Marvell Technology Group (MRVL) Hits New 1-Year High After Analyst Upgrade

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.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Loeb Partners Corp acquired a new position in Marvell Technology Group in the fourth quarter valued at approximately $44,000. Massey Quick Simon & CO. LLC acquired a new stake in shares of Marvell Technology Group during the 1st quarter valued at $59,000. AlphaOne Investment Services LLC lifted its position in shares of Marvell Technology Group by 339.4% during the 4th quarter. AlphaOne Investment Services LLC now owns 3,344 shares of the semiconductor company’s stock valued at $54,000 after acquiring an additional 2,583 shares during the last quarter. Sterling Investment Advisors Ltd. lifted its position in shares of Marvell Technology Group by 100.0% during the 4th quarter. Sterling Investment Advisors Ltd. now owns 6,000 shares of the semiconductor company’s stock valued at $97,000 after acquiring an additional 3,000 shares during the last quarter. Finally, Penserra Capital Management LLC lifted its position in shares of Marvell Technology Group by 580.7% during the 4th quarter. Penserra Capital Management LLC now owns 6,126 shares of the semiconductor company’s stock valued at $98,000 after acquiring an additional 5,226 shares during the last quarter. Hedge funds and other institutional investors own 96.70% of the company’s stock.

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%.

TRADEMARK VIOLATION NOTICE: This story was posted by Baseball Daily News and is the sole property of of Baseball Daily News. If you are accessing this story on another publication, it was copied illegally and republished in violation of U.S. & international trademark & copyright legislation. The legal version of this story can be accessed at https://www.baseballdailydigest.com/news/2019/04/24/marvell-technology-group-mrvl-hits-new-1-year-high-after-analyst-upgrade.html.

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.

Read More: What is a Call Option?

Receive News & Ratings for Marvell Technology Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Marvell Technology Group and related companies with MarketBeat.com's FREE daily email newsletter.