Marvell Technology Group Ltd. (NASDAQ:MRVL) was upgraded by equities research analysts at Vetr from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The firm currently has a $13.96 target price on the stock. Vetr‘s target price would suggest a potential upside of 7.38% from the stock’s current price.
A number of other equities research analysts have also recently commented on the stock. Credit Suisse Group AG raised shares of Marvell Technology Group from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $13.50 to $17.50 in a research note on Wednesday. Susquehanna assumed coverage on shares of Marvell Technology Group in a research note on Tuesday, September 20th. They set a “neutral” rating and a $13.00 price objective on the stock. B. Riley reaffirmed a “buy” rating and set a $16.00 price objective on shares of Marvell Technology Group in a research note on Sunday, September 11th. Oppenheimer Holdings Inc. reaffirmed a “market perform” rating on shares of Marvell Technology Group in a research note on Thursday, September 8th. Finally, MKM Partners reaffirmed a “neutral” rating on shares of Marvell Technology Group in a research note on Thursday, September 8th. Three equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and eight have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $13.02.
Shares of Marvell Technology Group (NASDAQ:MRVL) opened at 13.00 on Wednesday. The company has a 50-day moving average of $12.80 and a 200 day moving average of $10.99. The company’s market cap is $6.65 billion. Marvell Technology Group has a 12 month low of $7.40 and a 12 month high of $13.56.
Marvell Technology Group (NASDAQ:MRVL) last issued its quarterly earnings data on Tuesday, September 6th. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.07. The business had revenue of $626 million for the quarter, compared to analysts’ expectations of $629.96 million. Marvell Technology Group had a negative net margin of 1.18% and a positive return on equity of 1.35%. The business’s revenue was down 11.8% on a year-over-year basis. During the same quarter last year, the company earned $0.12 EPS. On average, analysts anticipate that Marvell Technology Group will post $0.44 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 19th. Shareholders of record on Wednesday, September 28th will be given a $0.06 dividend. The ex-dividend date of this dividend is Monday, September 26th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.85%. Marvell Technology Group’s dividend payout ratio is currently -480.00%.
Several hedge funds have recently made changes to their positions in MRVL. Daiwa Securities Group Inc. boosted its stake in shares of Marvell Technology Group by 23.6% in the second quarter. Daiwa Securities Group Inc. now owns 11,000 shares of the company’s stock worth $105,000 after buying an additional 2,100 shares in the last quarter. Hartford Investment Management Co. bought a new stake in shares of Marvell Technology Group during the second quarter worth $110,000. Franklin Resources Inc. bought a new stake in shares of Marvell Technology Group during the first quarter worth $132,000. CIBC World Markets Inc. bought a new stake in shares of Marvell Technology Group during the second quarter worth $139,000. Finally, LS Investment Advisors LLC boosted its stake in shares of Marvell Technology Group by 12.2% in the second quarter. LS Investment Advisors LLC now owns 16,557 shares of the company’s stock worth $158,000 after buying an additional 1,794 shares in the last quarter. 70.60% of the stock is owned by institutional investors.
Marvell Technology Group Company Profile
Marvell Technology Group Ltd. (Marvell) is a fabless semiconductor provider of application-specific standard products. The Company develops System-on-a-Chip (SoC) devices. Its product portfolio includes devices for data storage, enterprise-class Ethernet data switching, Ethernet physical-layer transceivers (PHY), mobile handsets, connectivity, Internet-of-Things (IoT) devices and other consumer electronics.
To view Vetr’s full report, visit Vetr’s official website.
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