Marvell Technology Group (MRVL) Receives Buy Rating from B. Riley
B. Riley reaffirmed their buy rating on shares of Marvell Technology Group (NASDAQ:MRVL) in a report published on Wednesday morning. They currently have a $29.00 target price on the semiconductor company’s stock. B. Riley also issued estimates for Marvell Technology Group’s Q4 2018 earnings at $0.28 EPS, FY2018 earnings at $1.01 EPS, Q1 2019 earnings at $0.26 EPS and Q2 2019 earnings at $0.30 EPS.
Several other research analysts have also commented on the company. Citigroup raised Marvell Technology Group from a sell rating to a neutral rating and set a $22.00 price target for the company in a research report on Tuesday, November 7th. Oppenheimer reissued a buy rating and issued a $23.00 price target on shares of Marvell Technology Group in a research report on Monday, November 6th. Benchmark raised Marvell Technology Group from a hold rating to a buy rating and boosted their price target for the stock from $17.00 to $30.00 in a research report on Monday, November 20th. Cowen reissued a buy rating on shares of Marvell Technology Group in a research report on Friday, October 13th. Finally, Bank of America raised Marvell Technology Group from a neutral rating to a buy rating in a research report on Monday, November 20th. Eight investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $23.48.
Marvell Technology Group (NASDAQ:MRVL) traded down $0.16 on Wednesday, hitting $22.18. The stock had a trading volume of 13,140,079 shares, compared to its average volume of 14,025,624. The company has a market cap of $10,893.51, a price-to-earnings ratio of 23.85, a price-to-earnings-growth ratio of 1.35 and a beta of 1.12. Marvell Technology Group has a 52-week low of $13.59 and a 52-week high of $24.22.
Marvell Technology Group (NASDAQ:MRVL) last released its quarterly earnings results on Tuesday, November 28th. The semiconductor company reported $0.34 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.01. The firm had revenue of $616.00 million during the quarter, compared to analyst estimates of $613.49 million. Marvell Technology Group had a return on equity of 11.99% and a net margin of 16.53%. The business’s revenue for the quarter was down 5.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.20 EPS. research analysts expect that Marvell Technology Group will post 1.01 earnings per share for the current year.
In other Marvell Technology Group 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 transaction of $9,439,218.95. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In the last quarter, insiders have sold 17,558,035 shares of company stock worth $320,838,284. Company insiders own 6.80% of the company’s stock.
A number of institutional investors have recently bought and sold shares of MRVL. Meeder Asset Management Inc. acquired a new position in shares of Marvell Technology Group in the 3rd quarter valued at about $106,000. D.A. Davidson & CO. lifted its holdings in shares of 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 valued at $106,000 after buying an additional 600 shares during the period. Massey Quick Simon & CO. LLC acquired a new position in shares of Marvell Technology Group in the 3rd quarter valued at about $124,000. Creative Planning lifted its holdings in shares of Marvell Technology Group by 39.8% in the 2nd quarter. Creative Planning now owns 10,008 shares of the semiconductor company’s stock valued at $165,000 after buying an additional 2,850 shares during the period. Finally, Boothbay Fund Management LLC acquired a new position in shares of Marvell Technology Group in the 3rd quarter valued at about $203,000. Institutional investors and hedge funds own 78.10% of the company’s stock.
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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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