Marvell Technology Group Ltd. (NASDAQ:MRVL) reached a new 52-week high during mid-day trading on Wednesday after UBS Group raised their price target on the stock from $22.00 to $29.00. UBS Group currently has a buy rating on the stock. Marvell Technology Group traded as high as $25.73 and last traded at $25.54, with a volume of 10960118 shares. The stock had previously closed at $25.12.
MRVL has been the subject of a number of other reports. BidaskClub raised shares of Marvell Technology Group from a “sell” rating to a “hold” rating in a report on Friday, December 28th. ValuEngine raised shares of Marvell Technology Group from a “hold” rating to a “buy” rating in a report on Friday, April 5th. Citigroup increased their price objective on shares of Marvell Technology Group from $22.00 to $28.00 and gave the company a “buy” rating in a report on Wednesday, April 17th. Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 price objective on shares of Marvell Technology Group in a report on Monday, January 14th. Finally, Zacks Investment Research lowered shares of Marvell Technology Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 5th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. Marvell Technology Group has an average rating of “Buy” and an average price target of $25.10.
In other news, EVP Mitchell Gaynor sold 10,000 shares of the stock in a transaction that occurred on Friday, April 12th. The stock was sold at an average price of $23.64, for a total transaction of $236,400.00. Following the completion of the transaction, the executive vice president now directly owns 25,576 shares in the company, valued at approximately $604,616.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.10% of the stock is currently owned by corporate insiders.
The stock has a market cap of $16.56 billion, a P/E ratio of 30.05, a price-to-earnings-growth ratio of 4.50 and a beta of 1.01. The company has a quick ratio of 1.76, a current ratio of 2.19 and a debt-to-equity ratio of 0.24.
Marvell Technology Group (NASDAQ:MRVL) last announced its earnings results on Thursday, March 7th. The semiconductor company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.02). Marvell Technology Group had a negative net margin of 6.25% and a positive return on equity of 7.95%. The firm had revenue of $744.80 million for the quarter, compared to analyst estimates of $739.88 million. During the same period last year, the firm earned $0.32 earnings per share. On average, research analysts expect that Marvell Technology Group Ltd. will post 0.63 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 24th. Shareholders of record on Wednesday, April 3rd will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.94%. The ex-dividend date is Tuesday, April 2nd. Marvell Technology Group’s dividend payout ratio (DPR) is currently 28.24%.
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About Marvell Technology Group (NASDAQ:MRVL)
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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