technology Group in a report on Monday, August 28th. Jefferies Group LLC reissued a “hold” rating and set a $18.50 price objective (down previously from $19.00) on shares of Marvell Technology Group in a report on Thursday, August 24th. Cowen and Company reissued a “buy” rating on shares of Marvell Technology Group in a report on Friday, October 13th. Needham & Company LLC reissued a “buy” rating and set a $21.00 price objective on shares of Marvell Technology Group in a report on Thursday, August 24th. Finally, BidaskClub downgraded shares of Marvell Technology Group from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 2nd. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $19.29.

Marvell Technology Group (NASDAQ:MRVL) opened at $20.15 on Tuesday. Marvell Technology Group has a 1-year low of $12.30 and a 1-year high of $21.08. The company has a market cap of $9,980.45, a PE ratio of 25.81, a price-to-earnings-growth ratio of 1.38 and a beta of 1.05.

Marvell Technology Group (NASDAQ:MRVL) last released 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). Marvell Technology Group had a net margin of 10.97% and a return on equity of 9.99%. The company had revenue of $604.75 million for the quarter, compared to the consensus estimate of $600.76 million. During the same period last year, the company earned $0.18 EPS. The firm’s revenue for the quarter was up 16.4% on a year-over-year basis. equities analysts anticipate that Marvell Technology Group will post 0.97 earnings per share for the current year.

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In related news, major shareholder Sehat Sutardja sold 537,235 shares of Marvell Technology Group stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $17.57, for a total transaction of $9,439,218.95. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last three months, insiders have sold 17,558,035 shares of company stock worth $320,838,284. 6.80% of the stock is currently owned by corporate insiders.

Hedge funds have recently modified their holdings of the stock. Greenwood Capital Associates LLC increased its holdings in Marvell Technology Group by 37.0% during the second quarter. Greenwood Capital Associates LLC now owns 18,900 shares of the semiconductor company’s stock valued at $312,000 after buying an additional 5,105 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Marvell Technology Group by 9.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 547,334 shares of the semiconductor company’s stock valued at $9,042,000 after buying an additional 47,648 shares during the period. Jennison Associates LLC purchased a new position in Marvell Technology Group during the second quarter valued at approximately $36,663,000. Seven Eight Capital LP increased its holdings in Marvell Technology Group by 41.3% during the second quarter. Seven Eight Capital LP now owns 228,974 shares of the semiconductor company’s stock valued at $3,783,000 after buying an additional 66,900 shares during the period. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund increased its holdings in Marvell Technology Group by 15.6% during the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 129,709 shares of the semiconductor company’s stock valued at $2,143,000 after buying an additional 17,485 shares during the period. 76.69% of the stock is currently owned by institutional investors.

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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