Credit Suisse Increases Marvell Technology Group Price Target to $16.00 (MRVL)
Equities researchers at Credit Suisse upped their price objective on shares of Marvell Technology Group (NASDAQ:MRVL) from $14.50 to $16.00 in a research report issued on Friday, AnalystRatings.Net reports. Credit Suisse’s target price indicates a potential downside of 0.78% from the stock’s previous close.
Shares of Marvell Technology Group (NASDAQ:MRVL) traded down 3.26% on Friday, hitting $15.60. The stock had a trading volume of 11,432,726 shares. Marvell Technology Group has a 1-year low of $9.46 and a 1-year high of $16.62. The stock’s 50-day moving average is $15.03 and its 200-day moving average is $13.30. The company has a market cap of $7.674 billion and a P/E ratio of 31.37. Marvell Technology Group also saw a large decline in short interest in January. As of January 31st, there was short interest totalling 7,439,712 shares, a decline of 24.9% from the January 15th total of 9,900,066 shares. Based on an average daily trading volume, of 5,822,396 shares, the days-to-cover ratio is currently 1.3 days. Currently, 2.1% of the shares of the stock are sold short.
Marvell Technology Group (NASDAQ:MRVL) last released its earnings data on Thursday, February 20th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.04. The company had revenue of $931.70 million for the quarter, compared to the consensus estimate of $901.13 million. Analysts expect that Marvell Technology Group will post $1.05 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, March 27th. Stockholders of record on Thursday, March 13th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.49%. The ex-dividend date is Tuesday, March 11th.
A number of other firms have also recently commented on MRVL. Analysts at JPMorgan Chase & Co. raised their price target on shares of Marvell Technology Group from $18.00 to $20.00 in a research note on Friday. Separately, analysts at Jefferies Group raised their price target on shares of Marvell Technology Group from $15.00 to $16.00 in a research note on Friday. They now have a “hold” rating on the stock. Finally, analysts at Standpoint Research downgraded shares of Marvell Technology Group from a “buy” rating to a “hold” rating in a research note on Wednesday. Ten analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $15.04.
Marvell Technology Group Ltd. (NASDAQ:MRVL) is a fabless semiconductor provider of application-specific standard products.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.