Analysis: Marvell Technology Group (NASDAQ:MRVL) Stock Target Has Been Increased Today
In an analyst note sent to clients and investors by Credit Suisse on 8 December, the firm, Marvell Technology Group (NASDAQ:MRVL), had their PT cut to $9.00. Analusts presently have a solid Neutral rating on the stock.
From a total of 23 analysts covering Marvell Technology Group (NASDAQ:MRVL) stock, 3 rate it a ”Buy”, 6 a “Sell”, and 19 a ”Hold”. This means that 11% of the ratings are positive. The highest target price is $14 while the lowest target price is $6. The mean of all analyst targets is $9.52 with a 14.49% above today’s ($8.42) stock price. Marvell Technology Group was the topic of 42 analyst reports since August 5, 2015 according to the firm StockzIntelligence Inc. Citigroup downgraded shares on October 28 to “Sell” rating. Cowen & Co maintained shares with “Outperform” rating and $11.50 target share price in a report from an October 27. UBS downgraded MRVL stock in a recent report from October 27 to “Sell” rating. Nomura downgraded the rating on October 12. Nomura has a “Neutral” rating and a $12 price target on shares. Finally, B. Riley & Co downgraded the stock to “Sell” rating in a report issued on an October 27.
The stock decreased 7.37% or $0.67 during the last trading session, striking $8.42. Approximately shares of stock traded hands. Marvell Technology Group Ltd. (NASDAQ:MRVL) has declined 40.11% since May 6, 2015 and is downtrending. It has underperformed by 39.32% the S&P500.
The overall sentiment of institutions has increased to 0.85 in Q2 2015. Its up 0.21, from 0.64 in 2015Q2. The ratio improved, as 60 institutions have sold all the shares of Marvell Technology Group Ltd. that they owned while 91 funds have taken shares off the table. 41 funds have purchased shares for the first time while 87 added to their positions. These institutions now hold 316.19 million shares or 7.82% less than the 343.02 million shares they owned in 2015Q2.
The Fund Shannon River Fund Management Llc currently is holding shares equating to 2.52% of its total portfolio in Marvell Technology Group Ltd. representing a total of 1.50 million shares. Another fund,Raging Capital Management Llc, is holding a total of 1.86 million shares equating to 2.21% of their holdings. Additionally, Harber Asset Management Llc has a 375,107 share stake in Marvell Technology Group Ltd. which represents 2.18% of their total portfolio. The Fund, Bow Street Llc, based out of New York, has also built up a stake in the stock, which represents a total of 1.74% of their total portfolio. Finally Hoertkorn Richard Charles, a fund which is based in the state of California reported a total holdings of 237,943 shares.
Marvell Technology Group Ltd. is a fabless semiconductor well-known provider of application-specific standard products. The company has a market cap of $4.70 billion. The Firm develops System-on-a-Chip (SoC) devices. It currently has negative earnings. The Company’s product portfolio includes devices for data storage, enterprise-class Ethernet data switching, Ethernet physical-layer transceivers (PHY), mobile handsets, connectivity, Internet-of-Things (IoT) devices and other consumer electronics.
According to Zacks Investment Research, “Marvell Technology is a leading designer, developer and supplier of mixed-signal and digital signal processing integrated circuit for high-speed, high-density, digital data storage and broadband digital data networking markets. The company’s goal is to continue to support its customers in providing faster, better solutions to meet their customers’ needs for increased bandwidth as communication solutions evolve. The company meets this goal with state-of-the-art chip solutions that enable data transfer in data storage devices and networking applications.” Get a free copy of the Zacks research report on Marvell Technology Group Ltd. (MRVL).