Marvell Technology Group Ltd. (MRVL) Stock Price Up 6.4% Following Analyst Upgrade
Marvell Technology Group Ltd. (NASDAQ:MRVL) was up 6.4% during trading on Tuesday after Oppenheimer Holdings raised their price target on the stock from $23.00 to $30.00. Oppenheimer Holdings currently has an outperform rating on the stock. Marvell Technology Group traded as high as $21.81 and last traded at $21.59. Approximately 67,009,297 shares changed hands during mid-day trading, an increase of 944% from the average daily volume of 6,415,622 shares. The stock had previously closed at $20.29.
A number of other brokerages also recently issued reports on MRVL. BMO Capital Markets restated a “market perform” rating and set a $16.00 price objective on shares of Marvell Technology Group in a research report on Monday, August 28th. Jefferies Group LLC restated a “hold” rating and set a $18.50 price objective (down from $19.00) on shares of Marvell Technology Group in a research report on Thursday, August 24th. Cowen and Company restated a “buy” rating on shares of Marvell Technology Group in a research report on Friday, October 13th. B. Riley restated a “buy” rating and set a $24.00 price objective on shares of Marvell Technology Group in a research report on Monday. Finally, Loop Capital reaffirmed a “buy” rating and set a $26.00 target price on shares of Marvell Technology Group in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, six have given a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. Marvell Technology Group has a consensus rating of “Buy” and a consensus price target of $22.10.
In related news, major shareholder Sehat Sutardja sold 2,727,810 shares of Marvell Technology Group stock in a transaction dated Tuesday, October 10th. The stock was sold at an average price of $18.49, for a total value of $50,437,206.90. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last quarter, insiders sold 17,558,035 shares of company stock worth $320,838,284. 6.80% of the stock is currently owned by insiders.
Hedge funds have recently bought and sold shares of the stock. Meeder Asset Management Inc. acquired a new stake in Marvell Technology Group in the 3rd quarter worth about $106,000. D.A. Davidson & CO. boosted its holdings in Marvell Technology Group by 10.2% in the 2nd 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 during the last quarter. Massey Quick Simon & CO. LLC acquired a new stake in Marvell Technology Group in the 3rd quarter worth about $124,000. Creative Planning boosted its holdings in Marvell Technology Group by 39.8% in the 2nd quarter. Creative Planning now owns 10,008 shares of the semiconductor company’s stock worth $165,000 after buying an additional 2,850 shares during the last quarter. Finally, Boothbay Fund Management LLC purchased a new position in Marvell Technology Group in the 3rd quarter worth approximately $203,000. Institutional investors own 77.03% of the company’s stock.
The company has a market capitalization of $11,540.00, a P/E ratio of 26.01, a price-to-earnings-growth ratio of 1.39 and a beta of 1.05.
Marvell Technology Group (NASDAQ:MRVL) last released its earnings results 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). Marvell Technology Group had a return on equity of 9.99% and a net margin of 10.97%. The business had revenue of $604.75 million during the quarter, compared to analysts’ expectations of $600.76 million. During the same period last year, the business earned $0.18 earnings per share. The company’s revenue for the quarter was up 16.4% compared to the same quarter last year. analysts predict that Marvell Technology Group Ltd. will post 0.97 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, October 26th. Stockholders of record on Tuesday, October 10th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.03%. The ex-dividend date was Friday, October 6th. Marvell Technology Group’s payout ratio is presently 54.55%.
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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