Marvell Technology Group Given New $15.00 Price Target at Nomura (MRVL)
Investment analysts at Nomura upped their price target on shares of Marvell Technology Group (NASDAQ:MRVL) from $14.00 to $15.00 in a note issued to investors on Friday. Nomura’s target price indicates a potential downside of 3.78% from the stock’s previous close.
A number of other analysts have also recently weighed in on MRVL. Analysts at Stifel Nicolaus raised their price target on shares of Marvell Technology Group from $17.00 to $18.00 in a research note on Friday. They now have a “buy” rating on the stock. Separately, analysts at Morgan Stanley initiated coverage on shares of Marvell Technology Group in a research note on Friday, May 2nd. They set an “equal weight” rating and a $20.87 price target on the stock. Finally, analysts at Zacks upgraded shares of Marvell Technology Group from a “neutral” rating to an “outperform” rating in a research note on Tuesday, April 22nd. They now have a $17.10 price target on the stock. Five analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Marvell Technology Group presently has a consensus rating of “Buy” and a consensus price target of $16.25.
Shares of Marvell Technology Group (NASDAQ:MRVL) traded down 3.50% during mid-day trading on Friday, hitting $15.045. The stock had a trading volume of 2,855,534 shares. Marvell Technology Group has a one year low of $10.57 and a one year high of $16.65. The stock has a 50-day moving average of $15.60 and a 200-day moving average of $14.89. The company has a market cap of $7.574 billion and a P/E ratio of 24.75. Marvell Technology Group also was the recipient of unusually large options trading activity on Thursday. Traders acquired 11,071 call options on the stock. This represents an increase of approximately 159% compared to the typical volume of 4,268 call options.
Marvell Technology Group (NASDAQ:MRVL) last released its earnings data on Thursday, May 22nd. The company reported $0.27 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.22 by $0.05. The company had revenue of $957.83 million for the quarter, compared to the consensus estimate of $892.25 million. During the same quarter last year, the company posted $0.19 earnings per share. Marvell Technology Group’s revenue was up 30.4% compared to the same quarter last year. Analysts expect that Marvell Technology Group will post $1.08 EPS for the current fiscal year.
Marvell Technology Group Ltd. (NASDAQ:MRVL) is a fabless semiconductor provider of application-specific standard products.
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