Marvell Technology Group Price Target Increased to $18.00 by Analysts at Raymond James (MRVL)
Analysts at Raymond James hoisted their price target on shares of Marvell Technology Group (NASDAQ:MRVL) from $17.00 to $18.00 in a research report issued to clients and investors on Friday. Raymond James’ price objective suggests a potential upside of 15.46% from the stock’s previous close.
A number of other firms have also recently commented on MRVL. Analysts at Jefferies Group raised their price target on shares of Marvell Technology Group from $16.00 to $17.00 in a research note on Friday. Separately, 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. Finally, 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. Five 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. The company presently has a consensus rating of “Buy” and a consensus target price of $16.25.
Marvell Technology Group (NASDAQ:MRVL) traded down 3.50% during mid-day trading 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’s 50-day moving average is $15.60 and its 200-day moving average is $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 activity on Thursday. Traders purchased 11,071 call options on the stock. This represents an increase of approximately 159% compared to the average volume of 4,268 call options.
Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings results 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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