Brokerages Set Marvell Technology Group (MRVL) Target Price at $25.12

Shares of Marvell Technology Group (NASDAQ:MRVL) have earned a consensus recommendation of “Buy” from the twenty-seven analysts that are covering the firm, MarketBeat Ratings reports. Seven investment analysts have rated the stock with a hold recommendation and nineteen have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $25.58.

MRVL has been the subject of a number of analyst reports. Cowen lifted their price objective on shares of Marvell Technology Group from $21.00 to $29.00 and gave the company an “outperform” rating in a report on Friday, March 9th. ValuEngine upgraded shares of Marvell Technology Group from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. BidaskClub upgraded shares of Marvell Technology Group from a “hold” rating to a “buy” rating in a report on Friday, February 23rd. Zacks Investment Research upgraded shares of Marvell Technology Group from a “sell” rating to a “hold” rating in a report on Tuesday, March 13th. Finally, B. Riley reiterated a “buy” rating and set a $30.00 price objective (up from $29.00) on shares of Marvell Technology Group in a report on Friday, March 9th.

In other Marvell Technology Group news, Director Michael G. Strachan sold 20,000 shares of Marvell Technology Group stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $23.65, for a total value of $473,000.00. Following the sale, the director now owns 19,702 shares of the company’s stock, valued at $465,952.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Matthew J. Murphy sold 30,000 shares of Marvell Technology Group stock in a transaction dated Monday, March 12th. The stock was sold at an average price of $24.24, for a total transaction of $727,200.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 51,512 shares of company stock worth $1,236,276. 6.80% of the stock is owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in MRVL. Xact Kapitalforvaltning AB raised its position in shares of Marvell Technology Group by 7.3% in the fourth quarter. Xact Kapitalforvaltning AB now owns 62,125 shares of the semiconductor company’s stock valued at $1,334,000 after purchasing an additional 4,246 shares during the period. Envestnet Asset Management Inc. raised its position in shares of Marvell Technology Group by 182.9% in the fourth quarter. Envestnet Asset Management Inc. now owns 7,322 shares of the semiconductor company’s stock valued at $157,000 after purchasing an additional 4,734 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its position in shares of Marvell Technology Group by 4.6% in the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 249,574 shares of the semiconductor company’s stock valued at $5,358,000 after purchasing an additional 11,062 shares during the period. J. Goldman & Co LP bought a new stake in shares of Marvell Technology Group in the fourth quarter valued at approximately $2,492,000. Finally, OLD Mutual Customised Solutions Proprietary Ltd. raised its position in shares of Marvell Technology Group by 35.7% in the fourth quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 28,500 shares of the semiconductor company’s stock valued at $612,000 after purchasing an additional 7,500 shares during the period. 91.67% of the stock is currently owned by institutional investors and hedge funds.

Shares of NASDAQ MRVL traded down $0.56 during mid-day trading on Wednesday, reaching $20.44. 2,696,481 shares of the company’s stock traded hands, compared to its average volume of 8,810,145. The stock has a market capitalization of $10,426.50, a P/E ratio of 19.54, a P/E/G ratio of 1.61 and a beta of 0.97. Marvell Technology Group has a 1-year low of $14.58 and a 1-year high of $25.18.

Marvell Technology Group (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, March 8th. The semiconductor company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.01. The firm had revenue of $615.40 million during the quarter, compared to analysts’ expectations of $610.99 million. Marvell Technology Group had a net margin of 21.56% and a return on equity of 13.25%. The business’s revenue was up 8.7% on a year-over-year basis. During the same period last year, the company earned $0.22 earnings per share. research analysts forecast that Marvell Technology Group will post 1.16 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 18th. Investors of record on Thursday, March 29th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.17%. The ex-dividend date of this dividend is Wednesday, March 28th. Marvell Technology Group’s dividend payout ratio (DPR) is presently 23.08%.

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Marvell Technology Group Company Profile

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, such as hard disk drive (HDD) and solid-state drive controllers, as well as HDD components, such as HDD preamps components; and develops software enabled silicon solutions consisting of serial advanced technology attachment port multipliers, bridges, serial attached SCSI, and non-volatile memory express redundant array of independent disks controllers and converged storage processors for enterprise, data centers, and cloud computing businesses.

Analyst Recommendations for Marvell Technology Group (NASDAQ:MRVL)

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