B. Riley Initiates Coverage on Marvell Technology Group (NASDAQ:MRVL)

Stock analysts at B. Riley initiated coverage on shares of Marvell Technology Group (NASDAQ:MRVL) in a research report issued on Wednesday, TipRanks reports. The brokerage set a “buy” rating and a $32.00 price target on the semiconductor company’s stock. B. Riley’s price target points to a potential upside of 27.19% from the company’s previous close.

A number of other research firms have also issued reports on MRVL. Needham & Company LLC restated a “buy” rating and issued a $28.00 price target on shares of Marvell Technology Group in a research report on Sunday, September 1st. Zacks Investment Research downgraded Marvell Technology Group from a “hold” rating to a “sell” rating and set a $25.00 price objective on the stock. in a research report on Friday, October 11th. Barclays set a $30.00 price objective on Marvell Technology Group and gave the stock a “buy” rating in a research note on Friday, August 30th. William Blair restated an “outperform” rating on shares of Marvell Technology Group in a report on Wednesday. Finally, Cowen set a $27.00 target price on Marvell Technology Group and gave the company an “outperform” rating in a report on Monday, August 26th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and nineteen have given a buy rating to the company’s stock. Marvell Technology Group has an average rating of “Buy” and an average target price of $28.04.

Marvell Technology Group stock opened at $25.16 on Wednesday. The company has a fifty day simple moving average of $25.68 and a 200-day simple moving average of $24.73. The firm has a market capitalization of $17.59 billion, a price-to-earnings ratio of 29.60, a PEG ratio of 12.69 and a beta of 1.19. The company has a quick ratio of 2.68, a current ratio of 3.06 and a debt-to-equity ratio of 0.23. Marvell Technology Group has a 52-week low of $14.34 and a 52-week high of $28.38.

Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings results on Tuesday, December 3rd. The semiconductor company reported $0.17 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.17. The firm had revenue of $662.00 million for the quarter, compared to the consensus estimate of $660.94 million. Marvell Technology Group had a negative net margin of 14.42% and a positive return on equity of 5.25%. The company’s revenue for the quarter was down 22.2% on a year-over-year basis. During the same period last year, the firm posted $0.33 earnings per share. On average, research analysts anticipate that Marvell Technology Group will post 0.34 EPS for the current fiscal year.

In other news, CEO Matthew J. Murphy sold 15,000 shares of the stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $24.33, for a total transaction of $364,950.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Matthew J. Murphy sold 100,000 shares of the stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $28.00, for a total transaction of $2,800,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 330,933 shares of company stock valued at $8,706,982 over the last 90 days. 1.10% of the stock is currently owned by company insiders.

Hedge funds have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD increased its position in shares of Marvell Technology Group by 128.1% during the second quarter. Price T Rowe Associates Inc. MD now owns 97,954,732 shares of the semiconductor company’s stock worth $2,338,179,000 after acquiring an additional 55,005,127 shares during the period. Nuveen Asset Management LLC acquired a new stake in Marvell Technology Group in the second quarter valued at approximately $212,265,000. Whale Rock Capital Management LLC acquired a new stake in Marvell Technology Group in the second quarter valued at approximately $204,888,000. Allianz Asset Management GmbH lifted its stake in Marvell Technology Group by 137.1% in the second quarter. Allianz Asset Management GmbH now owns 9,718,724 shares of the semiconductor company’s stock worth $231,986,000 after acquiring an additional 5,619,751 shares during the last quarter. Finally, Senator Investment Group LP purchased a new position in Marvell Technology Group in the second quarter worth approximately $119,350,000. Hedge funds and other institutional investors own 96.38% of the company’s stock.

About Marvell Technology Group

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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Analyst Recommendations for Marvell Technology Group (NASDAQ:MRVL)

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