Russell Investments Group Ltd. reduced its stake in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) by 71.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 533,925 shares of the semiconductor company’s stock after selling 1,315,874 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.11% of Marvell Technology Group worth $9,556,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Bank of New York Mellon Corp boosted its stake in shares of Marvell Technology Group by 8.6% during the third quarter. Bank of New York Mellon Corp now owns 2,656,766 shares of the semiconductor company’s stock valued at $47,556,000 after purchasing an additional 211,499 shares during the period. Massey Quick Simon & CO. LLC purchased a new stake in shares of Marvell Technology Group during the third quarter valued at $124,000. Teacher Retirement System of Texas boosted its stake in shares of Marvell Technology Group by 13.1% during the third quarter. Teacher Retirement System of Texas now owns 2,671,419 shares of the semiconductor company’s stock valued at $47,818,000 after purchasing an additional 309,224 shares during the period. Toronto Dominion Bank boosted its stake in shares of Marvell Technology Group by 239.5% during the third quarter. Toronto Dominion Bank now owns 16,950 shares of the semiconductor company’s stock valued at $303,000 after purchasing an additional 11,957 shares during the period. Finally, Paradigm Capital Management Inc. NY boosted its stake in shares of Marvell Technology Group by 5.6% during the third quarter. Paradigm Capital Management Inc. NY now owns 113,725 shares of the semiconductor company’s stock valued at $2,036,000 after purchasing an additional 6,000 shares during the period. 78.84% of the stock is owned by hedge funds and other institutional investors.

A number of analysts have recently issued reports on MRVL shares. BMO Capital Markets reissued a “market perform” rating and set a $16.00 target price on shares of Marvell Technology Group in a research note on Monday, August 28th. Jefferies Group reissued a “hold” rating and set a $18.50 target price (down from $19.00) on shares of Marvell Technology Group in a research note on Thursday, August 24th. Cowen reissued a “buy” rating on shares of Marvell Technology Group in a research note on Friday, October 13th. B. Riley reissued a “buy” rating and set a $24.00 target price on shares of Marvell Technology Group in a research note on Monday, November 20th. Finally, Loop Capital reissued a “buy” rating and set a $26.00 target price on shares of Marvell Technology Group in a research note on Tuesday, November 21st. Eight investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company’s stock. Marvell Technology Group currently has a consensus rating of “Buy” and an average price target of $23.48.

Marvell Technology Group Ltd. (NASDAQ:MRVL) opened at $21.97 on Wednesday. The company has a market cap of $10,953.76, a PE ratio of 23.98, a price-to-earnings-growth ratio of 1.35 and a beta of 1.13. Marvell Technology Group Ltd. has a fifty-two week low of $13.83 and a fifty-two week high of $24.22.

Marvell Technology Group (NASDAQ:MRVL) last announced its earnings results on Tuesday, November 28th. The semiconductor company reported $0.34 EPS for the quarter, topping the Zacks’ consensus estimate of $0.33 by $0.01. The business had revenue of $616.00 million during the quarter, compared to the consensus estimate of $613.49 million. Marvell Technology Group had a net margin of 16.53% and a return on equity of 11.99%. The firm’s revenue was down 5.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.20 earnings per share. equities analysts expect that Marvell Technology Group Ltd. will post 1.01 EPS for the current fiscal year.

In other Marvell Technology Group news, major shareholder Sehat Sutardja sold 492,343 shares of the business’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $17.41, for a total value of $8,571,691.63. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Marvell Semiconductor, Inc. Ca sold 9,812 shares of the business’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $21.20, for a total transaction of $208,014.40. The disclosure for this sale can be found here. Insiders sold 17,147,425 shares of company stock valued at $313,545,970 over the last quarter. 6.80% of the stock is currently owned by corporate insiders.

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

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