The Manufacturers Life Insurance Company Buys Shares of 17,612 Marvell Technology Group Ltd. (MRVL)

The Manufacturers Life Insurance Company bought a new stake in Marvell Technology Group Ltd. (NASDAQ:MRVL) during the second quarter, according to its most recent filing with the SEC. The firm bought 17,612 shares of the semiconductor company’s stock, valued at approximately $291,000.

A number of other large investors have also recently bought and sold shares of MRVL. Boston Partners acquired a new position in Marvell Technology Group in the 2nd quarter valued at $133,179,000. Renaissance Technologies LLC boosted its holdings in Marvell Technology Group by 239.6% in the 2nd quarter. Renaissance Technologies LLC now owns 3,886,158 shares of the semiconductor company’s stock valued at $64,199,000 after purchasing an additional 2,741,914 shares during the period. Jennison Associates LLC bought a new stake in Marvell Technology Group in the 2nd quarter valued at $36,663,000. TimesSquare Capital Management LLC boosted its holdings in Marvell Technology Group by 60.2% in the 2nd quarter. TimesSquare Capital Management LLC now owns 4,461,600 shares of the semiconductor company’s stock valued at $73,706,000 after purchasing an additional 1,677,100 shares during the period. Finally, TD Asset Management Inc. boosted its holdings in Marvell Technology Group by 3,936.5% in the 2nd quarter. TD Asset Management Inc. now owns 1,074,119 shares of the semiconductor company’s stock valued at $17,744,000 after purchasing an additional 1,047,509 shares during the period. Institutional investors and hedge funds own 78.84% of the company’s stock.

A number of analysts have weighed in on the stock. B. Riley reissued a “buy” rating and issued a $23.00 price target on shares of Marvell Technology Group in a report on Friday, September 1st. Northland Securities reissued a “buy” rating and issued a $20.00 price target on shares of Marvell Technology Group in a report on Friday, August 25th. BidaskClub downgraded shares of Marvell Technology Group from a “buy” rating to a “hold” rating in a report on Saturday. Cowen reissued a “buy” rating and issued a $21.00 price target on shares of Marvell Technology Group in a report on Monday, August 21st. Finally, Citigroup raised shares of Marvell Technology Group from a “sell” rating to a “neutral” rating and set a $22.00 price target for the company in a report on Tuesday, November 7th. Eight analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $23.48.

Marvell Technology Group Ltd. (NASDAQ:MRVL) opened at $22.30 on Tuesday. The company has a market cap of $10,893.51, a PE ratio of 23.85, a PEG ratio of 1.34 and a beta of 1.13. Marvell Technology Group Ltd. has a 1-year low of $13.59 and a 1-year high of $24.22.

Marvell Technology Group (NASDAQ:MRVL) last released its quarterly earnings data on Tuesday, November 28th. The semiconductor company reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.01. The company 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 for the quarter was down 5.8% compared to the same quarter last year. During the same period last year, the firm earned $0.20 EPS. equities analysts predict that Marvell Technology Group Ltd. will post 1.01 EPS for the current year.

In related news, major shareholder Sehat Sutardja sold 420,422 shares of the stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $17.84, for a total transaction of $7,500,328.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 17,558,035 shares of company stock valued at $320,838,284 in the last quarter. 6.80% of the stock is currently owned by corporate insiders.

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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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