Marvell Technology Group Ltd. (NASDAQ:MRVL) has been assigned an average recommendation of “Buy” from the twenty-eight research firms that are presently covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $19.24.

Several analysts have recently commented on the stock. B. Riley restated a “buy” rating and issued a $23.00 target price on shares of Marvell Technology Group in a research note on Friday, September 1st. Morgan Stanley raised their target price on shares of Marvell Technology Group from $17.00 to $18.50 and gave the stock an “equal weight” rating in a research note on Tuesday, May 30th. TheStreet upgraded shares of Marvell Technology Group from a “c” rating to a “b” rating in a research note on Thursday, May 25th. Cowen and Company reiterated an “outperform” rating and issued a $21.00 price objective on shares of Marvell Technology Group in a research note on Wednesday, June 21st. Finally, Pacific Crest upgraded shares of Marvell Technology Group from a “sector weight” rating to an “overweight” rating and set a $22.00 price objective for the company in a research note on Tuesday, June 20th.

Shares of Marvell Technology Group (MRVL) traded down 1.26% on Friday, hitting $17.25. 3,442,915 shares of the company’s stock were exchanged. The stock has a market cap of $8.64 billion, a price-to-earnings ratio of 33.43 and a beta of 1.10. The company’s 50-day moving average price is $16.23 and its 200 day moving average price is $16.15. Marvell Technology Group has a 12-month low of $12.03 and a 12-month high of $18.18.

Marvell Technology Group (NASDAQ:MRVL) last released its earnings results on Thursday, August 24th. The semiconductor company reported $0.25 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by $0.03. Marvell Technology Group had a return on equity of 9.99% and a net margin of 10.97%. The firm had revenue of $604.75 million during the quarter, compared to analyst estimates of $600.76 million. During the same quarter last year, the business posted $0.18 EPS. The firm’s revenue was up 16.4% on a year-over-year basis. On average, equities analysts predict that Marvell Technology Group will post $1.12 earnings per share for the current fiscal year.

In other Marvell Technology Group news, major shareholder Sehat Sutardja sold 420,422 shares of Marvell Technology Group stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $17.84, for a total transaction of $7,500,328.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 6.80% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of MRVL. Creative Planning lifted its position in shares of Marvell Technology Group by 175.3% during the first quarter. Creative Planning now owns 7,158 shares of the semiconductor company’s stock worth $109,000 after purchasing an additional 4,558 shares in the last quarter. ProShare Advisors LLC lifted its position in shares of Marvell Technology Group by 0.3% during the first quarter. ProShare Advisors LLC now owns 27,321 shares of the semiconductor company’s stock worth $417,000 after purchasing an additional 75 shares in the last quarter. Janney Montgomery Scott LLC lifted its position in shares of Marvell Technology Group by 16.9% during the first quarter. Janney Montgomery Scott LLC now owns 34,309 shares of the semiconductor company’s stock worth $524,000 after purchasing an additional 4,960 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD lifted its position in shares of Marvell Technology Group by 22.8% during the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 34,167 shares of the semiconductor company’s stock worth $521,000 after purchasing an additional 6,344 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its position in shares of Marvell Technology Group by 4.0% during the first quarter. Wells Fargo & Company MN now owns 184,261 shares of the semiconductor company’s stock worth $2,812,000 after purchasing an additional 7,038 shares in the last quarter. 75.63% of the stock is currently owned by institutional investors and hedge funds.

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About Marvell Technology Group

Marvell Technology Group Ltd. is a semiconductor provider of application-specific standard products. The Company is engaged in the design, development and sale of integrated circuits. The Company develops System-on-a-Chip (SoC) devices. It also develops integrated hardware platforms along with software that incorporates digital computing technologies designed and configured to provide an optimized computing solution.

Analyst Recommendations for Marvell Technology Group (NASDAQ:MRVL)

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