Marvell Technology Group (NASDAQ:MRVL) Upgraded to Strong-Buy at ValuEngine

Marvell Technology Group (NASDAQ:MRVL) was upgraded by analysts at ValuEngine from a “buy” rating to a “strong-buy” rating in a research note issued to investors on Tuesday, ValuEngine reports.

MRVL has been the subject of several other reports. BMO Capital Markets cut their price objective on shares of AKITA Drilling from C$5.00 to C$3.50 in a report on Tuesday, May 7th. BidaskClub downgraded shares of Orthofix Medical from a “buy” rating to a “hold” rating in a report on Monday, May 20th. TheStreet raised shares of Marvell Technology Group from a “c+” rating to a “b-” rating in a report on Wednesday, July 3rd. MKM Partners raised their price objective on shares of Marvell Technology Group from $25.00 to $28.00 and gave the stock a “buy” rating in a report on Friday, May 31st. Finally, Cowen reaffirmed a “buy” rating on shares of ImmunoGen in a report on Thursday, June 27th. Five research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the company. Marvell Technology Group has an average rating of “Buy” and a consensus price target of $26.00.

MRVL opened at $26.10 on Tuesday. The business has a 50 day simple moving average of $24.06. The company has a market cap of $17.02 billion, a P/E ratio of 30.71, a PEG ratio of 8.13 and a beta of 1.17. Marvell Technology Group has a 12 month low of $14.34 and a 12 month high of $26.28. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.67 and a current ratio of 2.07.

Marvell Technology Group (NASDAQ:MRVL) last released its quarterly earnings data on Thursday, May 30th. The semiconductor company reported $0.16 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.14 by $0.02. The company had revenue of $662.00 million during the quarter, compared to the consensus estimate of $651.07 million. Marvell Technology Group had a negative net margin of 12.18% and a positive return on equity of 5.88%. Marvell Technology Group’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same period last year, the firm earned $0.32 EPS. As a group, equities analysts anticipate that Marvell Technology Group will post 0.43 earnings per share for the current year.

In other news, CEO Matthew J. Murphy sold 265,000 shares of the firm’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $26.02, for a total transaction of $6,895,300.00. Following the sale, the chief executive officer now owns 1,755 shares in the company, valued at approximately $45,665.10. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Oleg Khaykin sold 10,000 shares of the firm’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $23.89, for a total transaction of $238,900.00. Following the sale, the director now owns 33,204 shares in the company, valued at approximately $793,243.56. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 323,057 shares of company stock worth $8,299,646. Corporate insiders own 1.10% of the company’s stock.

Institutional investors have recently bought and sold shares of the company. FMR LLC raised its position in Marvell Technology Group by 22.0% in the 1st quarter. FMR LLC now owns 98,609,661 shares of the semiconductor company’s stock worth $1,961,346,000 after purchasing an additional 17,785,138 shares during the period. BlackRock Inc. raised its position in Marvell Technology Group by 29.1% in the 1st quarter. BlackRock Inc. now owns 46,081,466 shares of the semiconductor company’s stock worth $916,559,000 after purchasing an additional 10,388,875 shares during the period. JPMorgan Chase & Co. raised its position in Marvell Technology Group by 62.7% in the 1st quarter. JPMorgan Chase & Co. now owns 10,742,547 shares of the semiconductor company’s stock worth $213,670,000 after purchasing an additional 4,138,462 shares during the period. FIL Ltd raised its position in Marvell Technology Group by 117.7% in the 1st quarter. FIL Ltd now owns 10,543,241 shares of the semiconductor company’s stock worth $209,705,000 after purchasing an additional 5,700,711 shares during the period. Finally, Jennison Associates LLC raised its position in Marvell Technology Group by 7.8% in the 1st quarter. Jennison Associates LLC now owns 7,375,792 shares of the semiconductor company’s stock worth $146,705,000 after purchasing an additional 533,146 shares during the period.

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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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Marvell Technology Group (NASDAQ:MRVL)

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