Victory Capital Management Inc. lowered its position in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) by 17.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,296,850 shares of the semiconductor company’s stock after selling 717,940 shares during the period. Victory Capital Management Inc. owned 0.66% of Marvell Technology Group worth $54,464,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. ProShare Advisors LLC raised its position in shares of Marvell Technology Group by 0.3% in the first quarter. ProShare Advisors LLC now owns 27,321 shares of the semiconductor company’s stock worth $417,000 after buying an additional 75 shares during the last quarter. Prudential Financial Inc. raised its position in shares of Marvell Technology Group by 0.7% in the first quarter. Prudential Financial Inc. now owns 27,940 shares of the semiconductor company’s stock worth $426,000 after buying an additional 200 shares during the last quarter. Greenwood Capital Associates LLC raised its position in shares of Marvell Technology Group by 2.8% in the first quarter. Greenwood Capital Associates LLC now owns 13,795 shares of the semiconductor company’s stock worth $211,000 after buying an additional 380 shares during the last quarter. Mn Services Vermogensbeheer B.V. raised its position in shares of Marvell Technology Group by 4.4% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 11,607 shares of the semiconductor company’s stock worth $166,000 after buying an additional 492 shares during the last quarter. Finally, World Asset Management Inc raised its position in shares of Marvell Technology Group by 1.5% in the first quarter. World Asset Management Inc now owns 33,066 shares of the semiconductor company’s stock worth $505,000 after buying an additional 498 shares during the last quarter. Hedge funds and other institutional investors own 75.60% of the company’s stock.

Shares of Marvell Technology Group Ltd. (MRVL) opened at 17.05 on Monday. The company has a market cap of $8.54 billion, a P/E ratio of 33.04 and a beta of 1.10. The stock’s 50 day moving average is $15.92 and its 200 day moving average is $16.03. Marvell Technology Group Ltd. has a 1-year low of $12.03 and a 1-year high of $18.18.

Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, August 24th. The semiconductor company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by $0.03. The company had revenue of $604.75 million during the quarter, compared to analyst estimates of $600.76 million. Marvell Technology Group had a net margin of 10.97% and a return on equity of 9.94%. The company’s revenue was up 16.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.18 earnings per share. On average, analysts predict that Marvell Technology Group Ltd. will post $1.12 earnings per share for the current year.

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A number of brokerages have recently weighed in on MRVL. B. Riley restated a “buy” rating and set a $23.00 price objective on shares of Marvell Technology Group in a research report on Saturday, May 27th. Zacks Investment Research upgraded Marvell Technology Group from a “hold” rating to a “buy” rating and set a $19.00 price objective for the company in a research report on Friday, May 26th. Citigroup Inc. upgraded Marvell Technology Group to an “outperform” rating and set a $23.00 price objective for the company in a research report on Friday, May 26th. Finally, Northland Securities restated a “buy” rating and set a $20.00 price objective on shares of Marvell Technology Group in a research report on Friday. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $18.97.

Marvell Technology Group Company Profile

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.

Institutional Ownership by Quarter for Marvell Technology Group (NASDAQ:MRVL)

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