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.

Marvell Technology Group (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, September 6th. The semiconductor company reported $0.28 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by ($0.01). The firm had revenue of $665.31 million for the quarter, compared to analysts’ expectations of $685.00 million. Marvell Technology Group had a return on equity of 10.70% and a net margin of 15.36%. The firm’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.30 earnings per share. On average, analysts predict that Marvell Technology Group will post 0.86 earnings per share for the current year.

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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Analyst Recommendations for Marvell Technology Group (NASDAQ:MRVL)

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