Marvell Technology Group Price Target Increased to $16.00 by Analysts at Deutsche Bank (MRVL)
Research analysts at Deutsche Bank boosted their target price on shares of Marvell Technology Group (NASDAQ:MRVL) from $14.00 to $16.00 in a report released on Friday, AR Network reports. Deutsche Bank’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 52 week low of $9.46 and a 52 week high of $16.62. The stock has a 50-day moving average of $15.03 and a 200-day moving average of $13.30. The company has a market cap of $7.674 billion and a price-to-earnings ratio of 31.37. Marvell Technology Group also saw a large decline in short interest in the month of 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 volume of 5,822,396 shares, the days-to-cover ratio is presently 1.3 days. Approximately 2.1% of the shares of the company are short sold.
Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, February 20th. The company reported $0.29 EPS for the quarter, beating the Thomson Reuters 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. Investors 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 analysts have also recently weighed in on MRVL. Analysts at JMP Securities raised their price target on shares of Marvell Technology Group from $9.00 to $10.00 in a research note on Friday. Separately, analysts at Credit Suisse raised their price target on shares of Marvell Technology Group from $14.50 to $16.00 in a research note on Friday. Finally, 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. Ten equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $15.04.
Marvell Technology Group Ltd. (NASDAQ:MRVL) is a fabless semiconductor provider of application-specific standard products.
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