Trading Report: The Credit Suisse Group AG Upgrades Marvell Technology Group Ltd. (MRVL) to Outperform

The Credit Suisse Group AG Upgrades Marvell Technology Group Ltd. (MRVL) to Outperform

Marvell Technology Group Ltd. (NASDAQ:MRVL) was upgraded by Credit Suisse Group AG from a “neutral” rating to an “outperform” rating in a research note issued on Wednesday. The firm presently has a $17.50 target price on the stock, up from their previous target price of $13.50. Credit Suisse Group AG’s price objective points to a potential upside of 34.62% from the stock’s previous close.

MRVL has been the subject of a number of other research reports. Stephens initiated coverage on Marvell Technology Group in a research report on Wednesday, August 31st. They issued an “overweight” rating and a $17.00 target price for the company. Citigroup Inc. boosted their target price on Marvell Technology Group from $10.50 to $12.00 and gave the stock a “sell” rating in a research report on Friday, September 2nd. Susquehanna initiated coverage on Marvell Technology Group in a research report on Tuesday, September 20th. They issued a “neutral” rating and a $13.00 target price for the company. Cowen and Company reissued an “outperform” rating and issued a $15.00 target price on shares of Marvell Technology Group in a research report on Tuesday, August 30th. Finally, MKM Partners reissued a “neutral” rating on shares of Marvell Technology Group in a research report on Thursday, September 8th. Three equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and eight have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $13.02.

Shares of Marvell Technology Group (NASDAQ:MRVL) opened at 13.00 on Wednesday. Marvell Technology Group has a one year low of $7.40 and a one year high of $13.56. The stock has a 50 day moving average of $12.80 and a 200-day moving average of $10.99. The stock’s market capitalization is $6.65 billion.

Marvell Technology Group (NASDAQ:MRVL) last issued its earnings results on Tuesday, September 6th. The company reported $0.18 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.11 by $0.07. Marvell Technology Group had a positive return on equity of 1.35% and a negative net margin of 1.18%. The business earned $626 million during the quarter, compared to analyst estimates of $629.96 million. During the same quarter in the previous year, the firm earned $0.12 EPS. Marvell Technology Group’s revenue was down 11.8% on a year-over-year basis. Equities analysts forecast that Marvell Technology Group will post $0.44 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 19th. Shareholders of record on Wednesday, September 28th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.85%. The ex-dividend date is Monday, September 26th. Marvell Technology Group’s dividend payout ratio (DPR) is presently -480.00%.

A number of institutional investors have recently made changes to their positions in MRVL. Allianz Asset Management AG increased its position in shares of Marvell Technology Group by 21,756.7% in the second quarter. Allianz Asset Management AG now owns 2,466,314 shares of the company’s stock valued at $23,504,000 after buying an additional 2,455,030 shares during the period. JPMorgan Chase & Co. increased its position in shares of Marvell Technology Group by 16.8% in the first quarter. JPMorgan Chase & Co. now owns 16,982,811 shares of the company’s stock valued at $175,094,000 after buying an additional 2,438,649 shares during the period. Teacher Retirement System of Texas increased its position in shares of Marvell Technology Group by 9,865.0% in the second quarter. Teacher Retirement System of Texas now owns 2,247,006 shares of the company’s stock valued at $21,414,000 after buying an additional 2,224,457 shares during the period. Roystone Capital Management LP increased its position in shares of 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 period. Finally, Renaissance Technologies LLC acquired a new position in shares of Marvell Technology Group during the first quarter valued at approximately $12,977,000. 70.60% of the stock is currently owned by institutional investors.

About Marvell Technology Group

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