Marvell Technology Group (NASDAQ:MRVL) Price Target Increased to $30.00 by Analysts at Citigroup

Marvell Technology Group (NASDAQ:MRVL) had its target price boosted by Citigroup from $27.00 to $30.00 in a research report released on Wednesday morning, The Fly reports. Citigroup currently has a buy rating on the semiconductor company’s stock.

Several other equities research analysts have also recently weighed in on MRVL. Bank of America restated a buy rating and issued a C$10.00 price objective on shares of Hexo in a research report on Wednesday, April 17th. Raymond James set a C$2.25 price target on shares of Integra Resources and gave the stock an outperform rating in a research report on Wednesday, June 19th. UBS Group lifted their price target on shares of W. R. Berkley from $53.00 to $56.00 and gave the stock a sell rating in a research report on Wednesday, April 24th. TheStreet upgraded shares of Marvell Technology Group from a c+ rating to a b- rating in a research report on Wednesday, July 3rd. Finally, MKM Partners lifted their price target on shares of Marvell Technology Group from $25.00 to $28.00 and gave the stock a buy rating in a research report on Friday, May 31st. Five research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the company’s stock. Marvell Technology Group has an average rating of Buy and an average target price of $26.00.

MRVL opened at $25.92 on Wednesday. The company has a quick ratio of 1.67, a current ratio of 2.07 and a debt-to-equity ratio of 0.23. The firm has a market cap of $17.45 billion, a PE ratio of 30.49, a PEG ratio of 8.46 and a beta of 1.17. Marvell Technology Group has a 1-year low of $14.34 and a 1-year high of $26.65. The company has a 50-day moving average of $24.23.

Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, May 30th. The semiconductor company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.02. The firm had revenue of $662.00 million during the quarter, compared to analysts’ expectations of $651.07 million. Marvell Technology Group had a negative net margin of 12.18% and a positive return on equity of 5.88%. The company’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.32 EPS. On average, sell-side analysts expect that Marvell Technology Group will post 0.43 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Friday, July 12th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.93%. The ex-dividend date is Thursday, July 11th. Marvell Technology Group’s dividend payout ratio is currently 28.24%.

In related news, CAO Willem A. Meintjes sold 28,057 shares of the business’s stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $24.32, for a total transaction of $682,346.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew J. Murphy sold 265,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $26.02, for a total transaction of $6,895,300.00. Following the transaction, the chief executive officer now owns 1,755 shares of the company’s stock, valued at approximately $45,665.10. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 323,057 shares of company stock valued at $8,299,646. Corporate insiders own 1.10% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of MRVL. FMR LLC grew its holdings in Marvell Technology Group by 48.1% during the fourth quarter. FMR LLC now owns 80,824,523 shares of the semiconductor company’s stock valued at $1,308,549,000 after purchasing an additional 26,251,979 shares during the period. BlackRock Inc. lifted its stake in Marvell Technology Group by 29.1% in the first quarter. BlackRock Inc. now owns 46,081,466 shares of the semiconductor company’s stock valued at $916,559,000 after buying an additional 10,388,875 shares in the last quarter. FIL Ltd lifted its stake in Marvell Technology Group by 117.7% in the first quarter. FIL Ltd now owns 10,543,241 shares of the semiconductor company’s stock valued at $209,705,000 after buying an additional 5,700,711 shares in the last quarter. Norges Bank bought a new position in Marvell Technology Group in the fourth quarter valued at approximately $90,449,000. Finally, JPMorgan Chase & Co. lifted its stake in Marvell Technology Group by 62.7% in the first quarter. JPMorgan Chase & Co. now owns 10,742,547 shares of the semiconductor company’s stock valued at $213,670,000 after buying an additional 4,138,462 shares in the last quarter.

Marvell Technology Group Company Profile

Marvell Technology Group Ltd. designs, develops, and markets analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a range of storage products, including hard disk drive (HDD) and solid-state drive controllers, as well as preamplifiers; supports a variety of host system interfaces consisting of serial attached SCSI (SAS), serial advanced technology attachment (SATA), peripheral component interconnect express, and non-volatile memory express; and develops software-enabled silicon solutions comprising SATA port multipliers, bridges, SATA, SAS, and non-volatile memory express redundant array of independent disks controllers and converged storage processors for enterprises, data centers, and cloud computing businesses.

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