Marvell Technology Group Earns “Hold” Rating from Jefferies Group (MRVL)
Marvell Technology Group (NASDAQ:MRVL)‘s stock had its “hold” rating reissued by analysts at Jefferies Group in a research report issued to clients and investors on Friday. They currently have a $15.00 price objective on the stock, down from their previous price objective of $17.00. Jefferies Group’s price objective would indicate a potential upside of 9.97% from the company’s current price.
Marvell Technology Group (NASDAQ:MRVL) traded up 1.83% during mid-day trading on Friday, hitting $13.89. The stock had a trading volume of 8,882,630 shares. Marvell Technology Group has a 1-year low of $10.87 and a 1-year high of $16.65. The stock’s 50-day moving average is $13.69 and its 200-day moving average is $14.97. The company has a market cap of $7.059 billion and a P/E ratio of 19.18. Marvell Technology Group also was the target of unusually large options trading on Thursday. Stock traders purchased 3,157 put options on the stock. This represents an increase of approximately 232% compared to the typical daily volume of 950 put options.
Marvell Technology Group (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, August 21st. The company reported $0.34 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.28 by $0.06. The company had revenue of $961.50 million for the quarter, compared to the consensus estimate of $961.56 million. During the same quarter in the prior year, the company posted $0.23 earnings per share. The company’s quarterly revenue was up 19.2% on a year-over-year basis. On average, analysts predict that Marvell Technology Group will post $1.15 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, October 2nd. Stockholders of record on Thursday, September 11th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.76%.
Several other analysts have also recently commented on the stock. Analysts at Brean Capital cut their price target on shares of Marvell Technology Group from $19.00 to $17.00 in a research note on Friday. They now have a “buy” rating on the stock. Separately, analysts at RBC Capital cut their price target on shares of Marvell Technology Group from $23.00 to $22.00 in a research note on Friday. They now have a “top pick” rating on the stock. Finally, analysts at MKM Partners cut their price target on shares of Marvell Technology Group from $19.00 to $17.00 in a research note on Monday. They now have a “buy” rating on the stock. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $16.69.
Marvell Technology Group Ltd. (NASDAQ:MRVL) is a fabless semiconductor provider of application-specific standard products.
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