Price Action Report: What Will Happen to Marvell Technology Group Ltd. Next? The Stock Just Reaches 52-Week High

Price Action Report: What Will Happen to Marvell Technology Group Ltd. Next? The Stock Just Reaches 52 Week High

The stock of Marvell Technology Group Ltd. (NASDAQ:MRVL) hit a new 52-week high and has $23.60 target or 60.00% above today’s $14.75 share price. The 9 months bullish chart indicates low risk for the $7.51B company. The 1-year high was reported on Nov, 18 by Barchart.com. If the $23.60 price target is reached, the company will be worth $4.51 billion more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 5.12 million shares traded hands or 22.78% up from the average. Marvell Technology Group Ltd. (NASDAQ:MRVL) has risen 34.95% since April 18, 2016 and is uptrending. It has outperformed by 30.52% the S&P500.

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. $18 is the highest target while $6 is the lowest. The $10.96 average target is -25.69% below today’s ($14.75) stock price. Marvell Technology Group has been the topic of 54 analyst reports since August 5, 2015 according to StockzIntelligence Inc. Cowen & Co maintained the shares of MRVL in a report on Monday, September 14 with “Outperform” rating. The firm has “Hold” rating given on Friday, September 11 by Needham. The stock of Marvell Technology Group Ltd. (NASDAQ:MRVL) has “Sell” rating given on Tuesday, October 27 by B. Riley & Co. The stock of Marvell Technology Group Ltd. (NASDAQ:MRVL) has “Neutral” rating given on Wednesday, August 5 by Citigroup. The rating was maintained by M Partners with “Buy” on Friday, September 11. The rating was maintained by Cowen & Co on Friday, September 11 with “Outperform”. The firm has “Market Perform” rating by BMO Capital Markets given on Monday, September 14. The stock of Marvell Technology Group Ltd. (NASDAQ:MRVL) earned “Outperform” rating by Credit Suisse on Wednesday, October 12. Northland Capital maintained the stock with “Market Perform” rating in Monday, September 14 report. The rating was downgraded by FBR Capital on Friday, September 11 to “Mkt Perform”.

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 decreased to 1.07 in 2016 Q2. Its down 0.29, from 1.36 in 2016Q1. The ratio turned negative, 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.
Marshall Wace Limited Liability Partnership holds 0.08% of its portfolio in Marvell Technology Group Ltd. (NASDAQ:MRVL) for 979,547 shares. California State Teachers Retirement reported 876,192 shares or 0.02% of all its holdings. Moreover, Bessemer Group Inc Inc has 0% invested in Marvell Technology Group Ltd. (NASDAQ:MRVL) for 2,000 shares. Goldman Sachs Incorporated holds 0.03% or 8.22 million shares in its portfolio. Highvista Strategies Ltd Limited Liability Company has invested 0.2% of its portfolio in Marvell Technology Group Ltd. (NASDAQ:MRVL). Panagora Asset Mngmt accumulated 253,456 shares or 0.01% of the stock. Point72 Asia (Hong Kong) Ltd last reported 2,600 shares in the company. Andra Ap, a Alabama-based fund reported 131,600 shares. Gsa Cap Prns Llp holds 0.01% of its portfolio in Marvell Technology Group Ltd. (NASDAQ:MRVL) for 16,783 shares. Fjarde Ap last reported 131,582 shares in the company. Dekabank Deutsche Girozentrale, a Germany-based fund reported 139,258 shares. The Guernsey-based Airain has invested 0.11% in Marvell Technology Group Ltd. (NASDAQ:MRVL). Fmr Ltd Liability Corp has 0.06% invested in the company for 43.81M shares. 13D Ltd Liability Co has 1.27M shares for 4.96% of their US portfolio. Architects Inc reported 1,500 shares or 0% of all its holdings.

More recent Marvell Technology Group Ltd. (NASDAQ:MRVL) news were published by: Profitconfidential.com which released: “Marvell Technology Group Ltd.: MRVL Stock Has Legs” on November 18, 2016. Also Nasdaq.com published the news titled: “Earnings Reaction History: Marvell Technology Group Ltd., 37.5% Follow-Through …” on November 17, 2016. Prnewswire.com‘s news article titled: “Marvell Technology Group Ltd. Announces Restructuring Actions to Drive Growth …” with publication date: November 02, 2016 was also an interesting one.

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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