Jefferies Group LLC Upgrades Marvell Technology Group Ltd. (MRVL) to “Buy”
Marvell Technology Group Ltd. (NASDAQ:MRVL) was upgraded by equities researchers at Jefferies Group LLC from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The brokerage currently has a $18.50 price objective on the semiconductor company’s stock. Jefferies Group LLC’s price target suggests a potential downside of 22.37% from the stock’s previous close. Jefferies Group also issued estimates for Marvell Technology Group’s Q3 2018 earnings at $0.29 EPS, FY2018 earnings at $0.98 EPS, Q3 2019 earnings at $0.30 EPS and FY2019 earnings at $1.09 EPS.
A number of other brokerages have also recently weighed in on MRVL. BMO Capital Markets reiterated a “market perform” rating and set a $16.00 price target on shares of Marvell Technology Group in a research report on Monday, August 28th. Cowen and Company reiterated a “buy” rating on shares of Marvell Technology Group in a research report on Friday, October 13th. B. Riley reiterated a “buy” rating and set a $24.00 price target on shares of Marvell Technology Group in a research report on Monday. Needham & Company LLC reiterated a “buy” rating and set a $21.00 price target on shares of Marvell Technology Group in a research report on Thursday, August 24th. Finally, Barclays PLC upgraded Marvell Technology Group from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $20.00 to $30.00 in a research report on Tuesday. One analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $21.59.
Shares of Marvell Technology Group (NASDAQ:MRVL) opened at $23.83 on Tuesday. Marvell Technology Group has a one year low of $13.59 and a one year high of $24.22. The stock has a market capitalization of $11,433.77, a P/E ratio of 29.85, a price-to-earnings-growth ratio of 1.59 and a beta of 1.05.
Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, August 24th. The semiconductor company reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.03). The company had revenue of $604.75 million for the quarter, compared to analyst estimates of $600.76 million. Marvell Technology Group had a return on equity of 9.99% and a net margin of 10.97%. The firm’s revenue for the quarter was up 16.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.18 earnings per share. research analysts forecast that Marvell Technology Group will post 0.97 earnings per share for the current fiscal year.
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In other news, major shareholder Sehat Sutardja sold 2,727,810 shares of the firm’s stock in a transaction on Tuesday, October 10th. The stock was sold at an average price of $18.49, for a total transaction of $50,437,206.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last three months, insiders have sold 17,558,035 shares of company stock valued at $320,838,284. Corporate insiders own 6.80% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. IFM Investors Pty Ltd purchased a new stake in shares of Marvell Technology Group in the third quarter valued at $640,000. Parallel Advisors LLC purchased a new stake in shares of Marvell Technology Group in the third quarter valued at $968,000. Afam Capital Inc. lifted its holdings in shares of Marvell Technology Group by 13.4% in the third quarter. Afam Capital Inc. now owns 267,181 shares of the semiconductor company’s stock valued at $4,783,000 after purchasing an additional 31,604 shares in the last quarter. Cubist Systematic Strategies LLC lifted its holdings in shares of Marvell Technology Group by 36.4% in the third quarter. Cubist Systematic Strategies LLC now owns 116,630 shares of the semiconductor company’s stock valued at $2,088,000 after purchasing an additional 31,153 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in shares of Marvell Technology Group in the third quarter valued at $2,617,000. Institutional investors own 77.03% 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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