Marvell Technology Group PT Raised to $10.00 (MRVL)
Research analysts at JMP Securities raised their price target on shares of Marvell Technology Group (NASDAQ:MRVL) from $9.00 to $10.00 in a report released on Friday, Analyst Ratings News reports. JMP Securities’ target price points to a potential downside of 37.98% from the company’s current price.
A number of other analysts have also recently weighed in on MRVL. 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. Separately, 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. Finally, 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. Ten research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Marvell Technology Group presently has an average rating of “Buy” and an average price target of $15.04.
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’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 significant decline in short interest during 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 trading volume of 5,822,396 shares, the days-to-cover ratio is currently 1.3 days. Approximately 2.1% of the company’s stock are sold short.
Marvell Technology Group (NASDAQ:MRVL) last announced its earnings results 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. On average, analysts predict that Marvell Technology Group will post $1.05 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, March 27th. Shareholders 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.
Marvell Technology Group Ltd. (NASDAQ:MRVL) is a fabless semiconductor provider of application-specific standard products.
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