Marvell Technology Group (NASDAQ: MRVL) had its target price increased by Needham & Company LLC from $ 25.00 to $ 27.00 in a research note published on Wednesday morning, reports MarketBeat.com Needham & Company LLC currently has a Buy rating on the semiconductor company's stock.
Miscellaneous Analysts also issued reports on MRVL.BidaskClub reduced Marvell Technology Group's shares from a sales rating to a strong sales rating in a research report on Wednesday, August 2. Cowen restated a purchase rating and set a target price of $ 21.00 on shares of Marvell Technology Group in a research report Monday, August 21. B. Riley reiterated a purchase rating and set a target price of $ 23 .00 on shares of Marvell Technology Group in a research report on Monday, August 21. Credit Suisse Group reformulated a purchase rating of Marvell Technology Group shares in a research report on Wednesday, August 23. Finally, the Jefferies Group reformulated a withholding clbadification and set a target price of $ 18.50 (formerly $ 19.00) on shares of Marvell Technology Group in a research report on Thursday, August 24. Eight investment badysts have rated the stock with a hold rating, twenty have granted a purchase rating and one has badigned a strong purchase rating to the stock. The company has an average Buy score and a consensus target price of $ 23.48.
Shares of Marvell Technology Group (NASDAQ: MRVL) fell $ 0.16 on Wednesday, reaching $ 22.18. 13,140,079 shares of the share were exchanged, compared to its average volume of 14,025,624. Marvell Technology Group has a minimum of fifty-two weeks of $ 13.59 and a maximum of fifty-two weeks of $ 24.22. The share has a market capitalization of $ 10,972.10, a PE ratio of 24.02, a price-earnings-growth ratio of 1.36 and a beta of 1.12.
Marvell Technology Group (NASDAQ: MRVL) last announced its earnings results on Tuesday, November 28. The semiconductor company reported earnings of $ 0.34 per share (EPS) for the quarter, surpbading the Zacks consensus of $ 0.33 for $ 0.01. Marvell Technology Group had a net margin of 16.53% and a return on equity of 11.99%. The company had revenues of $ 616.00 million in the quarter, compared to badysts' estimates of $ 613.49 million. During the same quarter of last year, the company earned $ 0.20 of earnings per share. The revenues of Marvell Technology Group fell by 5.8% compared to the same quarter last year. Analysts expect Marvell Technology Group to post 1 gain per share for the current year.
In other Marvell Technology Group news, the main shareholder Sehat Sutardja sold 420,422 shares of Marvell Technology Group in a transaction on Wednesday, September 6. The shares were sold at an average price of $ 17.84, for a total value of $ 7,500,328.48. The sale was disclosed in a document filed with the SEC, which is available on the SEC's website. In the last quarter, the initiates sold 17,558,035 shares of the company's stock worth $ 320,838,284. 6.80% of the stock is owned by company experts.
Several institutional investors and hedge funds have recently made changes in their positions in the business. IFM Investors Pty Ltd acquired a new position in shares of Marvell Technology Group in the 3rd quarter with a value of $ 640,000. Parallel Advisors LLC acquired a new position in shares of Marvell Technology Group during the third quarter with a value of $ 968,000. Afam Capital Inc. raised its holdings in Marvell Technology Group shares by 13.4% during the third quarter. Afam Capital Inc. now owns 267,181 shares of the semiconductor company valued at $ 4,783,000 after acquiring 31,604 additional shares in the last quarter. Cubist Systematic Strategies LLC raised its holdings in Marvell Technology Group shares by 36.4% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 116,630 shares of the semiconductor company valued at $ 2,088,000 after acquiring 31,153 additional shares in the last quarter. Finally, Point72 Asset Management L.P. acquired a new position in Marvell Technology Group shares during the third quarter with a value of $ 2,617,000. Institutional investors own 78.10% of the company's shares.
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About Marvell Technology Group
Marvell Technology Group Ltd. is a semiconductor supplier of standard products specific to applications. The company is dedicated to 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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