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Stock analysts at Jefferies Group increased their price objective on shares of Marvell Technology Group (NASDAQ:MRVL) from $16.00 to $17.00 in a report issued on Friday. Jefferies Group’s target price would suggest a potential upside of 9.04% from the company’s current price.

Shares of Marvell Technology Group (NASDAQ:MRVL) traded down 3.50% on Friday, hitting $15.045. 2,852,534 shares of the company’s stock traded hands. Marvell Technology Group has a 52 week low of $10.57 and a 52 week 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 saw unusually large options trading on Thursday. Traders bought 11,071 call options on the company. This is an increase of approximately 159% compared to the average daily volume of 4,268 call options.

Marvell Technology Group (NASDAQ:MRVL) last issued its quarterly 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.

A number of other analysts have also recently weighed in on MRVL. Analysts at Nomura raised their price target on shares of Marvell Technology Group from $14.00 to $15.00 in a research note on Friday. Separately, 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. Finally, 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. Five equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Marvell Technology Group currently has an average rating of “Buy” and a consensus target price of $16.25.

Marvell Technology Group Ltd. (NASDAQ:MRVL) is a fabless semiconductor provider of application-specific standard products.

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