Verition Fund Management LLC bought a new position in Marvell Technology Group Ltd. (NASDAQ:MRVL) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 5,943 shares of the semiconductor company’s stock, valued at approximately $208,000.

Other hedge funds have also recently modified their holdings of the company. CENTRAL TRUST Co lifted its position in Marvell Technology Group by 70.4% in the second quarter. CENTRAL TRUST Co now owns 2,155 shares of the semiconductor company’s stock worth $75,000 after purchasing an additional 890 shares during the period. Harel Insurance Investments & Financial Services Ltd. lifted its position in Marvell Technology Group by 21.4% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 6,069 shares of the semiconductor company’s stock worth $213,000 after purchasing an additional 1,069 shares during the period. AE Wealth Management LLC bought a new position in Marvell Technology Group in the second quarter worth $1,089,000. APG Asset Management N.V. lifted its position in Marvell Technology Group by 32.8% in the first quarter. APG Asset Management N.V. now owns 987,111 shares of the semiconductor company’s stock worth $22,338,000 after purchasing an additional 243,800 shares during the period. Finally, Greenwood Capital Associates LLC lifted its holdings in shares of Marvell Technology Group by 112.3% during the first quarter. Greenwood Capital Associates LLC now owns 18,212 shares of the semiconductor company’s stock valued at $412,000 after acquiring an additional 9,632 shares during the period. 88.51% of the stock is owned by hedge funds and other institutional investors.

A number of research analysts have issued reports on MRVL shares. UBS Group lifted their price objective on Marvell Technology Group from $35.00 to $38.00 and gave the company a “buy” rating in a report on Monday, June 29th. B. Riley lifted their price objective on Marvell Technology Group from $38.00 to $42.00 and gave the company a “buy” rating in a report on Friday, August 28th. JPMorgan Chase & Co. lifted their price objective on Marvell Technology Group from $36.00 to $40.00 and gave the company an “overweight” rating in a report on Friday, August 28th. Needham & Company LLC lifted their price objective on Marvell Technology Group from $34.00 to $39.00 and gave the company a “buy” rating in a report on Tuesday, July 7th. They noted that the move was a valuation call. Finally, Rosenblatt Securities reissued a “buy” rating and set a $50.00 price objective (up from $42.00) on shares of Marvell Technology Group in a report on Friday, August 28th. One research analyst has rated the stock with a sell rating, five have given a hold rating and twenty have assigned a buy rating to the stock. Marvell Technology Group presently has a consensus rating of “Buy” and an average target price of $39.39.

In other Marvell Technology Group news, EVP Mitchell Gaynor sold 16,007 shares of the business’s stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $35.13, for a total value of $562,325.91. Following the sale, the executive vice president now owns 54,701 shares in the company, valued at approximately $1,921,646.13. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael G. Strachan sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $39.06, for a total value of $195,300.00. The disclosure for this sale can be found here. Insiders have sold a total of 38,507 shares of company stock worth $1,379,526 in the last quarter. 0.29% of the stock is currently owned by company insiders.

Marvell Technology Group stock opened at $39.01 on Wednesday. The firm has a market capitalization of $26.14 billion, a P/E ratio of 18.66, a PEG ratio of 3.22 and a beta of 1.03. Marvell Technology Group Ltd. has a 1 year low of $16.45 and a 1 year high of $41.34. The business has a 50-day moving average of $36.34 and a 200-day moving average of $30.56. The company has a current ratio of 1.33, a quick ratio of 1.12 and a debt-to-equity ratio of 0.12.

Marvell Technology Group (NASDAQ:MRVL) last released its quarterly earnings data on Thursday, August 27th. The semiconductor company reported $0.21 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.01. Marvell Technology Group had a return on equity of 3.10% and a net margin of 50.67%. The business had revenue of $727.30 million for the quarter, compared to analysts’ expectations of $720.88 million. During the same quarter in the previous year, the business posted $0.16 EPS. Marvell Technology Group’s revenue for the quarter was up 10.8% on a year-over-year basis. Research analysts anticipate that Marvell Technology Group Ltd. will post 0.56 EPS for the current fiscal year.

Marvell Technology Group Profile

Marvell Technology Group Ltd. designs, develops, and markets analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a range of storage products, including hard disk drive (HDD) and solid-state drive controllers, as well as preamplifiers; supports a variety of host system interfaces consisting of serial attached SCSI (SAS), serial advanced technology attachment (SATA), peripheral component interconnect express, and non-volatile memory express; and develops software-enabled silicon solutions comprising SATA port multipliers, bridges, SATA, SAS, and non-volatile memory express redundant array of independent disks controllers and converged storage processors for enterprises, data centers, and cloud computing businesses.

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

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