Citigroup Boosts Marvell Technology Group (NASDAQ:MRVL) Price Target to $30.00

Marvell Technology Group (NASDAQ:MRVL) had its price objective upped by Citigroup from $27.00 to $30.00 in a research note issued to investors on Wednesday morning, The Fly reports. The brokerage currently has a buy rating on the semiconductor company’s stock.

Several other brokerages also recently commented on MRVL. Raymond James set a C$2.25 price target on shares of Integra Resources and gave the company an outperform rating in a research report on Wednesday, June 19th. ValuEngine upgraded shares of Vale from a sell rating to a hold rating in a research report on Tuesday. Wells Fargo & Co started coverage on shares of Semtech in a research report on Tuesday, May 14th. They issued an outperform rating and a $48.03 price target for the company. JPMorgan Chase & Co. reduced their price target on shares of GAP from $24.00 to $17.00 and set an underweight rating for the company in a research report on Friday, May 31st. Finally, BMO Capital Markets reduced their price target on shares of AKITA Drilling from C$5.00 to C$3.50 in a research report on Tuesday, May 7th. Five research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the stock. The company has an average rating of Buy and a consensus price target of $26.00.

MRVL stock opened at $25.92 on Wednesday. Marvell Technology Group has a 12 month low of $14.34 and a 12 month high of $26.65. The firm has a market capitalization of $17.45 billion, a price-to-earnings ratio of 30.49, a PEG ratio of 8.46 and a beta of 1.17. The company’s 50 day simple moving average is $24.23. The company has a current ratio of 2.07, a quick ratio of 1.67 and a debt-to-equity ratio of 0.23.

Marvell Technology Group (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, May 30th. The semiconductor company reported $0.16 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.14 by $0.02. The business had revenue of $662.00 million during the quarter, compared to the consensus estimate of $651.07 million. Marvell Technology Group had a negative net margin of 12.18% and a positive return on equity of 5.88%. The firm’s quarterly revenue was up 9.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.32 EPS. Equities analysts forecast that Marvell Technology Group will post 0.43 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Friday, July 12th will be paid a dividend of $0.06 per share. The ex-dividend date is Thursday, July 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.93%. Marvell Technology Group’s dividend payout ratio (DPR) is 28.24%.

In other news, Director Oleg Khaykin sold 10,000 shares of the stock in a transaction on Friday, June 14th. The shares were sold at an average price of $23.89, for a total transaction of $238,900.00. Following the transaction, the director now owns 33,204 shares in the company, valued at approximately $793,243.56. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Willem A. Meintjes sold 28,057 shares of the stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $24.32, for a total transaction of $682,346.24. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 323,057 shares of company stock worth $8,299,646. 1.10% of the stock is currently owned by company insiders.

Large investors have recently bought and sold shares of the stock. Quadrant Capital Group LLC grew its stake in Marvell Technology Group by 1,266.3% in the 1st quarter. Quadrant Capital Group LLC now owns 2,678 shares of the semiconductor company’s stock valued at $51,000 after buying an additional 2,482 shares during the last quarter. Massey Quick Simon & CO. LLC acquired a new stake in Marvell Technology Group in the 1st quarter worth $59,000. YorkBridge Wealth Partners LLC acquired a new stake in Marvell Technology Group in the 1st quarter worth $68,000. Bessemer Group Inc. grew its position in Marvell Technology Group by 75.6% in the 2nd quarter. Bessemer Group Inc. now owns 3,511 shares of the semiconductor company’s stock worth $84,000 after purchasing an additional 1,511 shares during the last quarter. Finally, Whittier Trust Co. grew its position in Marvell Technology Group by 1,140.7% in the 1st quarter. Whittier Trust Co. now owns 6,526 shares of the semiconductor company’s stock worth $130,000 after purchasing an additional 6,000 shares during the last quarter.

Marvell Technology Group Company Profile

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.

Read More: Retained Earnings

The Fly

Analyst Recommendations for Marvell Technology Group (NASDAQ:MRVL)

Receive News & Ratings for Marvell Technology Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Marvell Technology Group and related companies with MarketBeat.com's FREE daily email newsletter.