Icon Advisers Inc. Co. purchased a new position in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 87,500 shares of the semiconductor company’s stock, valued at approximately $1,445,000.
Several other hedge funds have also modified their holdings of MRVL. BlackRock Inc. lifted its holdings in shares of Marvell Technology Group by 4,078.2% during the first quarter. BlackRock Inc. now owns 24,309,056 shares of the semiconductor company’s stock worth $370,955,000 after buying an additional 23,727,243 shares during the last quarter. Boston Partners acquired a new position in shares of Marvell Technology Group during the second quarter worth approximately $133,179,000. UBS Asset Management Americas Inc. lifted its holdings in shares of Marvell Technology Group by 71.0% during the first quarter. UBS Asset Management Americas Inc. now owns 8,705,347 shares of the semiconductor company’s stock worth $132,844,000 after buying an additional 3,613,160 shares during the last quarter. TimesSquare Capital Management LLC acquired a new position in shares of Marvell Technology Group during the first quarter worth approximately $42,491,000. Finally, Jennison Associates LLC acquired a new position in shares of Marvell Technology Group during the second quarter worth approximately $36,663,000. Institutional investors own 76.67% of the company’s stock.
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In related news, major shareholder Sehat Sutardja sold 537,235 shares of the business’s stock in a transaction on Thursday, September 7th. The stock was sold at an average price of $17.57, for a total value of $9,439,218.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 4,867,343 shares of company stock valued at $85,970,548 over the last 90 days. 6.80% of the stock is currently owned by corporate insiders.
Marvell Technology Group Ltd. (NASDAQ:MRVL) opened at 18.34 on Friday. Marvell Technology Group Ltd. has a 52 week low of $12.30 and a 52 week high of $18.56. The firm has a market capitalization of $9.09 billion, a price-to-earnings ratio of 35.54 and a beta of 1.10. The company has a 50 day moving average price of $16.49 and a 200-day moving average price of $16.21.
Marvell Technology Group (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, August 24th. The semiconductor company reported $0.25 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by ($0.03). The firm had revenue of $604.75 million during the quarter, compared to the consensus estimate of $600.76 million. Marvell Technology Group had a net margin of 10.97% and a return on equity of 9.99%. The business’s revenue for the quarter was up 16.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.18 earnings per share. Equities analysts predict that Marvell Technology Group Ltd. will post $1.12 earnings per share for the current year.
A number of brokerages have recently commented on MRVL. B. Riley reiterated a “buy” rating and set a $23.00 price target on shares of Marvell Technology Group in a report on Friday, September 1st. Morgan Stanley upped their price target on Marvell Technology Group from $17.00 to $18.50 and gave the stock an “equal weight” rating in a report on Tuesday, May 30th. TheStreet upgraded Marvell Technology Group from a “c” rating to a “b” rating in a report on Thursday, May 25th. Cowen and Company reiterated an “outperform” rating and set a $21.00 price target on shares of Marvell Technology Group in a report on Wednesday, June 21st. Finally, Pacific Crest upgraded Marvell Technology Group from a “sector weight” rating to an “overweight” rating and set a $22.00 price target for the company in a report on Tuesday, June 20th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $18.93.
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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