Analysts at Piper Jaffray Companies started coverage on shares of Marvell Technology Group (NASDAQ:MRVL) in a research note issued on Monday. The firm set an “overweight” rating on the semiconductor company’s stock.

Several other analysts also recently weighed in on the stock. Morgan Stanley lifted their price target on shares of Marvell Technology Group from $20.50 to $22.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 13th. BidaskClub downgraded shares of Marvell Technology Group from a “buy” rating to a “hold” rating in a research note on Saturday, December 2nd. Oppenheimer reaffirmed a “buy” rating and set a $30.00 price target on shares of Marvell Technology Group in a research note on Wednesday, November 29th. Loop Capital reaffirmed a “buy” rating and set a $28.00 price target on shares of Marvell Technology Group in a research note on Wednesday, November 29th. Finally, B. Riley reaffirmed a “buy” rating and set a $29.00 price target on shares of Marvell Technology Group in a research note on Wednesday, November 29th. Eight analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Marvell Technology Group presently has an average rating of “Buy” and an average price target of $23.87.

Shares of Marvell Technology Group (MRVL) traded up $0.54 during trading hours on Monday, hitting $22.16. The company’s stock had a trading volume of 7,887,500 shares, compared to its average volume of 6,829,552. Marvell Technology Group has a fifty-two week low of $13.83 and a fifty-two week high of $24.22. The stock has a market capitalization of $10,619.75, a price-to-earnings ratio of 23.25, a PEG ratio of 1.31 and a beta of 1.13.

Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings results on Tuesday, November 28th. The semiconductor company reported $0.34 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.33 by $0.01. Marvell Technology Group had a net margin of 16.53% and a return on equity of 11.93%. The firm had revenue of $616.00 million during the quarter, compared to the consensus estimate of $613.49 million. During the same quarter in the previous year, the firm posted $0.20 earnings per share. The company’s revenue was down 5.8% on a year-over-year basis. equities research analysts predict that Marvell Technology Group will post 1.01 earnings per share for the current year.

In other Marvell Technology Group news, insider Marvell Semiconductor, Inc. Ca sold 9,812 shares of Marvell Technology Group stock in a transaction on Friday, December 1st. The shares were sold at an average price of $21.20, for a total value of $208,014.40. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder Sehat Sutardja sold 1,266,498 shares of Marvell Technology Group stock in a transaction on Monday, October 23rd. The stock was sold at an average price of $18.55, for a total transaction of $23,493,537.90. The disclosure for this sale can be found here. Insiders sold 12,148,004 shares of company stock valued at $224,837,926 in the last three months. 6.80% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MRVL. Pictet Asset Management Ltd. grew its holdings in Marvell Technology Group by 0.7% in the second quarter. Pictet Asset Management Ltd. now owns 170,100 shares of the semiconductor company’s stock worth $2,933,000 after purchasing an additional 1,200 shares during the last quarter. DekaBank Deutsche Girozentrale grew its holdings in Marvell Technology Group by 40.1% in the second quarter. DekaBank Deutsche Girozentrale now owns 37,437 shares of the semiconductor company’s stock worth $648,000 after purchasing an additional 10,713 shares during the last quarter. Advisors Asset Management Inc. grew its holdings in Marvell Technology Group by 8.8% in the second quarter. Advisors Asset Management Inc. now owns 43,134 shares of the semiconductor company’s stock worth $713,000 after purchasing an additional 3,484 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Marvell Technology Group by 8.1% in the second quarter. Bank of New York Mellon Corp now owns 2,445,267 shares of the semiconductor company’s stock worth $40,395,000 after purchasing an additional 182,460 shares during the last quarter. Finally, Legal & General Group Plc grew its holdings in Marvell Technology Group by 0.6% in the second quarter. Legal & General Group Plc now owns 1,936,353 shares of the semiconductor company’s stock worth $31,988,000 after purchasing an additional 10,693 shares during the last quarter. 78.83% of the stock is currently owned by institutional investors and hedge funds.

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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.

Analyst Recommendations for Marvell Technology Group (NASDAQ:MRVL)

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