Marvell Technology Group (NASDAQ:MRVL) was downgraded by stock analysts at Standpoint Research from an “accumulate” rating to a “hold” rating in a report issued on Thursday, Stock Ratings Network.com reports. They currently have a $14.00 price objective on the stock, up from their previous price objective of $1.00. Standpoint Research’s price target indicates a potential upside of 7.12% from the stock’s previous close. The analysts noted that the move was a valuation call.
Shares of Marvell Technology Group (NASDAQ:MRVL) traded up 0.69% during mid-day trading on Thursday, hitting $13.07. Marvell Technology Group has a 52 week low of $6.98 and a 52 week high of $13.06. The stock’s 50-day moving average is currently $11.. The company has a market cap of $6.432 billion and a P/E ratio of 26.54.
Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, May 23rd. The company reported $0.19 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.14 by $0.05. The company had revenue of $734.40 million for the quarter, compared to the consensus estimate of $721.55 million. During the same quarter in the previous year, the company posted $0.23 earnings per share. The company’s revenue for the quarter was down 5.3% on a year-over-year basis. On average, analysts predict that Marvell Technology Group will post $0.84 earnings per share for the current fiscal year.
Three analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and eleven have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $11.88.
Marvell Technology Group Ltd. (NASDAQ:MRVL) is a fabless semiconductor provider of application-specific standard products.
