Stock of the Day: Could Marvell Technology Group Ltd. Change Direction After Today’s Huge Increase?

Stock of the Day: Could Marvell Technology Group Ltd. Change Direction After Today's Huge Increase?

The stock of Marvell Technology Group Ltd. (NASDAQ:MRVL) is a huge mover today! About 1.76 million shares traded hands. Marvell Technology Group Ltd. (NASDAQ:MRVL) has risen 16.84% since April 11, 2016 and is uptrending. It has outperformed by 10.69% the S&P500.
The move comes after 8 months positive chart setup for the $6.42 billion company. It was reported on Nov, 11 by Barchart.com. We have $16.43 PT which if reached, will make NASDAQ:MRVL worth $1.86B more.

Marvell Technology Group Ltd. (NASDAQ:MRVL) Ratings Coverage

Out of 24 analysts covering Marvell Technology Group (NASDAQ:MRVL), 7 rate it a “Buy”, 3 “Sell”, while 14 “Hold”. This means 29% are positive. Marvell Technology Group has been the topic of 53 analyst reports since August 5, 2015 according to StockzIntelligence Inc. The rating was upgraded by Brean Capital to “Buy” on Tuesday, April 5. Jefferies maintained it with “Hold” rating and $10 target price in Monday, September 14 report. FBR Capital maintained the shares of MRVL in a report on Friday, September 25 with “Mkt Perform” rating. The firm earned “Sell” rating on Friday, September 2 by Citigroup. The firm has “Hold” rating by Needham given on Monday, September 14. Benchmark maintained it with “Hold” rating and $8 target price in Tuesday, October 27 report. On Friday, September 11 the stock rating was downgraded by Brean Capital to “Hold”. Cowen & Co maintained Marvell Technology Group Ltd. (NASDAQ:MRVL) on Monday, September 14 with “Outperform” rating. The firm earned “Sell” rating on Tuesday, October 27 by B. Riley & Co. As per Monday, February 8, the company rating was upgraded by B. Riley & Co.

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.”

Insitutional Activity: The institutional sentiment increased to 1.36 in Q2 2016. Its up 0.22, from 1.14 in 2016Q1. The ratio improved, as 22 funds sold all Marvell Technology Group Ltd. shares owned while 81 reduced positions. 41 funds bought stakes while 99 increased positions. They now own 352.60 million shares or 2.75% less from 362.56 million shares in 2016Q1.
Deere Communications reported 114,032 shares or 0.06% of all its holdings. Eaton Vance Mngmt last reported 179,568 shares in the company. The Missouri-based Enterprise Financial Serv has invested 0% in Marvell Technology Group Ltd. (NASDAQ:MRVL). Millennium Mgmt Limited Liability Co last reported 470,586 shares in the company. Neuberger Berman Gru has 111,088 shares for 0% of their US portfolio. Robeco Institutional Asset Mgmt Bv has invested 0.05% of its portfolio in Marvell Technology Group Ltd. (NASDAQ:MRVL). Pacad Ltd has 0.06% invested in the company for 48,284 shares. Envestnet Asset Management holds 15,794 shares or 0% of its portfolio. The Massachusetts-based Frontier Management Limited Liability Co has invested 0% in Marvell Technology Group Ltd. (NASDAQ:MRVL). Amalgamated Retail Bank has 0.03% invested in the company for 48,672 shares. Sei Invests, a Pennsylvania-based fund reported 381,974 shares. First Interstate National Bank holds 500 shares or 0% of its portfolio. State Board Of Administration Of Florida Retirement Sys reported 657,442 shares or 0.02% of all its holdings. Guggenheim Cap Limited Liability Company holds 0% or 107,154 shares in its portfolio. Shinko Asset Mngmt holds 1,274 shares or 0% of its portfolio.

Another recent and important Marvell Technology Group Ltd. (NASDAQ:MRVL) news was published by Prnewswire.com which published an article titled: “Marvell Technology Group Ltd. Announces Restructuring Actions to Drive Growth …” on November 02, 2016.

MRVL Company Profile

Marvell Technology Group Ltd., incorporated on January 11, 1995, is a fabless semiconductor well-known provider of application-specific standard products. The Firm is engaged in the design, development and sale of integrated circuits. The Firm develops System-on-a-Chip (SoC) and System-in-a-Package (SiP) devices. The Company’s product portfolio includes devices for data storage, enterprise-class Ethernet data switching, Ethernet physical-layer transceivers (PHY), wireless connectivity, Internet-of-Things (IoT) devices and multimedia solutions. The Company’s products serve various applications used in carrier, metropolitan, enterprise and personal computer (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. The Firm relies on independent, third-party contractors to perform manufacturing, assembly and test functions. The Firm offers its products to sectors, including storage, networking, and mobile and wireless.

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