Does This Provide a Reason to Buy Marvell Technology Group Ltd. (MRVL)? The Stock Has Formed Bullish Double Top

January 17, 2018 - By reb123z

Investors sentiment decreased to 1.1 in 2017 Q3. Its down 0.05, from 1.15 in 2017Q2. It dropped, as 34 investors sold Marvell Technology Group Ltd. shares while 102 reduced holdings. 44 funds opened positions while 106 raised stakes. 376.98 million shares or 2.13% more from 369.12 million shares in 2017Q2 were reported.
Andra Ap stated it has 0.06% of its portfolio in Marvell Technology Group Ltd. (NASDAQ:MRVL). Glenmede Trust Na has 93,131 shares for 0.01% of their portfolio. 417,718 were accumulated by Rhumbline Advisers. Cibc Asset reported 40,063 shares. Wellington Grp Inc Llp holds 949,373 shares. First Trust Advsrs Limited Partnership invested in 172,620 shares. Voloridge Investment Mngmt Ltd Limited Liability Company holds 0.04% or 94,811 shares in its portfolio. Livforsakringsbolaget Skandia Omsesidigt reported 0.01% of its portfolio in Marvell Technology Group Ltd. (NASDAQ:MRVL). California Public Employees Retirement has invested 0.03% of its portfolio in Marvell Technology Group Ltd. (NASDAQ:MRVL). Frontier Capital Management Ltd has invested 0% in Marvell Technology Group Ltd. (NASDAQ:MRVL). Amp Investors Ltd has invested 0.05% in Marvell Technology Group Ltd. (NASDAQ:MRVL). Eaton Vance Mngmt has invested 0.01% in Marvell Technology Group Ltd. (NASDAQ:MRVL). Barclays Public Limited has 0% invested in Marvell Technology Group Ltd. (NASDAQ:MRVL). Ahl Prns Llp has 0.1% invested in Marvell Technology Group Ltd. (NASDAQ:MRVL) for 300,399 shares. Castleark Mngmt Ltd Co holds 405,008 shares.

The chart of Marvell Technology Group Ltd. (MRVL) shows a double top with $25.26 target or 7.00 % above today’s $23.61 share price. The 7 months chart pattern indicates low risk for the $11.60 billion company. It was reported on Jan, 17 by Finviz.com. If the $25.26 price target is reached, the company will be worth $811.79 million more. Double tops are rare but powerful chart patterns.

The stock increased 0.13% or $0.03 during the last trading session, reaching $23.61. About 1.70 million shares traded. Marvell Technology Group Ltd. (NASDAQ:MRVL) has risen 64.54% since January 17, 2017 and is uptrending. It has outperformed by 47.84% the S&P500.

Analysts await Marvell Technology Group Ltd. (NASDAQ:MRVL) to report earnings on March, 1. They expect $0.27 EPS, up 50.00 % or $0.09 from last year’s $0.18 per share. MRVL’s profit will be $132.62 million for 21.86 P/E if the $0.27 EPS becomes a reality. After $0.30 actual EPS reported by Marvell Technology Group Ltd. for the previous quarter, Wall Street now forecasts -10.00 % negative EPS growth.

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

Among 36 analysts covering Marvell Technology Group (NASDAQ:MRVL), 23 have Buy rating, 1 Sell and 12 Hold. Therefore 64% are positive. Marvell Technology Group has $34.0 highest and $6 lowest target. $20.46’s average target is -13.34% below currents $23.61 stock price. Marvell Technology Group had 115 analyst reports since August 5, 2015 according to SRatingsIntel. Oppenheimer upgraded the shares of MRVL in report on Friday, May 26 to “Outperform” rating. The stock of Marvell Technology Group Ltd. (NASDAQ:MRVL) earned “Buy” rating by B. Riley & Co on Monday, February 8. UBS upgraded the shares of MRVL in report on Wednesday, February 1 to “Buy” rating. Brean Capital maintained the shares of MRVL in report on Tuesday, October 27 with “Hold” rating. The stock of Marvell Technology Group Ltd. (NASDAQ:MRVL) has “Equal-Weight” rating given on Wednesday, December 13 by Morgan Stanley. Cowen & Co maintained Marvell Technology Group Ltd. (NASDAQ:MRVL) on Tuesday, October 27 with “Outperform” rating. The firm has “Buy” rating given on Monday, August 21 by Oppenheimer. As per Friday, August 25, the company rating was maintained by Loop Capital Markets. The company was upgraded on Wednesday, August 5 by Citigroup. The firm has “Hold” rating by Jefferies given on Monday, September 14.

More important recent Marvell Technology Group Ltd. (NASDAQ:MRVL) news were published by: Nasdaq.com which released: “Why Is Marvell Technology (MRVL) Down 6% Since the Last Earnings Report?” on December 29, 2017, also Nasdaq.com published article titled: “Marvell Technology Group Ltd. (MRVL) Ex-Dividend Date Scheduled for December …”, Nasdaq.com published: “Zacks.com highlights: Lululemon Athletica, NVR, Marvell Technology Group …” on January 05, 2018. More interesting news about Marvell Technology Group Ltd. (NASDAQ:MRVL) was released by: Nasdaq.com and their article: “Ex-Dividend Reminder: Marvell Technology Group, General Electric and Ituran …” with publication date: December 22, 2017.

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