Oppenheimer Holdings, Inc. Reaffirms “Buy” Rating for Marvell Technology Group Ltd. (MRVL)
Oppenheimer Holdings, Inc. reissued their buy rating on shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) in a research note issued to investors on Monday. They currently have a $23.00 price target on the semiconductor company’s stock.
Other equities research analysts also recently issued research reports about the stock. B. Riley restated a buy rating and issued a $23.00 target price on shares of Marvell Technology Group in a research note on Monday, August 21st. Northland Securities restated a buy rating and issued a $20.00 target price on shares of Marvell Technology Group in a research note on Friday, August 25th. Cowen and Company restated a buy rating and issued a $21.00 target price on shares of Marvell Technology Group in a research note on Monday, August 21st. BidaskClub upgraded shares of Marvell Technology Group from a strong sell rating to a sell rating in a research note on Wednesday, August 16th. Finally, Credit Suisse Group reaffirmed a buy rating on shares of Marvell Technology Group in a report on Wednesday, August 23rd. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of Buy and an average target price of $19.29.
Shares of Marvell Technology Group (NASDAQ MRVL) opened at $20.15 on Monday. Marvell Technology Group has a 52 week low of $12.30 and a 52 week high of $21.08. The company has a market cap of $9,980.45, a price-to-earnings ratio of 25.81, a PEG ratio of 1.38 and a beta of 1.05.
Marvell Technology Group (NASDAQ:MRVL) last issued its earnings results on Thursday, August 24th. The semiconductor company reported $0.25 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by ($0.03). Marvell Technology Group had a net margin of 10.97% and a return on equity of 9.99%. The firm had revenue of $604.75 million during the quarter, compared to analyst estimates of $600.76 million. During the same quarter in the prior year, the firm posted $0.18 EPS. The firm’s revenue for the quarter was up 16.4% on a year-over-year basis. equities research analysts forecast that Marvell Technology Group will post 0.97 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 26th. Investors of record on Tuesday, October 10th were given a $0.06 dividend. The ex-dividend date was Friday, October 6th. This represents a $0.24 annualized dividend and a dividend yield of 1.19%. Marvell Technology Group’s dividend payout ratio is presently 47.06%.
In related news, major shareholder Sehat Sutardja sold 537,235 shares of the business’s stock in a transaction that occurred on Thursday, September 7th. The stock was sold at an average price of $17.57, for a total value of $9,439,218.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 17,558,035 shares of company stock valued at $320,838,284 over the last quarter. 6.80% of the stock is owned by insiders.
Institutional investors and hedge funds have recently modified their holdings of the stock. D.A. Davidson & CO. grew its position in shares of Marvell Technology Group by 10.2% in the 2nd quarter. D.A. Davidson & CO. now owns 6,461 shares of the semiconductor company’s stock valued at $106,000 after purchasing an additional 600 shares during the period. Meeder Asset Management Inc. acquired a new position in shares of Marvell Technology Group in the 3rd quarter valued at approximately $106,000. Massey Quick Simon & CO. LLC acquired a new position in Marvell Technology Group during the 3rd quarter worth approximately $124,000. Creative Planning boosted its position in Marvell Technology Group by 39.8% during the 2nd quarter. Creative Planning now owns 10,008 shares of the semiconductor company’s stock worth $165,000 after acquiring an additional 2,850 shares during the last quarter. Finally, First Quadrant L P CA acquired a new position in Marvell Technology Group during the 3rd quarter worth approximately $211,000. Institutional investors and hedge funds own 76.69% of the company’s stock.
About Marvell Technology Group
Marvell Technology Group Ltd. is a 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) devices. It also develops integrated hardware platforms along with software that incorporates digital computing technologies designed and configured to provide an optimized computing solution.
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