Needham & Company LLC Boosts Marvell Technology Group Ltd. (MRVL) Price Target to $25.00
Marvell Technology Group Ltd. (NASDAQ:MRVL) had its target price increased by Needham & Company LLC from $21.00 to $25.00 in a research note released on Tuesday, Marketbeat reports. Needham & Company LLC currently has a buy rating on the semiconductor company’s stock.
MRVL has been the subject of a number of other reports. B. Riley reaffirmed a buy rating and set a $23.00 target price on shares of Marvell Technology Group in a research report on Friday, September 1st. Jefferies Group LLC set a $19.00 target price on Marvell Technology Group and gave the company a hold rating in a research report on Wednesday, October 18th. Bank of America Corporation raised Marvell Technology Group from a neutral rating to a buy rating in a research report on Monday. KeyCorp lifted their price target on Marvell Technology Group from $22.00 to $23.00 and gave the company an overweight rating in a report on Friday, August 25th. Finally, Oppenheimer Holdings, Inc. reiterated a buy rating and issued a $23.00 price target on shares of Marvell Technology Group in a report on Friday, August 25th. One research analyst has rated the stock with a sell rating, six have given a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of Buy and an average target price of $21.59.
Shares of Marvell Technology Group (NASDAQ:MRVL) traded up $0.55 during midday trading on Tuesday, reaching $23.83. The company’s stock had a trading volume of 27,234,801 shares, compared to its average volume of 6,637,551. The company has a market cap of $12,090.00, a price-to-earnings ratio of 30.55, a PEG ratio of 1.68 and a beta of 1.05. Marvell Technology Group has a 1-year low of $13.59 and a 1-year high of $24.22.
Marvell Technology Group (NASDAQ:MRVL) last issued 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). The firm had revenue of $604.75 million for the quarter, compared to the consensus estimate of $600.76 million. Marvell Technology Group had a net margin of 10.97% and a return on equity of 9.99%. The company’s revenue for the quarter was up 16.4% on a year-over-year basis. During the same period last year, the firm earned $0.18 earnings per share. research analysts expect that Marvell Technology Group will post 0.97 EPS for the current year.
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The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 26th. Stockholders of record on Tuesday, October 10th were issued a $0.06 dividend. The ex-dividend date of this dividend was Friday, October 6th. This represents a $0.24 annualized dividend and a dividend yield of 1.01%. Marvell Technology Group’s dividend payout ratio (DPR) is presently 54.55%.
In other news, major shareholder Sehat Sutardja sold 537,235 shares of the business’s stock in a transaction dated Thursday, September 7th. The stock was sold at an average price of $17.57, for a total value of $9,439,218.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders sold 17,558,035 shares of company stock valued at $320,838,284. Insiders own 6.80% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MRVL. D.A. Davidson & CO. raised 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 purchasing an additional 600 shares during the period. Meeder Asset Management Inc. purchased a new stake in Marvell Technology Group during the 3rd quarter worth approximately $106,000. Massey Quick Simon & CO. LLC purchased a new stake in Marvell Technology Group during the 3rd quarter worth approximately $124,000. Creative Planning increased its stake in Marvell Technology Group by 39.8% during 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 in the last quarter. Finally, Boothbay Fund Management LLC purchased a new stake in Marvell Technology Group during the 3rd quarter worth approximately $203,000. 77.03% of the stock is owned by institutional investors.
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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