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 (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.
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.
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