Marvell Technology Group Trading Down 2.4% on Analyst Downgrade (MRVL)
Marvell Technology Group (NASDAQ:MRVL) dropped 2.4% on Monday after Brean Capital lowered their price target on the stock from $19.00 to $17.00, Analyst Ratings News reports. Brean Capital currently has a buy rating on the stock. Marvell Technology Group traded as low as $13.50 and last traded at $13.54, with a volume of 3,902,105 shares traded. The stock had previously closed at $13.87.
Other equities research analysts have also recently issued reports about the stock. 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. Separately, 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, August 18th. They now have a “buy” rating on the stock. Finally, 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. One research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $16.70.
The stock’s 50-day moving average is $13.67 and its 200-day moving average is $14.97. The company has a market cap of $6.956 billion and a P/E ratio of 16.13.
Marvell Technology Group (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, August 21st. The company reported $0.34 earnings per share (EPS) for the quarter, beating the 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 previous year, the company posted $0.23 earnings per share. The company’s revenue for the quarter was up 19.2% on a year-over-year basis. On average, analysts predict that Marvell Technology Group will post $1.16 earnings per share 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 1.73%.
Marvell Technology Group Ltd. (NASDAQ:MRVL) is a fabless semiconductor provider of application-specific standard products.
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