Marvell Technology Flying Higher Today (MRVL)

Shares of Marvell Technology MRVL have surged 7.32% today to $18.77. Buying pressure has been strong throughout the session, and the stock is currently trading on its highs. Over the last month, MRVL has gained 1.51%. Volume has been reasonably heavy, with more than 13.28 million shares exchanging hands during the first four hours of trading, compared to a daily average of 17.94 million. Marvell (MRVL) trades at a trailing P/E of 18.67, a forward P/E of 10.55 and a PEG ratio of 0.71. Analysts are estimating that MRVL will earn $1.62 per share in 2011. The median Wall Street price target on MRVL is $25.00 and the high target is $30.00. Marvell Technology Group Ltd. is a fabless semiconductor provider of application-specific standard products. The Company develops complex system-on-a-chip (SoC) devices using its technology portfolio of intellectual property in the areas of analog, mixed-signal, digital signal processing and embedded advanced RISC machine (ARM)-based microprocessor integrated circuits.
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