Pictet Asset Management Ltd. Acquires 1,200 Shares of Marvell Technology Group Ltd. (MRVL)
Pictet Asset Management Ltd. raised its position in Marvell Technology Group Ltd. (NASDAQ:MRVL) by 0.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 170,100 shares of the semiconductor company’s stock after buying an additional 1,200 shares during the period. Pictet Asset Management Ltd.’s holdings in Marvell Technology Group were worth $2,933,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Inc. boosted its stake in Marvell Technology Group by 4,078.2% in the first quarter. BlackRock Inc. now owns 24,309,056 shares of the semiconductor company’s stock worth $370,955,000 after buying an additional 23,727,243 shares during the period. UBS Asset Management Americas Inc. boosted its stake in Marvell Technology Group by 71.0% in the first quarter. UBS Asset Management Americas Inc. now owns 8,705,347 shares of the semiconductor company’s stock worth $132,844,000 after buying an additional 3,613,160 shares during the period. TimesSquare Capital Management LLC purchased a new stake in Marvell Technology Group during the first quarter worth $42,491,000. Victory Capital Management Inc. boosted its stake in Marvell Technology Group by 109.2% in the first quarter. Victory Capital Management Inc. now owns 4,014,790 shares of the semiconductor company’s stock worth $61,266,000 after buying an additional 2,095,294 shares during the period. Finally, MARSHALL WACE ASIA Ltd purchased a new stake in Marvell Technology Group during the first quarter worth $26,427,000. Institutional investors own 75.80% of the company’s stock.
Marvell Technology Group Ltd. (NASDAQ MRVL) opened at 15.65 on Monday. Marvell Technology Group Ltd. has a one year low of $11.68 and a one year high of $18.18. The firm has a 50 day moving average of $15.94 and a 200 day moving average of $16.00. The firm has a market capitalization of $7.87 billion, a PE ratio of 52.87 and a beta of 1.10.
Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, May 25th. The semiconductor company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.04. The company had revenue of $579.18 million during the quarter, compared to analysts’ expectations of $570.72 million. Marvell Technology Group had a return on equity of 7.96% and a net margin of 6.19%. Marvell Technology Group’s revenue was up 11.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.01 EPS. Equities analysts forecast that Marvell Technology Group Ltd. will post $1.10 EPS for the current year.
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A number of research firms recently weighed in on MRVL. B. Riley reaffirmed a “buy” rating and issued a $23.00 price objective on shares of Marvell Technology Group in a report on Friday, June 2nd. TheStreet raised shares of Marvell Technology Group from a “c” rating to a “b” rating in a report on Thursday, May 25th. Morgan Stanley increased their price objective on shares of Marvell Technology Group from $17.00 to $18.50 and gave the stock an “equal weight” rating in a report on Tuesday, May 30th. Cowen and Company reaffirmed an “outperform” rating and issued a $21.00 price objective on shares of Marvell Technology Group in a report on Wednesday, June 21st. Finally, Pacific Crest raised shares of Marvell Technology Group from a “sector weight” rating to an “overweight” rating and set a $22.00 price objective on the stock in a report on Tuesday, June 20th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $18.44.
About Marvell Technology Group
Marvell Technology Group Ltd. is a semiconductor provider of application-specific standard products. The Company is engaged in the design, development and sale of integrated circuits. The Company develops System-on-a-Chip (SoC) devices. It also develops integrated hardware platforms along with software that incorporates digital computing technologies designed and configured to provide an optimized computing solution.
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