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Research analysts at RBC Capital lowered their price target on shares of Marvell Technology Group (NASDAQ:MRVL) from $23.00 to $22.00 in a report released on Friday. RBC Capital’s price objective suggests a potential upside of 61.29% from the company’s current price.

Shares of Marvell Technology Group (NASDAQ:MRVL) opened at 13.64 on Friday. Marvell Technology Group has a one year low of $10.87 and a one 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 $6.932 billion and a price-to-earnings ratio of 19.04. Marvell Technology Group also saw unusually large options trading on Thursday. Investors purchased 3,157 put options on the company. This represents an increase of approximately 232% compared to the average daily volume of 950 put options.

Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings results 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. Analysts expect that Marvell Technology Group will post $1.15 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which is scheduled for Thursday, October 2nd. Investors of record on Thursday, September 11th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.76%.

Several other analysts have also recently commented on the stock. 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. Separately, analysts at Standpoint Research upgraded shares of Marvell Technology Group from a “hold” rating to a “buy” rating in a research note on Thursday, August 14th. They now have a $17.00 price target on the stock. Finally, analysts at Zacks downgraded shares of Marvell Technology Group from an “outperform” rating to a “neutral” rating in a research note on Wednesday, July 23rd. They now have a $17.10 price target on the stock. One analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $16.74.

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

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