UBS Group Raises Marvell Technology Group (NASDAQ:MRVL) Price Target to $38.00

Marvell Technology Group (NASDAQ:MRVL) had its price target lifted by UBS Group from $35.00 to $38.00 in a report published on Monday, BenzingaRatingsTable reports. UBS Group currently has a buy rating on the semiconductor company’s stock.

Several other equities research analysts also recently issued reports on the company. Rosenblatt Securities reaffirmed a buy rating and issued a $42.00 price target (up from $32.00) on shares of Marvell Technology Group in a research report on Tuesday, May 26th. Piper Sandler reissued an overweight rating and set a $32.00 target price (up from $30.00) on shares of Marvell Technology Group in a research report on Thursday, March 5th. Argus reissued a buy rating and set a $30.00 target price on shares of Marvell Technology Group in a research report on Friday, March 6th. Citigroup lifted their target price on Marvell Technology Group from $31.00 to $35.00 and gave the stock a buy rating in a research report on Thursday, May 21st. Finally, Jefferies Financial Group reissued a buy rating on shares of Marvell Technology Group in a research report on Thursday, March 5th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of Buy and an average price target of $32.31.

Shares of NASDAQ:MRVL opened at $35.02 on Monday. The company has a market cap of $23.33 billion, a P/E ratio of 15.63, a P/E/G ratio of 12.33 and a beta of 1.08. The stock’s 50-day moving average is $32.40 and its 200-day moving average is $26.66. Marvell Technology Group has a 52-week low of $16.45 and a 52-week high of $36.92. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.75 and a current ratio of 2.14.

Marvell Technology Group (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, May 28th. The semiconductor company reported $0.18 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.14 by $0.04. The company had revenue of $694.00 million for the quarter, compared to the consensus estimate of $680.19 million. Marvell Technology Group had a return on equity of 2.82% and a net margin of 55.66%. The firm’s revenue was up 4.8% compared to the same quarter last year. During the same period last year, the business posted $0.16 earnings per share. As a group, equities analysts predict that Marvell Technology Group will post 0.57 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 29th. Stockholders of record on Monday, July 13th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.69%. The ex-dividend date of this dividend is Friday, July 10th. Marvell Technology Group’s dividend payout ratio (DPR) is currently 75.00%.

In other news, EVP Mitchell Gaynor sold 30,000 shares of Marvell Technology Group stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $35.09, for a total value of $1,052,700.00. Also, CAO Willem A. Meintjes sold 20,646 shares of Marvell Technology Group stock in a transaction that occurred on Thursday, April 16th. The shares were sold at an average price of $25.13, for a total transaction of $518,833.98. Following the completion of the transaction, the chief accounting officer now owns 33,853 shares of the company’s stock, valued at approximately $850,725.89. The disclosure for this sale can be found here. Insiders sold 116,730 shares of company stock valued at $3,549,849 in the last quarter. 0.29% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of the stock. State Street Corp raised its position in Marvell Technology Group by 2.5% in the 1st quarter. State Street Corp now owns 14,534,086 shares of the semiconductor company’s stock worth $328,906,000 after purchasing an additional 355,517 shares during the last quarter. Royal Bank of Canada raised its position in Marvell Technology Group by 43.2% in the 1st quarter. Royal Bank of Canada now owns 602,293 shares of the semiconductor company’s stock worth $13,631,000 after purchasing an additional 181,747 shares during the last quarter. New England Research & Management Inc. raised its position in Marvell Technology Group by 37.5% in the 1st quarter. New England Research & Management Inc. now owns 38,296 shares of the semiconductor company’s stock worth $867,000 after purchasing an additional 10,450 shares during the last quarter. Skandinaviska Enskilda Banken AB publ raised its position in Marvell Technology Group by 14.6% in the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 111,285 shares of the semiconductor company’s stock worth $2,518,000 after purchasing an additional 14,209 shares during the last quarter. Finally, Morgan Stanley raised its position in Marvell Technology Group by 55.9% in the 1st quarter. Morgan Stanley now owns 556,806 shares of the semiconductor company’s stock worth $12,600,000 after purchasing an additional 199,574 shares during the last quarter. Hedge funds and other institutional investors own 91.18% of the company’s stock.

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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