Marvell Technology Group (NASDAQ:MRVL) had its price objective increased by Cowen from $21.00 to $29.00 in a research note released on Friday. They currently have an outperform rating on the semiconductor company’s stock.
Several other research analysts also recently issued reports on the stock. Benchmark upgraded shares of Marvell Technology Group from a hold rating to a buy rating and upped their price target for the stock from $17.00 to $30.00 in a report on Monday, November 20th. Piper Jaffray Companies assumed coverage on Marvell Technology Group in a report on Monday, December 18th. They issued an overweight rating and a $25.00 price objective for the company. ValuEngine upgraded Marvell Technology Group from a hold rating to a buy rating in a report on Sunday, December 31st. Barclays upgraded Marvell Technology Group from an equal weight rating to an overweight rating and increased their price objective for the company from $20.00 to $30.00 in a report on Tuesday, November 21st. Finally, Bank of America upgraded Marvell Technology Group from a neutral rating to a buy rating in a report on Monday, November 20th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus target price of $24.74.
Shares of Marvell Technology Group (MRVL) traded up $0.02 during mid-day trading on Friday, hitting $24.34. The company had a trading volume of 17,308,938 shares, compared to its average volume of 8,050,000. The company has a market capitalization of $12,080.00, a PE ratio of 42.70, a P/E/G ratio of 1.29 and a beta of 0.91. Marvell Technology Group has a fifty-two week low of $14.58 and a fifty-two week high of $25.18.
In related news, Director Michael G. Strachan sold 20,000 shares of the firm’s 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 transaction, the director now owns 19,702 shares of the company’s stock, valued at approximately $465,952.30. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Marvell Semiconductor, Inc. Ca sold 1,512 shares of the firm’s stock in a transaction dated Thursday, January 18th. The shares were sold at an average price of $23.86, for a total transaction of $36,076.32. The disclosure for this sale can be found here. 6.80% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Advisor Group Inc. increased its stake in Marvell Technology Group by 516.2% in the 4th quarter. Advisor Group Inc. now owns 4,800 shares of the semiconductor company’s stock valued at $103,000 after buying an additional 4,021 shares during the last quarter. Delpha Capital Management LLC purchased a new stake in shares of Marvell Technology Group during the 4th quarter worth approximately $112,000. Tower Research Capital LLC TRC increased its stake in shares of Marvell Technology Group by 208.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 5,482 shares of the semiconductor company’s stock worth $118,000 after purchasing an additional 3,704 shares during the last quarter. Massey Quick Simon & CO. LLC purchased a new stake in shares of Marvell Technology Group during the 3rd quarter worth approximately $124,000. Finally, Envestnet Asset Management Inc. increased its stake in shares of Marvell Technology Group by 182.9% during the 4th quarter. Envestnet Asset Management Inc. now owns 7,322 shares of the semiconductor company’s stock worth $157,000 after purchasing an additional 4,734 shares during the last quarter. 90.92% 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.
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