Marvell Technology Group Ltd. (MRVL) was Upgraded by Credit Suisse to ” Outperform” according to the research note released today. The brokerage firm has raised the Price Target to $ 17.50 from a previous price target of $13.50 . Earlier the firm had a rating of “Neutral ” on the company shares. Credit Suisse advised their investors in a research report released on Oct 12, 2016.
Many Wall Street Analysts have commented on Marvell Technology Group Ltd.. Marvell Technology Group Ltd. was Initiated by Susquehanna to “Neutral” on Sep 20, 2016. Marvell Technology Group Ltd. was Resumed by Goldman to “Neutral” on Sep 7, 2016. Company shares were Reiterated by Cowen on Sep 6, 2016 to “Outperform”, Firm has raised the Price Target to $ 16 from a previous price target of $15 .
On the company’s financial health, Marvell Technology Group Ltd. reported $0.18 EPS for the quarter, beating the analyst consensus estimate by $ 0.07 according to the earnings call on Sep 6, 2016. Analyst had a consensus of $0.11. The company had revenue of $626.40 million for the quarter, compared to analysts expectations of $630.15 million. The company’s revenue was down -11.8 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $-0.74 EPS.
Marvell Technology Group Ltd. closed down -0.34 points or -2.58% at $12.83 with 50,39,846 shares getting traded on Tuesday. Post opening the session at $13.14, the shares hit an intraday low of $12.73 and an intraday high of $13.2 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.
In a different news, on Jun 25, 2015, Zining Wu (Chief Technology Officer) sold 51,312 shares at $14.51 per share price.
Marvell Technology Group Ltd. (Marvell) is a fabless semiconductor provider of application-specific standard products. The Company develops System-on-a-Chip (SoC) devices. Its 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. Its products serve diverse applications used in carrier metropolitan enterprise and PC-client data communications and storage systems. In addition the Company serves the consumer electronics market for the convergence of voice video and data applications. As a fabless integrated circuit company the Company relies on independent third-party contractors to perform manufacturing assembly and test functions. The Company’s offers its products to three markets: mobile and wireless storage and networking.