Marvell Technology Group (NASDAQ:MRVL) had its price objective boosted by Morgan Stanley from $20.50 to $22.00 in a research note issued on Wednesday. The firm currently has an “equal weight” rating on the semiconductor company’s stock. Morgan Stanley’s price target would indicate a potential downside of 0.86% from the stock’s previous close.
A number of other equities research analysts have also weighed in on MRVL. B. Riley restated a “buy” rating and issued a $23.00 price objective on shares of Marvell Technology Group in a report on Friday, September 1st. BidaskClub upgraded shares of Marvell Technology Group from a “strong sell” rating to a “sell” rating in a report on Wednesday, August 16th. Cowen restated a “buy” rating and issued a $21.00 price objective on shares of Marvell Technology Group in a report on Monday, August 21st. KeyCorp raised their price objective on shares of Marvell Technology Group from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Friday, August 25th. Finally, Zacks Investment Research upgraded shares of Marvell Technology Group from a “hold” rating to a “buy” rating and set a $23.00 price objective on the stock in a report on Tuesday, November 21st. Eight analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $23.87.
Shares of Marvell Technology Group (MRVL) traded up $0.14 on Wednesday, hitting $22.19. 4,662,200 shares of the stock were exchanged, compared to its average volume of 6,816,621. Marvell Technology Group has a fifty-two week low of $13.83 and a fifty-two week high of $24.22. The firm has a market cap of $10,830.96, a price-to-earnings ratio of 23.71, a price-to-earnings-growth ratio of 1.33 and a beta of 1.13.
In other Marvell Technology Group news, insider Marvell Semiconductor, Inc. Ca sold 9,812 shares of the firm’s stock in a transaction on Friday, December 1st. The shares were sold at an average price of $21.20, for a total transaction of $208,014.40. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Sehat Sutardja sold 1,375,000 shares of the firm’s stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $17.84, for a total transaction of $24,530,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 14,075,504 shares of company stock worth $259,605,751 over the last quarter. 6.80% of the stock is owned by company insiders.
A number of institutional investors have recently modified their holdings of MRVL. Krilogy Financial LLC boosted its holdings in shares of Marvell Technology Group by 1.6% in the second quarter. Krilogy Financial LLC now owns 15,600 shares of the semiconductor company’s stock valued at $258,000 after acquiring an additional 250 shares in the last quarter. Utah Retirement Systems boosted its holdings in shares of Marvell Technology Group by 0.4% in the second quarter. Utah Retirement Systems now owns 73,725 shares of the semiconductor company’s stock valued at $1,218,000 after acquiring an additional 300 shares in the last quarter. M&T Bank Corp boosted its holdings in shares of Marvell Technology Group by 1.3% in the second quarter. M&T Bank Corp now owns 30,943 shares of the semiconductor company’s stock valued at $512,000 after acquiring an additional 402 shares in the last quarter. D.A. Davidson & CO. boosted its holdings in shares of Marvell Technology Group by 10.2% in the second quarter. D.A. Davidson & CO. now owns 6,461 shares of the semiconductor company’s stock valued at $106,000 after acquiring an additional 600 shares in the last quarter. Finally, Pictet Asset Management Ltd. boosted its holdings in shares of Marvell Technology Group by 0.7% in the second quarter. Pictet Asset Management Ltd. now owns 170,100 shares of the semiconductor company’s stock valued at $2,933,000 after acquiring an additional 1,200 shares in the last quarter. 78.83% of the stock is currently owned by institutional investors.
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Marvell Technology Group Company Profile
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.
