Marvell Technology Group (NASDAQ:MRVL) Earns Buy Rating from Analysts at Goldman Sachs Group
Equities researchers at Goldman Sachs Group initiated coverage on shares of Marvell Technology Group (NASDAQ:MRVL) in a research note issued to investors on Tuesday, September 18th, MarketBeat reports. The firm set a “buy” rating and a $23.00 price target on the semiconductor company’s stock. Goldman Sachs Group’s price target would indicate a potential upside of 27.71% from the stock’s current price.
Other analysts have also recently issued reports about the company. UBS Group dropped their target price on Marvell Technology Group from $38.00 to $33.00 and set a “buy” rating for the company in a report on Friday, July 6th. Argus restated a “buy” rating and issued a $28.00 target price on shares of Marvell Technology Group in a report on Friday, June 29th. ValuEngine raised Marvell Technology Group from a “hold” rating to a “buy” rating in a research note on Thursday, June 28th. Deutsche Bank raised Marvell Technology Group from a “hold” rating to a “buy” rating and set a $13.00 price target on the stock in a research note on Tuesday, June 26th. Finally, Zacks Investment Research raised Marvell Technology Group from a “hold” rating to a “buy” rating and set a $25.00 price target on the stock in a research note on Tuesday, June 5th. One research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have assigned a buy rating to the stock. Marvell Technology Group has an average rating of “Buy” and a consensus price target of $25.77.
Shares of MRVL traded up $0.29 during trading hours on Tuesday, hitting $18.01. 12,997,398 shares of the stock were exchanged, compared to its average volume of 9,366,493. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.76 and a current ratio of 2.54. Marvell Technology Group has a 12-month low of $17.18 and a 12-month high of $25.18. The stock has a market capitalization of $12.71 billion, a price-to-earnings ratio of 17.32, a PEG ratio of 2.31 and a beta of 0.96.
In other news, CEO Matthew J. Murphy sold 10,000 shares of the stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $20.64, for a total value of $206,400.00. Following the transaction, the chief executive officer now owns 1,755 shares in the company, valued at approximately $36,223.20. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.10% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in MRVL. Nelson Van Denburg & Campbell Wealth Management Group LLC purchased a new position in Marvell Technology Group during the 2nd quarter worth approximately $117,000. MUFG Americas Holdings Corp purchased a new position in Marvell Technology Group during the 2nd quarter worth approximately $120,000. Commonwealth Bank of Australia grew its stake in Marvell Technology Group by 1,142.9% during the 2nd quarter. Commonwealth Bank of Australia now owns 8,700 shares of the semiconductor company’s stock worth $185,000 after buying an additional 8,000 shares during the last quarter. Point72 Asia Hong Kong Ltd purchased a new position in Marvell Technology Group during the 1st quarter worth approximately $184,000. Finally, Cerebellum GP LLC purchased a new position in Marvell Technology Group during the 3rd quarter worth approximately $183,000. Institutional investors and hedge funds own 81.56% of the company’s stock.
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 HDD components, such as HDD preamps components; and develops software-enabled silicon solutions comprising serial advanced technology attachment port multipliers, bridges, serial attached SCSI, 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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