Marvell Technology Group (NASDAQ:MRVL) Price Target Raised to $35.00

Marvell Technology Group (NASDAQ:MRVL) had its price objective increased by Oppenheimer from $30.00 to $35.00 in a report released on Friday, The Fly reports.

A number of other research analysts have also recently issued reports on MRVL. ValuEngine cut Marvell Technology Group from a buy rating to a hold rating in a research note on Friday, May 1st. B. Riley boosted their price target on Marvell Technology Group from $34.00 to $38.00 and gave the stock a buy rating in a research note on Friday. BMO Capital Markets decreased their price target on Marvell Technology Group to $25.00 and set a market perform rating for the company in a research note on Monday, March 2nd. Stifel Nicolaus boosted their price target on Marvell Technology Group from $30.00 to $32.00 and gave the stock a buy rating in a research note on Thursday, March 5th. Finally, Susquehanna Bancshares boosted their price target on Marvell Technology Group from $30.00 to $35.00 in a research note on Tuesday, May 26th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have assigned a buy rating to the company. Marvell Technology Group currently has an average rating of Buy and a consensus price target of $31.26.

Shares of NASDAQ:MRVL opened at $32.98 on Friday. The stock has a fifty day simple moving average of $27.27 and a two-hundred day simple moving average of $25.34. The stock has a market capitalization of $21.63 billion, a price-to-earnings ratio of 14.72, a PEG ratio of 3.47 and a beta of 1.08. Marvell Technology Group has a 12-month low of $16.45 and a 12-month high of $33.16. The company has a current ratio of 2.16, a quick ratio of 1.71 and a debt-to-equity ratio of 0.17.

Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, May 28th. The semiconductor company reported $0.18 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.14 by $0.04. The business had revenue of $694.00 million during the quarter, compared to analysts’ expectations of $680.19 million. Marvell Technology Group had a return on equity of 2.90% and a net margin of 55.66%. The firm’s quarterly revenue was up 4.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.16 earnings per share. As a group, equities research analysts predict that Marvell Technology Group will post 0.5 EPS for the current year.

In other Marvell Technology Group news, CAO Willem A. Meintjes sold 20,646 shares of the business’s stock in a transaction dated Thursday, April 16th. The stock was sold at an average price of $25.13, for a total transaction of $518,833.98. Following the completion of the sale, the chief accounting officer now owns 33,853 shares of the company’s stock, valued at $850,725.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Dan Christman sold 5,732 shares of the business’s stock in a transaction dated Tuesday, March 24th. The shares were sold at an average price of $20.48, for a total value of $117,391.36. The disclosure for this sale can be found here. Insiders have sold 58,235 shares of company stock valued at $1,434,632 in the last three months. 0.29% of the stock is currently owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in the business. Norges Bank bought a new position in shares of Marvell Technology Group in the fourth quarter worth about $148,278,000. Menora Mivtachim Holdings LTD. bought a new position in shares of Marvell Technology Group in the first quarter worth about $108,984,000. Janus Henderson Group PLC boosted its stake in shares of Marvell Technology Group by 64.9% in the fourth quarter. Janus Henderson Group PLC now owns 8,462,573 shares of the semiconductor company’s stock worth $224,748,000 after acquiring an additional 3,330,794 shares during the period. Nuveen Asset Management LLC boosted its stake in shares of Marvell Technology Group by 32.7% in the first quarter. Nuveen Asset Management LLC now owns 9,032,472 shares of the semiconductor company’s stock worth $204,404,000 after acquiring an additional 2,227,948 shares during the period. Finally, BlackRock Inc. boosted its stake in shares of Marvell Technology Group by 5.1% in the first quarter. BlackRock Inc. now owns 44,392,337 shares of the semiconductor company’s stock worth $1,004,598,000 after acquiring an additional 2,143,302 shares during the period. 91.18% of the stock is owned by institutional investors and hedge funds.

About Marvell Technology Group

Marvell Technology Group Ltd. designs, develops, and markets analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a range of storage products, including hard disk drive (HDD) and solid-state drive controllers, as well as preamplifiers; supports a variety of host system interfaces consisting of serial attached SCSI (SAS), serial advanced technology attachment (SATA), peripheral component interconnect express, and non-volatile memory express; and develops software-enabled silicon solutions comprising SATA port multipliers, bridges, SATA, SAS, and non-volatile memory express redundant array of independent disks controllers and converged storage processors for enterprises, data centers, and cloud computing businesses.

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