Marvell Technology Group Ltd. (NASDAQ:MRVL)‘s stock had its “buy” rating restated by equities researchers at Loop Capital in a research note issued to investors on Tuesday. They presently have a $26.00 price objective on the semiconductor company’s stock. Loop Capital’s target price points to a potential upside of 9.11% from the company’s current price.
The analysts wrote, “We maintain our Buy rating on Marvell Technology Group, Ltd. (MRVL) and increase our PT to $26 from $22 following MRVL’s positive pre-announcement for FQ3 (Oct) 2018 and plans to acquire Cavium, Inc. (CAVM:$84.02-Hold) in a cash and stock deal valued at $6B. While we view the pending transaction as a long-term win/win for MRVL as it provides the company with 1) increased scale, 2) broader product and end-market diversification away from the secular declining HDD market, and 3) accretion to pro forma EPS, margins, and revenue growth, we were surprised that CAVM was ready to throw in the towel as a stand-alone company. We expect CAVM to see meaningful YoY earnings and revenue growth in 2018 and 2019 driven by 1) the ramp of OCTEON III, 2) robust revenue growth from new products of Fusion-M, LiquidIO, ThunderX, XPliant, and LiquidSecurity, and 3) steady revenue contributions from QLogic products.””
Several other research firms have also weighed in on MRVL. BMO Capital Markets restated a “market perform” rating and set a $16.00 target price on shares of Marvell Technology Group in a report on Monday, August 28th. Jefferies Group LLC restated a “hold” rating and set a $18.50 target price (down from $19.00) on shares of Marvell Technology Group in a report on Thursday, August 24th. Cowen and Company restated a “buy” rating on shares of Marvell Technology Group in a report on Friday, October 13th. B. Riley restated a “buy” rating and set a $24.00 target price on shares of Marvell Technology Group in a report on Monday. Finally, Needham & Company LLC restated a “buy” rating and set a $21.00 target price on shares of Marvell Technology Group in a report on Thursday, August 24th. 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 assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $21.59.
Marvell Technology Group (NASDAQ MRVL) opened at $23.83 on Tuesday. Marvell Technology Group has a 1-year low of $13.59 and a 1-year high of $24.22. The firm has a market capitalization of $11,433.77, a PE 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 posted its earnings results on Thursday, August 24th. The semiconductor company reported $0.25 earnings per share 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 company had revenue of $604.75 million for the quarter, compared to the consensus estimate of $600.76 million. During the same quarter last year, the business earned $0.18 earnings per share. Marvell Technology Group’s quarterly revenue was up 16.4% on a year-over-year basis. equities analysts forecast that Marvell Technology Group will post 0.97 EPS for the current fiscal year.
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In other news, major shareholder Sehat Sutardja sold 2,727,810 shares of Marvell Technology Group stock in a transaction that occurred on Tuesday, October 10th. The shares were sold at an average price of $18.49, for a total value of $50,437,206.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 17,558,035 shares of company stock worth $320,838,284 over the last ninety days. Company insiders own 6.80% of the company’s stock.
Large investors have recently bought and sold shares of the company. Meeder Asset Management Inc. bought a new position in shares of Marvell Technology Group in the third quarter valued at approximately $106,000. D.A. Davidson & CO. raised its stake in shares of Marvell Technology Group by 10.2% in the second quarter. D.A. Davidson & CO. now owns 6,461 shares of the semiconductor company’s stock valued at $106,000 after acquiring an additional 600 shares during the last quarter. Massey Quick Simon & CO. LLC bought a new position in shares of Marvell Technology Group in the third quarter valued at approximately $124,000. Creative Planning raised its stake in shares of Marvell Technology Group by 39.8% in the second quarter. Creative Planning now owns 10,008 shares of the semiconductor company’s stock valued at $165,000 after acquiring an additional 2,850 shares during the last quarter. Finally, Boothbay Fund Management LLC bought a new position in shares of Marvell Technology Group in the third quarter valued at approximately $203,000. 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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