Marvell Technology Group Ltd. (NASDAQ:MRVL) was upgraded by equities researchers at Vetr from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Tuesday. The firm currently has a $16.75 target price on the stock. Vetr‘s price objective points to a potential upside of 14.02% from the company’s current price.
MRVL has been the topic of several other reports. Stephens started coverage on Marvell Technology Group in a report on Wednesday, August 31st. They issued an “overweight” rating and a $17.00 price objective on the stock. Credit Suisse Group AG upgraded Marvell Technology Group from a “neutral” rating to an “outperform” rating and raised their target price for the company from $13.50 to $17.50 in a research report on Wednesday, October 12th. Citigroup Inc. raised their target price on Marvell Technology Group from $10.50 to $12.00 and gave the company a “sell” rating in a research report on Friday, September 2nd. Susquehanna began coverage on Marvell Technology Group in a research report on Tuesday, September 20th. They issued a “neutral” rating and a $13.00 target price on the stock. Finally, MKM Partners restated a “neutral” rating on shares of Marvell Technology Group in a research report on Thursday, September 8th. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. Marvell Technology Group presently has an average rating of “Hold” and a consensus price target of $14.00.
Shares of Marvell Technology Group (NASDAQ:MRVL) remained flat at $14.69 during trading on Tuesday. The firm’s 50 day moving average price is $13.20 and its 200 day moving average price is $11.64. Marvell Technology Group has a 1-year low of $7.40 and a 1-year high of $15.00. The company has a market cap of $7.51 billion, a PE ratio of 71.31 and a beta of 1.12.
Marvell Technology Group (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, November 17th. The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.12 by $0.08. Marvell Technology Group had a return on equity of 3.28% and a net margin of 4.33%. The company had revenue of $654 million for the quarter, compared to analyst estimates of $615.66 million. During the same period last year, the company earned $0.05 earnings per share. Marvell Technology Group’s quarterly revenue was down 3.1% compared to the same quarter last year. On average, analysts predict that Marvell Technology Group will post $0.45 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 28th. Stockholders of record on Tuesday, December 6th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.63%. The ex-dividend date is Friday, December 2nd. Marvell Technology Group’s payout ratio is currently 114.29%.
Several hedge funds have recently bought and sold shares of the stock. State Street Corp increased its stake in Marvell Technology Group by 1.9% in the second quarter. State Street Corp now owns 10,392,245 shares of the company’s stock valued at $99,033,000 after buying an additional 189,900 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Marvell Technology Group by 8.6% in the second quarter. Dimensional Fund Advisors LP now owns 6,455,008 shares of the company’s stock valued at $61,514,000 after buying an additional 512,782 shares during the last quarter. BlackRock Fund Advisors increased its stake in Marvell Technology Group by 3.7% in the third quarter. BlackRock Fund Advisors now owns 5,784,328 shares of the company’s stock valued at $76,758,000 after buying an additional 205,575 shares during the last quarter. Argent Capital Management LLC purchased a new stake in Marvell Technology Group during the third quarter valued at $60,316,000. Finally, Roystone Capital Management LP increased its stake in Marvell Technology Group by 70.6% in the second quarter. Roystone Capital Management LP now owns 4,485,600 shares of the company’s stock valued at $42,747,000 after buying an additional 1,855,600 shares during the last quarter. 68.13% of the stock is owned by institutional investors and hedge funds.
About Marvell Technology Group
Marvell Technology Group Ltd. is a fabless 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) and System-in-a-Package (SiP) devices. Its product portfolio includes devices for data storage, enterprise-class Ethernet data switching, Ethernet physical-layer transceivers (PHY), wireless connectivity, Internet-of-Things (IoT) devices and multimedia solutions.