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

Marvell Technology Group (NASDAQ:MRVL) had its target price increased by stock analysts at Citigroup from $31.00 to $35.00 in a research note issued on Thursday, The Fly reports. The firm presently has a “buy” rating on the semiconductor company’s stock. Citigroup‘s target price would indicate a potential upside of 16.16% from the company’s previous close.

A number of other equities research analysts have also recently issued reports on MRVL. Susquehanna Bancshares reaffirmed a “buy” rating and set a $32.00 target price on shares of Marvell Technology Group in a research report on Thursday, March 5th. Piper Sandler reaffirmed an “overweight” rating and set a $32.00 target price (up previously from $30.00) on shares of Marvell Technology Group in a research report on Thursday, March 5th. Needham & Company LLC decreased their target price on Marvell Technology Group from $29.00 to $28.00 and set a “buy” rating for the company in a research report on Wednesday, April 15th. Zacks Investment Research raised Marvell Technology Group from a “hold” rating to a “buy” rating and set a $28.00 target price for the company in a research report on Tuesday, April 21st. Finally, Argus reissued a “buy” rating and issued a $30.00 price objective on shares of Marvell Technology Group in a research report on Friday, March 6th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $29.00.

Marvell Technology Group stock traded up $1.03 during trading hours on Thursday, reaching $30.13. 8,903,570 shares of the company were exchanged, compared to its average volume of 8,845,141. The firm has a market cap of $19.52 billion, a price-to-earnings ratio of 97.00, a PEG ratio of 3.07 and a beta of 1.02. The company has a current ratio of 2.16, a quick ratio of 1.71 and a debt-to-equity ratio of 0.17. The stock has a 50-day moving average of $25.74 and a 200 day moving average of $25.11. Marvell Technology Group has a 12 month low of $16.45 and a 12 month high of $30.19.

Marvell Technology Group (NASDAQ:MRVL) last announced its earnings results on Wednesday, March 4th. The semiconductor company reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.01. The firm had revenue of $718.00 million during the quarter, compared to analysts’ expectations of $710.81 million. Marvell Technology Group had a return on equity of 2.74% and a net margin of 58.70%. The company’s revenue was down 3.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.25 earnings per share. As a group, research analysts forecast that Marvell Technology Group will post 0.5 EPS for the current year.

In other Marvell Technology Group news, SVP Dean E. Jr. Jarnac sold 6,857 shares of the stock in a transaction on Tuesday, April 14th. The stock was sold at an average price of $25.34, for a total transaction of $173,756.38. Following the completion of the transaction, the senior vice president now directly owns 16,859 shares in the company, valued at $427,207.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Dan Christman sold 5,732 shares of the stock in a transaction on Tuesday, March 24th. The stock was 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 over the last quarter. Corporate insiders own 1.10% of the company’s stock.

Several hedge funds have recently made changes to their positions in MRVL. Huntington National Bank grew its holdings in shares of Marvell Technology Group by 411.2% during the fourth quarter. Huntington National Bank now owns 3,282 shares of the semiconductor company’s stock worth $87,000 after purchasing an additional 2,640 shares during the last quarter. NEXT Financial Group Inc grew its holdings in shares of Marvell Technology Group by 49.1% during the fourth quarter. NEXT Financial Group Inc now owns 4,115 shares of the semiconductor company’s stock worth $109,000 after purchasing an additional 1,355 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. grew its holdings in shares of Marvell Technology Group by 907.8% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 7,790 shares of the semiconductor company’s stock worth $207,000 after purchasing an additional 7,017 shares during the last quarter. Nippon Life Global Investors Americas Inc. grew its holdings in shares of Marvell Technology Group by 9.7% during the fourth quarter. Nippon Life Global Investors Americas Inc. now owns 274,380 shares of the semiconductor company’s stock worth $7,288,000 after purchasing an additional 24,180 shares during the last quarter. Finally, Columbus Circle Investors grew its holdings in shares of Marvell Technology Group by 54.6% during the fourth quarter. Columbus Circle Investors now owns 730,241 shares of the semiconductor company’s stock worth $19,395,000 after purchasing an additional 257,938 shares during the last quarter. Institutional investors own 94.02% 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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