Marvell Technology Group Ltd. (NASDAQ:MRVL)‘s stock had its “buy” rating reaffirmed by equities researchers at B. Riley in a research note issued on Wednesday. They currently have a $24.00 target price on the semiconductor company’s stock. B. Riley’s price objective points to a potential upside of 34.30% from the company’s previous close.

Other research analysts have also issued reports about the stock. TheStreet raised shares of Marvell Technology Group from a “c” rating to a “b” rating in a research report on Thursday, May 25th. Cowen and Company restated a “buy” rating on shares of Marvell Technology Group in a report on Friday, July 14th. Zacks Investment Research upgraded shares of Marvell Technology Group from a “hold” rating to a “buy” rating and set a $19.00 price objective for the company in a report on Friday, May 26th. MKM Partners restated a “buy” rating and set a $20.00 price objective on shares of Marvell Technology Group in a report on Tuesday, July 4th. Finally, Credit Suisse Group restated a “buy” rating on shares of Marvell Technology Group in a report on Wednesday, August 23rd. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. Marvell Technology Group presently has an average rating of “Buy” and an average target price of $19.22.

Marvell Technology Group (MRVL) traded down 0.89% on Wednesday, hitting $17.87. 4,497,266 shares of the stock traded hands. The stock has a 50 day moving average of $16.65 and a 200 day moving average of $16.25. Marvell Technology Group has a 52 week low of $12.30 and a 52 week high of $18.67. The firm has a market capitalization of $8.86 billion, a PE ratio of 34.63 and a beta of 1.10.

Marvell Technology Group (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, August 24th. The semiconductor company reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.03). Marvell Technology Group had a net margin of 10.97% and a return on equity of 9.99%. The firm had revenue of $604.75 million for the quarter, compared to the consensus estimate of $600.76 million. During the same period in the previous year, the business earned $0.18 earnings per share. The firm’s revenue for the quarter was up 16.4% on a year-over-year basis. Equities research analysts anticipate that Marvell Technology Group will post $1.12 earnings per share for the current year.

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In related news, major shareholder Sehat Sutardja sold 537,235 shares of the company’s stock in a transaction on Thursday, September 7th. The shares were sold at an average price of $17.57, for a total transaction of $9,439,218.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 5,419,843 shares of company stock valued at $96,208,373 over the last quarter. 6.80% of the stock is currently owned by company insiders.

Institutional investors have recently modified their holdings of the business. D.A. Davidson & CO. increased its position in Marvell Technology Group by 10.2% during the 2nd quarter. D.A. Davidson & CO. now owns 6,461 shares of the semiconductor company’s stock valued at $106,000 after purchasing an additional 600 shares during the period. Creative Planning increased its position in Marvell Technology Group by 175.3% during the 1st quarter. Creative Planning now owns 7,158 shares of the semiconductor company’s stock valued at $109,000 after purchasing an additional 4,558 shares during the period. Envestnet Asset Management Inc. increased its position in Marvell Technology Group by 103.8% during the 4th quarter. Envestnet Asset Management Inc. now owns 7,258 shares of the semiconductor company’s stock valued at $102,000 after purchasing an additional 3,696 shares during the period. Tower Research Capital LLC TRC increased its position in Marvell Technology Group by 1,740.4% during the 1st quarter. Tower Research Capital LLC TRC now owns 7,969 shares of the semiconductor company’s stock valued at $122,000 after purchasing an additional 7,536 shares during the period. Finally, Ladenburg Thalmann Financial Services Inc. increased its position in Marvell Technology Group by 454.8% during the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 8,777 shares of the semiconductor company’s stock valued at $122,000 after purchasing an additional 7,195 shares during the period. 76.61% of the stock is currently owned by institutional investors and hedge funds.

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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