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.
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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